Petronas post-salt acquisition boosts Brava Energia’s Brazil footprint
Brazilian independent Brava Energia’s acquisition of Petronas’ 50% non-operating share in the Tartaruga Verde and Espadarte Module III assets in Brazil marks the country’s first major merger and acquisition (M&A) deal of 2026 and follows the trend of local independents consolidating stronger positions in the offshore sector. Upon completion of the $450 million deal, Brava Energia will have the capacity to produce over 100,000 barrels of oil equivalent (boe) per day and could enter the ranks of the country’s top five producers this year.
Brava Energia was formed in 2024 through the merger of 3R and Enauta, signaling a consolidation trend among companies that grew inorganically as part of Petrobras’ state-controlled non-core divestment drive. The M&A market in Brazil had a strong 2025 following this trend, with over $5 billion in transactions, the biggest being PRIO’s farm-in to the Peregrino asset, which involved buying Equinor’s stake and assuming operatorship. The Brava Energia acquisition of two producing assets bolsters its portfolio and gets 2026 off to a strong start.
The assets, which Petrobras operates with a 50% share, are located in the deepwater Campos basin and include the floating production, storage, and offloading (FPSO) unit Cidade de Campos dos Goytacazes, with 150,000 barrels per day (bpd) capacity, primarily for oil, with gas exported via pipeline. This year, the acquired stake is expected to produce over 25,000 bpd. This inorganic growth complements organic production from the FPSO Atlanta ramp-up, which first produced oil in December 2024 and was the first independent-led greenfield offshore Brazil project.
The following figure shows the development of Brava Energia’s production, highlighting the Atlanta FPSO’s contribution to growth last year and how production from Tartaruga Verde and Espadarte Module III will push the company’s output to over 100,000 bpd in 2026. Another relevant highlight is the company’s move from an onshore-driven portfolio to one dominated by offshore; by the end of this year, around 70% of the company’s production will come from deepwater.
Brava Energia is positioning itself among Brazil’s top producers with the newly acquired assets. Petrobras and Shell lead in both oil and gas production. On the oil side, independents fight for space in the top tier with TotalEnergies and CNOOC. The first independent on the list is PRIO, in fourth position. With the newly acquired assets, Brava Energia will be competing for fifth place in the ranking.
The scenario is very different for gas production. After Petrobras and Shell, the player mix is dominated by well-positioned independents Eneva, PetroReconcavo and Origem Energia. All have onshore assets near end-user markets or the main connection points to Brazil’s gas transportation network. Brava Energia, the fourth-largest gas producer, contributes 2 million cubic meters per day to the market.
Petronas’ divestment aligns with its recent pattern, having sold nearly $4 billion in assets in 2024 and over $12 billion last year, including Vaca Muerta assets in Argentina to Vista Energy. While divesting its post-salt portfolio, it retains a stake in the pre-salt Sepia project, acquired in 2022. This move balances its portfolio and preserves its presence in Brazil’s key pre-salt region.
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Flavio Menten
Analyst, Upstream Research
flavio.menten@rystadenergy.com