Brazilian state-run oil company Petrobras has signed a deal to sell all of its stakes in 11 producing fields located in Polo Carmópolis area to Carmo Energy for $1.1bn.

Located in different municipalities in the state of Sergipe, the 11 concessions of onshore production fields, including integrated facilities, are jointly called Carmópolis Cluster.

As per the deal terms, Carmo Energy will initially make a down payment of $275m and pay a further $550m at the closing of the transaction.

Petrobras will receive additional $275m from Carmo Energy, one year after the closing the deal.

The transaction is subject to certain precedent conditions including approval by the National Petroleum, Natural Gas and Biofuels Agency (ANP).

In a press statement, Petrobras said: “This operation is aligned with the portfolio management strategy and the improved allocation of the company’s capital, aiming to maximize value and greater return to society.

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“Petrobras is increasingly concentrating its resources on deep and ultra-deep water assets, where it has shown a great competitive edge over the years, producing better quality oil and with lower greenhouse gas emissions.”

Petrobras has 100% operatorship stake in the Carmópolis Cluster, which also includes access to oil and natural gas processing, flow, storage, and transportation infrastructure.

Additionally, the Carmópolis Cluster includes the Atalaia Cluster which comprise Aracaju Waterway Terminal (Tecarmo) and the Bonsucesso-Atalaia Oil Pipeline, among others.

From January to November 2021, the Carmópolis Cluster’s average production was 7.6 thousand barrels per day (b/d) of oil and 43 thousand m3/day of gas.

In October 2021, Petrobras has offloaded 50% stake in Rabo Branco field in Sergipe, to its partner Petrom Produção de Petróleo & Gás (Petrom).