Petróleo Brasileiro (Petrobras) has closed the sale of its stakes in 27 exploration and production onshore concessions, known as Cricaré Cluster, located in Brazilian state of Espírito Santo, to Karavan Seacrest SPE Cricare.

The Cricaré Cluster comprises onshore fields including Cacimbas, Campo Grande, Córrego Cedro Norte, Biguá, Córrego Dourado, Córrego das Pedras, Córrego Cedro Norte Sul, Fazenda Cedro, and Fazenda Cedro Norte.

It also includes the fields of Fazenda Queimadas, Guriri, Inhambu, Jacutinga, Lagoa Bonita, Lagoa Suruaca, Mariricu, Mariricu Norte, Fazenda São Jorge, Rio Itaúnas, Rio Preto, Rio Preto Oeste, Rio Preto Sul, Rio São Mateus, São Mateus, São Mateus Leste, Seriema and Tabuiaiá.

Located in the cities of Jaguaré, Linhares, São Mateus, and Conceição da Barra, the 27 onshore exploration and production concessions were 100% operated by Petrobras.

From January to November 2021, the Cricaré Cluster’s average production was around 1.3 thousand barrels per day (bpd) of oil and 15.4 thousand m3/day of gas.

Petrobras has received $27m from Karavan Seacrest at the closure of the deal. This is in addition to $11m received at the signing of the sale contract.

The transaction also includes contingent payments of $118m related to future oil prices.

The divestment is part of the Brazilian oil firm’s portfolio management strategy to improve capital allocation.

Karavan Seacrest SPE Cricare is 51% owned by Karavan O&G Participações e Consultoria while Seacrest Exploração e Produção de Petroleo owns the remaining 49% interest.

Petrobras is looking to focus on aseets in deep and ultradeep waters and lower greenhouse gas emissions.

The firm said these deep and ultradeep water assets indicated a great competitive edge over the years with better oil quality production.

Recently, Petrobras offloaded 100% stakes in 12 onshore exploration and production fields, called Remanso Cluster, located in Bahia state, to PetroRecôncavo.

The cluster comprises fields including Brejinho, Canabrava, Norte Fazenda Caruaçu, Remanso, Cassarongongo, Fazenda Belém, Gomo, Mata de São João, Rio dos Ovos, Rio Subaúma, São Pedro and Sesmaria.