Petrobras is due to receive $5m from PetroRecôncavo. Credit: kmans/Pixabay.

Brazil’s Petrobras has divested its stake in 12 onshore exploration and production fields, called Remanso Cluster located in Bahia state to PetroRecôncavo.

The deal, which was signed in 2020, completed with the payment of $7.3m from PetroRecôncavo to Petrobras.

The amount is in addition to the $4m paid to Petrobras at the time of sale contract signing. The deal has a total consideration of $30m.

Petrobras is due to receive $5m from PetroRecôncavo, one year after the closing of the transaction.

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

Petrobras is the operator of the cluster with 100% stake. Petrorecôncavo was contracted to provide services for production operations in most of the fields of the Remanso Cluster.

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From January to November 2021, the Remanso Cluster’s average production was 3.2 thousand barrels of oil per day (bpd) and 90.7 thousand m³/day of natural gas.

The sale complies with the company’s portfolio management strategy and improve capital allocation.

In a press statement, Petrobras said: “Petrobras is increasingly concentrating its resources on assets in deep and ultradeep waters, where it has shown a great competitive edge over the years, producing better quality oil and with lower greenhouse gas emissions.”

Earlier this month, Petrobras divested its nine onshore exploration and production fields in the state of Bahia to SPE Miranga for $220.1m.

The gas-heavy cluster, known as Miranga, includes the fields Miranga, Fazenda Onça, Riacho São Pedro, Jacuípe, Rio Pipiri, Biriba, Miranga Norte, Apraiús, and Sussuarana.