Petroleo Brasileiro (Petrobras) has agreed to sell its stake in the onshore fields of Fazenda Belém and Icapuí, named Fazenda Belém Cluster in Ceará, Brazil.

Under the deal, SPE Fazenda Belém, a wholly-owned subsidiary of 3R Petroleum, will acquire the entire stake held by Petrobras in the onshore fields for $35.2m.

For the transaction, Petrobras will pay $8.8m on the contract signature date, $16.4m will be paid at the closing of the transaction and the remaining $10m will be paid in 12 months after completion of the deal.

The average production at Fazenda Belém Cluster was about 800 bpd from Jan to April 2020

From January to April 2020, the average production of the Fazenda Belém Clusterwas was about 800 barrels of oil per day (bpd).

Petrobras said that the sale amount does not consider the adjustments due and are subject to compliance with precedent conditions that include approval by the National Agency of Petroleum, Natural Gas and Biofuels (ANP).

Petrobras said: “This disclosure is in accordance with Petrobras’ internal rules and with the provisions of the special procedure for assignment of rights on exploration, development and production of oil, natural gas and other fluid hydrocarbons, provided for in Decree 9,355/2018.”

The deal is aligned with Petrobas’s strategy to optimise its portfolio and improve its capital allocation.

Recently, Petrobras initiated the opportunity disclosure stage to sell its stake in the BM-S-51 exploration block offshore Brazil.

The Brazilian state- owned oil company intends to sell 50% to 100% of its stake in the concession, located in the Santos Basin, in the pre-salt polygon.

The block is located at water depths ranging from 350 to 1,650 metres.