RIO DE JANEIRO, March 17, 2026, 19:08 BRT
Petrobras stock climbed Tuesday, boosted by its decision to buy out Petronas’s stakes in two offshore fields for $450 million. Crude’s return above $100 a barrel offered additional tailwind. The U.S.-listed shares recently traded up roughly 1.8% at $19.51.
Petrobras is doubling down on exports right as Brazil’s fuel policy gets tossed by the oil shock. Brent crude closed at $103.42 a barrel on Tuesday. That rally helps offset Brasilia’s fresh 12% tax slapped on crude exports.
Payouts are back on the table. Chief Executive Magda Chambriard called higher oil “good” for dividends. Chief Financial Officer Fernando Melgarejo said Petrobras would “love” to hand out extra dividends if prices hold up, but pulled back later, adding there’s no space for an extraordinary distribution this year at this point. Reuters
Petrobras has picked up its option to acquire Petronas’ 50% interests in both Tartaruga Verde and Espadarte Module III. The payment structure: $50 million on signing, $350 million at closing, plus two later payments of $25 million each. The deal still needs approval from Brazil’s oil regulator, ANP.
The Campos Basin fields are pumping about 55,000 barrels a day via a floating production vessel. Full control could let Petrobras hook up more Tartaruga Verde wells to infrastructure it already runs, Reuters noted, making the deal look more strategic than its sale price alone might indicate.
The fallout for Brava Energia is more pronounced. Back in January, Brava lined up a deal to acquire those same stakes—until Petrobras entered the picture. XP’s Regis Cardoso called the move a plus for Petrobras, but not a needle-mover; for Brava, though, it’s a much bigger deal.
Petrobras’ recent numbers continue to move the tape. Fourth-quarter net profit landed at 15.6 billion reais ($2.96 billion), thanks in part to the oil giant’s record 1.2 million barrels per day in exports earlier this month. The board also signed off on 8.1 billion reais in interest on equity—a payout mechanism for Brazilian shareholders akin to dividends.
Policy’s where things get sticky. Last week, President Luiz Inacio Lula da Silva’s administration ditched federal diesel taxes and slapped on a temporary export levy lasting through year-end. The justification: after that Middle East price jolt, Brazilians needed cheaper fuel.
Petrobras bumped up diesel prices to distributors by 0.38 real per liter, though the company maintained it wasn’t passing every global price move directly to Brazilian buyers. Chambriard pushed back on concerns over the export tax, insisting higher crude prices more than made up for it. “I was exporting for $60. Now it’s at $100,” she said. Reuters
If crude rolls over and the rally fizzles, or Brasilia decides to ramp up fuel intervention in this election year, things get messier. On Tuesday, the market seemed to zero in on the prospect of more supply, firmer oversight of production, and the risk that steeper prices may stick around longer than many anticipated.
