Petro Rio has agreed to acquire a 40% interest in the Itaipu field offshore Brazil from Total Energies E&P Brasil, a subsidiary of French oil major TotalEnergies.

The field is located in the BM-C-32 block in the pre-salt area of the Campos basin.

Upon completion of the transaction, Petro Ri’s stake in the field will increase to 100%.

The Brazilian firm purchased a 60% stake in the field from British giant BP in July 2021.

In a press statement, the company said: “The amount to be paid is $75,000 upon closing of the acquisition, and another $26,925,000 will be paid after Itaipu’s destination is defined.”

Three wells at the Itaipu field were previously drilled to assess the reservoir. A formation test was also conducted in the discovery well that revealed good productivity and light oil of 31º API.

The block is located adjacent to the Parque das Baleias cluster and near the Wahoo Field, approximately 120km off the Espírito Santo coast.

As per the preliminary studies carried out by Prio , the block’s accumulation is ‘potentially shared with the southeastern region of the adjacent cluster’.

In a separate announcement, TotalEnergies is looking to outline its business strategy, excluding Russian operations, reported Reuters.

The firm plans to stop investments in new Russian projects and phase out purchases of oil from Russian firms by the end of this year.

TotalEnergies has allotted $7.6bn to cover for potential losses as a result of Western sanctions on Russia this year.

Earlier this month, TotalEnergies announced that it was partnering with QatarEnergy for the North Field South expansion project in Qatar.