Petroleo Brasileiro S.A. - Petrobras
Acquisitions
3
Major Deals Covered
$1.0B
Disclosed Deal Value
Petrobras's largest disclosed acquisition here is Perez Companc (Pecom Energia) for $1B in 2002. This page covers 3 major deals from 2002 to 2026, each with its price where disclosed and the reason behind it.
| Company | Year | Price | Purpose |
|---|---|---|---|
| Búzios Transfer-of-Rights Surplus (90% stake) | 2019 | Undisclosed | Petrobras led the consortium that won the Búzios surplus in Brazil's November 2019 transfer-of-rights auction, alongside Chinese partners CNOOC and CNODC. |
| São Tomé and Príncipe and Campos Basin acreage | 2026 | Undisclosed | Petrobras acquired interests in offshore blocks in São Tomé and Príncipe and in Brazil's Campos Basin to support reserve replacement. |
| Perez Companc (Pecom Energia) | 2002 | $1.0B | Petrobras bought a controlling 58.6 percent stake in the Argentine energy group Perez Companc in 2002 to expand outside Brazil. |
2026
Petrobras acquired interests in offshore blocks in São Tomé and Príncipe and in Brazil's Campos Basin to support reserve replacement.
Adds exploration options outside the pre-salt core.
Exploration stage.
2019
Petrobras led the consortium that won the Búzios surplus in Brazil's November 2019 transfer-of-rights auction, alongside Chinese partners CNOOC and CNODC.
Búzios became Petrobras's largest field; it produced an operated 1.219 million barrels per day on June 26, 2026 after P-79 started up.
Further FPSOs (P-80, P-82, P-83) are due in 2027.
2002
$1.0B
Petrobras bought a controlling 58.6 percent stake in the Argentine energy group Perez Companc in 2002 to expand outside Brazil.
The purchase made Petrobras a large oil and gas producer in Argentina, with assets in several other South American countries.
Completed in 2002 for about $1.03 billion. The business was renamed Petrobras Energia and was sold to Pampa Energia in 2016.
Petrobras is concentrating capital on pre-salt production, extending reserve life through new frontiers such as the Foz do Amazonas basin and acreage offshore São Tomé and Príncipe, and running its refineries harder (a record 101.2% utilization in Q2 2026) to cut fuel imports. Lower-carbon spending focuses on biorefining, co-processed diesel, sustainable aviation fuel and CO2 reinjection, with smaller bets on renewable power.
Petrobras makes money along the whole oil chain. Exploration and Production is the profit engine: it pumps low-cost crude and gas from pre-salt fields such as Búzios, Tupi and Mero and sells crude to its own refineries and export buyers. Refining, Transportation and Marketing runs Brazil's main refineries and sells diesel, gasoline, jet fuel, LPG and bunker fuel wholesale to distributors. Petrobras no longer owns a retail station network: it sold its former distribution arm BR Distribuidora (now Vibra Energia) between 2019 and 2021, and Vibra licenses the Petrobras brand at stations. Gas and Low-Carbon Energies covers gas processing, thermal power and biofuels. In Q2 2026, 82% of the company's $5.3 billion of quarterly investment went to exploration and production.
In 2006, Petrobras acquired a 50% stake in the Pasadena Refinery in Texas for $360 million, later acquiring 100% for over $1.2 billion. Following legal and operational reviews, Petrobras sold the refinery to Chevron in 2019 for $350 million as part of its non-core international divestment program.
In 2002, Petrobras acquired Argentine energy group Perez Companc for approximately $1 billion, expanding operations across Latin America before later divesting Argentine assets (Petrobras Argentina) to Pampa Energía in 2016 to refocus on Brazilian Pre-Salt assets.
Petrobras executed one of the largest corporate asset sale programs in energy history, divesting fuel retailer BR Distribuidora (Vibra Energia for $2.2B+), natural gas pipeline networks TAG (to Engie/CDPQ for $8.6B) and NTS (to Brookfield for $5.2B), and onshore/shallow-water mature fields.
Under previous management, Petrobras mothballed and sought to divest fertilizer units (Fafen-PR and Fafen-BA). Under the current administration, Petrobras is resuming direct operations at Fafen-PR to bolster national agricultural fertilizer security.
In 2010, the Brazilian Federal Government granted Petrobras the rights to explore and produce up to 5 billion barrels of oil equivalent in prime Pre-Salt areas (including Búzios and Itapu) in exchange for R$ 74.8 billion in Petrobras shares, anchoring the largest corporate equity offering in world history ($70 billion).
Petrobras is actively evaluating strategic minority equity partnerships in domestic ethanol producers, renewable diesel ventures, and green hydrogen projects, partnering with established agricultural and industrial conglomerates in Brazil.
Historically, Petrobras held exploration blocks in the Gulf of Mexico, West Africa, and South America. However, Petrobras strategically consolidated capital back into Brazilian domestic Pre-Salt fields, where its geological competitive advantage and returns are highest.
Petrobras evaluates prospective transactions strictly on their ability to replace hydrocarbon reserves, complement downstream bio-refining, expand domestic natural gas monetization, and generate returns exceeding its weighted average cost of capital (WACC).
Compare corporate acquisition records, deal values, and strategic targets
Explore Petrobras
Core profile pages, founders and related research hubs for this company.