Petronas-Operated Tartaruga Verde Draws Interest from Brazilian Offshore Player

PRIO, Brava Energia, and BW Energy are weighing bids for Petronas' 50% stake in Brazil’s Tartaruga Verde oil field, according to people familiar with the process. The trio has signed non-disclosure agreements and is reviewing data, but talks remain preliminary and may not result in a deal, the people said.

Petronas is working with Bank of America to run the sale and is seeking around $1 billion for its half of the asset, Oilprice.com previously reported. Petrobras operates Tartaruga Verde with the remaining 50% and would retain operatorship under most scenarios.

Located in deepwater Campos Basin, off Rio de Janeiro state, Tartaruga Verde produced about 35,000 barrels per day in July, per Brazil’s regulator ANP. For mid-cap offshore players like PRIO, Brava, and BW Energy—each already active in Brazilian waters after acquiring packages from Petrobras—the field offers immediate, material volumes and brownfield upside in Latin America’s largest oil producer.

Petronas acquired its stake in 2019 as part of a broader transaction with Petrobras. A sale now would mark another step in portfolio high-grading by international players in Brazil, while continuing the second-wave privatization that has opened mature and mid-life assets to independent operators. For prospective buyers, Tartaruga Verde’s established production profile, Petrobras operatorship, and Campos Basin infrastructure could support near-term cash flow and targeted infill or debottlenecking investments.

Whether the process advances will hinge on price, tax, and decommissioning assumptions, and alignment with Petrobras on future work programs. With multiple qualified bidders in the data room and a relatively clean structure, the asset is likely to draw competitive offers—though market volatility and financing costs could still sway timing and outcome.

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