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Brazil’s Petrobras has divested its 50% stake in Rabo Branco field located in the Brazilian state of Sergipe to its partner Petrom Produção de Petróleo & Gás (Petrom).

With the completion of the transaction, Petrom owns a 100% stake in the field, which reported average production of 131 barrels per day (bpd) in 2020.

The sale follows exercising of the right of first refusal by operator Petrom.

This resulted in the termination of a contract signed in 2020 by Petrobras with Energizzi Energias do Brasil (Energizzi) to sell the entire stake in the Rabo Branco field.

One of the precedent conditions for the contract was the non-exercise of preferential rights by Petrom.

Following the termination, Petrobras signed a contract with Petrom with the same established conditions.

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By GlobalData

Petrobras said that the transaction consideration of $1.5m was already deposited by Petrom in a guarantee account.

The Rabo Branco field forms part of the BT-SEAL-13 concession located south of the Carmópolis field, in the Sergipe-Alagoas Basin.

In a press statement, the Brazilian firm 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 sale is a part of Petrobras’ portfolio optimisation strategy and to improve capital allocation.

The firm intends to increase focus on its assets in deep and ultra-deep waters.

Separately, Petrobras has awarded a ‘substantial’ long-term charter and services contract to TechnipFMC for the pipelay support vessel Coral do Atlântico.

The three-year contract has an option to extend.

TechnipFMC classifies a contract as ‘substantial’ if the deal ranges between $250m and $500m.