One Energy News

Tag: Petronas

  • Vast: new take-or-pay agreement

    Vast: new take-or-pay agreement

    Another take-or-pay agreement puts Brazil’s offshore logistics in the spotlight

    On July 7, WSB Advisors analyzed the first take-or-pay agreement between Vast Infraestrutura and Petrobras, highlighting the role of long-term contractual structures in Brazil’s crude oil export logistics.

    Less than two weeks later, Vast announced the renewal of its take-or-pay agreement with PETRONAS Brasil until the end of 2027.

    The two agreements involve different operators, but the same logistics infrastructure and the same contractual model.

    Take-or-pay agreements guarantee payment for a minimum contracted capacity regardless of actual throughput. For terminal operators, they provide greater revenue predictability. For oil companies, they secure long-term access to export infrastructure while improving operational planning.

    On its own, the PETRONAS renewal is a straightforward commercial announcement. Alongside the agreement signed with Petrobras earlier this month, however, it adds another example of the same contractual model being adopted at the T-Oil terminal.

    The two agreements involve different operators but share the same logistics infrastructure and the same commercial structure. Together, they place two separate long-term commitments side by side at a terminal that plays a central role in Brazil’s crude oil export chain.

  • Tartaruga Verde: Petrobras, Brava and Petronas

    Tartaruga Verde: Petrobras, Brava and Petronas

    Petrobras announced the acquisition of the 50% stake held by Petronas in the Tartaruga Verde and Espadarte fields, located in the Campos Basin, for US$450 million. As a result, the company will hold 100% ownership of the assets and remain the operator.

    The deal effectively represents a buyback. In 2019, Petrobras sold the same stake to Petronas for approximately US$1.29 billion. By reacquiring it at a lower price, the company secures a more capital-efficient position while regaining full control of the fields.

    The move also affects Brava Energia, which had been in negotiations to acquire the assets. Following the announcement, the company confirmed it has terminated talks with Petronas and stated it will be reimbursed for any amounts previously paid, with no financial loss.

    The fields currently produce around 55,000 barrels of oil per day and are tied back to an FPSO. With full ownership, Petrobras will be able to optimize existing infrastructure, connect additional wells, and potentially increase production.

    According to the company, the acquisition aligns with its strategy of focusing investments on higher-return assets and strengthening its position in the oil and gas sector.

  • Brava strengthens Offshore Portfolio with Strategic Campos Basin acquisition

    Brava strengthens Offshore Portfolio with Strategic Campos Basin acquisition

    Brazil’s Brava Energia has announced a significant expansion of its upstream footprint with the acquisition of 50% stakes in the Tartaruga Verde field and Espadarte Module III from Malaysia’s Petronas, in a transaction valued at approximately US$450 million. The deal marks a strategic step in the company’s long-term value creation strategy and portfolio repositioning.

    The transaction covers Petronas’ equity interests in both offshore assets, located in the Campos Basin, which together delivered an average production of approximately 55.6 thousand barrels of oil equivalent per day in 2025. The remaining 50% stakes in both assets continue to be held by Petrobras, which remains as operator.

    According to Brava Energia, the acquisition aligns with its revised portfolio strategy and disciplined capital allocation framework, focused on risk-adjusted returns, diversification, and sustainable value creation. Richard Kovacs, who is set to assume the role of CEO on February 1, highlighted that the assets offer immediate cash generation while strengthening the company’s production and reserves base.

    The move positions Brava Energia to leverage established offshore infrastructure while expanding its presence in Brazil’s most mature and prolific offshore basin. It also reflects ongoing consolidation dynamics in the Brazilian upstream sector, as independent energy companies pursue scale, asset quality, and operational resilience amid evolving market conditions.

  • BP Now Set to Begin Drilling in the Pau-Brasil Well

    BP Now Set to Begin Drilling in the Pau-Brasil Well

     Breaking News: BP Now Set to Begin Drilling in the Pau-Brasil Well!

    Exciting developments in the Santos Basin as BP Energy about to see published the license to commence drilling in the Pau-Brasil well, backed by the green light from IBAMA. Valaris Limited DS-15 drillship is on location waiting for the license, following the oil spill drills. The rig daily rate is of $410,000 under an 80-day contract, amounting to a total of $33 million. Both the vessel and crew are on standby, ready to initiate the drilling operations, hopefully as from today.

    Currently contracted with TotalEnergies until September, the DS-15 drillship has a unique opportunity for short-term engagements. In 2024, the vessel was temporarily released for contracts with Petronas and now BP. Following this assignment, it will return to Total Energies, albeit at a reduced daily rate of $254,000.

    The Pau-Brasil well, acquired by bp in the 5th Sharing Round in 2018, sees a joint venture with CNOOC Petroleum (30%) and Ecopetrol (20%). This collaboration underscores BP’s strategic investment in the region and their commitment to unlocking the potential of Brazil’s energy resources.

    Stay tuned for more updates as we witness another milestone in BP’s journey in the Santos Basin!