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On June 10, 2026, Petrobras announced an agreement with Equinor for the acquisition of a 50% stake in the Itaimbezinho block, located in the pre-salt of the Campos Basin, approximately 190 kilometers off the coast of Rio de Janeiro, in an operation that expands the Brazilian state-owned company’s presence in one of the country’s most productive basins.
Transaction structure and consortium composition
The agreement stipulates that, after the transaction is finalized, the Itaimbezinho block consortium will be formed by Equinor as the operator, with a 50% stake, and Petrobras with the other 50%. Pré-Sal Petróleo S.A. (PPSA) will act as the manager of the Production Sharing Contract.
The transaction is still subject to submission to the Administrative Council for Economic Defense (CADE) and the National Agency of Petroleum, Natural Gas and Biofuels (ANP), with completion conditioned on the fulfillment of precedent conditions, including governmental and regulatory approvals.
The financial value of the transaction was not disclosed by the parties.
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Strategic location and synergy with neighboring assets
The Itaimbezinho block is located in the Pre-Salt Polygon and situated in the Campos Basin, a region that accounts for a significant portion of the national oil production. The field is adjacent to the Raia project and the Jaspe exploratory license, where Petrobras and Equinor already operate in partnership, maximizing operational and logistical synergies in the area.
The Campos Basin has historically been the largest oil producer in Brazil and concentrates a significant part of Petrobras’ offshore infrastructure, including platforms, pipelines, and export terminals. The acquisition of the Itaimbezinho block reinforces the state-owned company’s strategy to consolidate its presence in blocks with exploratory potential adjacent to fields already in production.
Equinor operates other blocks in partnership with Petrobras in the same basin, making the governance structure of the Itaimbezinho consortium familiar to both companies.
Context of Petrobras’ expansion in the pre-salt
The acquisition of Itaimbezinho is part of Petrobras’ strategic plan to expand in the Brazilian pre-salt. In December 2025, the FPSO P-78 began operations in the Búzios field with a capacity to produce 180,000 barrels of oil per day. Petrobras’ total production reached 3 million barrels of oil equivalent per day in 2025, an 11% increase compared to the previous year.
At the beginning of 2026, Brazil’s oil and natural gas production hit a record in February, reaching 5.304 million barrels of oil equivalent per day, with Petrobras accounting for 89.46% of the national total. The company recorded a net profit of R$ 32.7 billion in the first quarter of 2026.
Equinor, in turn, has been operating exploratory and production blocks in Brazil since the 1990s and is among Petrobras’ main international partners in the pre-salt, with stakes in fields such as Raia, Peregrino, and Carcará.
Next regulatory steps
The closing of the transaction is subject to approval by CADE, which evaluates competitive aspects, and ANP, responsible for regulating oil and gas exploration and production activities in the country. There is no defined deadline for the completion of the regulatory process.
Petrobras and Equinor have not disclosed details about the schedule of exploratory activities in the Itaimbezinho block after the transaction is finalized. Initial exploratory activities are expected to be defined after the regularization of governmental approvals required by the production sharing contract.
The acquisition of the Itaimbezinho block is the latest in a series of moves by Petrobras to expand its exploratory portfolio in the pre-salt. The state-owned company’s strategic plan for 2025-2029 foresees investments of US$ 111 billion, with the largest portion allocated to exploration and production in the pre-salt. The Itaimbezinho block represents an exploratory opportunity adjacent to existing infrastructure, which could reduce development costs if the presence of oil in commercial volumes is confirmed.
The Campos Basin remains a priority region for Petrobras, which already operates fields there such as Marlim, Roncador, Barracuda, and other assets that account for a significant portion of national production. The partnership with Equinor, which brings expertise in deepwater offshore operations developed in the Norwegian North Sea, adds technical knowledge to the Itaimbezinho block consortium.
