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Brazilian state-run company Petrobras has closed the sales of oil and gas assets, worth more than $1bn, in Brazil.

The firm, together with Sonangol Hidrocarbonetos Brasil (Sonangol), has offloaded a 100% stake in onshore block POT-T-794 in Brazil, to Aguila Energia e Participações for $750m.

The exploratory block POT-T-794, which forms part of the BT-POT-55A concession, is in the Potiguar basin in the state of Rio Grande do Norte.

Petrobras owned a 70% stake in the concession while Sonangol owned the remaining 30% interest.

Petrobras also divested its stakes in 14 onshore exploration and production fields, called the Recôncavo Cluster, located in Bahia, to 3R Candeias for $256m.

3R Candeias is a wholly owned subsidiary of 3R Petroleum Óleo e Gás.

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By GlobalData

The cluster comprises fields including Ilha de Bimbarra, Aratu, Mapele, Massui, Candeias, Cexis, Socorro, Dom João Mar, Dom João, Pariri, Socorro Extensão, São Domingos, Cambacica, and Guanambi.

From January to April 2022, the Recôncavo Cluster reported an average production rate of approximately 1,321.56 barrels of oil per day, and 444.15 thousand cubic metres of natural gas per day.

The sale of the assets complies with Petrobras’ strategy of portfolio management, as well as capital allocation enhancement.

It also forms part of Petrobras’ effort to increase its focus on its assets in deep and ultradeep waters due to their better-quality oil production and lower greenhouse gas emissions.

In a separate announcement, Petrobras said it has initiated the binding phase for a stake sale in the Tartaruga field, located in the Sergipe-Alagoas basin of Brazil.

Last month, Reuters reported that Maha Energy was looking to purchase Petrobras’ stake in the Tartaruga oil field.

This followed an unsuccessful first attempt by Maha Energy to buy the Brazilian company’s asset.

Petrobras announced its plans to divest its 25% stake in the Tartaruga field in 2020. Maha Energy owns the remaining 75% stake in the field.