Brazil’s state-owned oil and gas company Petrobras has closed the sale of its stake in the Albacora Leste heavy oil deepwater field in Brazil to Petro Rio Jaguar Petróleo (PetroRio).

As per the sales and purchase agreement (SPA) signed in April 2022, Petrobras has received a cash payment of $1.63bn from PetroRio, a subsidiary of Petro Rio.

Petrobras earlier received a payment of $292.7m following the signing of the sale contract.

Furthermore, Petrobras will receive additional contingent payments of up to $250m. This will be based on annual average Brent prices for the years 2023 and 2024.

With the transaction concluded, PetroRio serves as the operator of the Albacora Leste field, with a 90% stake. Repsol Sinopec Brasil holds the remaining 10% interest.

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

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“Petrobras continues to increasingly concentrate its resources on assets that have shown a great competitive advantage over the years, with lower greenhouse gas emissions.”

Covering an area of 511.56km², the Albacora Leste field is in the northern area of the Campos basin, in water depths ranging between 1,000m to 2,150m.

In 2022, the field produced an average of 29,000 barrels per day of oil and 591,500m³ per day of gas through the P-50 Floating Production Storage and Offloading (FPSO) platform.

Petro Rio is planning to undertake a two-phased redevelopment campaign at the Albacora Leste field.

The five-year campaign will involve connecting or drilling 17 production wells and five injection wells.

In 2018, Aker Solutions was awarded a maintenance and modifications services contract for three Petrobras-operated platforms in Brazil.