Petrobras has signed a deal to sell its stake in the onshore Polo Carmópolis area to Carmo Energy for $1.1 billion.
The operator said $275 million would be paid up front, another $550 million when the deal closes, and a further $275 million 1 year after closure of the deal, which still needs regulatory approval. The Polo Carmópolis area comprises 11 onshore concessions in the state of Sergipe.
Petrobras said in a statement that it is increasingly concentrating its resources on deep and ultradeepwater assets, where it has shown a competitive edge over the years, producing better-quality oil and with lower greenhouse-gas emissions.
The Carmópolis Cluster recorded an average production of 7,600 BOPD and 43,000 m3/D of gas from January to November 2021.