Petrobras has signed an agreement to acquire a 50% interest in the Itaimbezinho exploration block, located in the Campos Basin off the coast of Brazil, from Equinor, Bloomberg News reports.

Equinor currently holds the entire license but will retain a 50% stake and remain the operator following the completion of the transaction. Petrobras will own the remaining 50%, while Pré-Sal Petróleo is set to manage the production-sharing agreement.

The deal is subject to approval from the antitrust authority CADE and the energy regulator ANP. The purchase price has not been disclosed.