Aguila Energia e Participações has agreed to acquire a 100% stake in block POT-T-794 in Brazil from Petrobras and Sonangol Hidrocarbonetos Brasil, for $750m.

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

As consideration, Aguila has made payment of $150m while the remaining $600m will be paid at deal closing.

This sale complies with Petrobras’ strategy of portfolio management as well as capital allocation enhancement.

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 differential over the years, producing better quality oil and lower greenhouse gas emissions.”

The transaction awaits clearance from the National Petroleum, Natural Gas and Biofuels Agency (ANP).

Currently, Petrobras owns a 70% stake in the concession while Sonangol has the remaining 30% interest.

The Sonangol-operated concession was acquired by the consortium in the 7th Bidding Round of Blocks in 2006. It bidding round was launched by the National Petroleum, Natural Gas and Biofuels Agency (ANP).

The consortium drilled two wells at the concession, including a gas discovery well and the other was an appraisal well.

Recently, Petrobras closed the sale of 12 onshore exploration and production fields, known as Remanso Cluster, in Bahia state to PetroRecôncavo.

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