Brazilian oil giant Petrobras has launched the sale process for its 40% stake in two exploration oil concessions in the Potiguar basin’s deep waters in the Equatorial Margin, off the coast of Rio Grande do Norte.

The firm is looking for bidders for its stake in the BM-POT-17 exploratory concessions and the POT-M-762_R15 concession (block POT-M-762).

Petrobras owns a 100% stake in the concessions and intends to partner with an eventual buyer while continuing to serve as the operator of the oilfields upon the completion of the potential transaction.

Petrobras said in a statement: “This disclosure is in accordance with Petrobras’ internal rules, and with the provisions of the special procedure for assignment of rights to exploration, development, and production of oil, natural gas, and other fluid hydrocarbons, provided for in Decree 9,355/2018.”

The sale forms part of the Brazilian firm’s portfolio management strategy to improve its capital allocation.

At the BM-POT-17 exploratory concessions, Petrobras is developing the discovery assessment plan for the Pitu well. It includes blocks POT-M-853 and POT-M-855.

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The company secured blocks POT-M-853 and POT-M-855 in the seventh bidding round of the National Petroleum Agency (ANP) in 2006.

At the POT-M-762 block, Petrobras is planning to drill the Anhangá well between 2023 and 2024. This block was acquired by Petrobras in the 15th ANP Bidding Round in 2018.

In June, Petrobras’s executive board approved the sale of its 100% stake the Golfinho Cluster and Camarupim Cluster maritime concessions groups, and its 65% stake in block BM-ES-23 located in the Espírito Santo basin, to BW Energy Maromba do Brasil (BWE).