Brazil’s upstream sector is seeing an increase in mergers and acquisitions (M&A) activity, with the huge divestment programme of state giant Petrobras picking up pace and regulatory measures beginning to take effect.
A recent $1.3 billion deal that gave Malaysia’s Petronas a 50% stake in the Tartaruga Verde field and Module III of the Espadarte field was carried through to completion without triggering a re-bid procedure under Petrobras divestment rules.
