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Petrobras to sell onshore fields in Potiguar Basin for $7.2M

State-owned Petróleo Brasileiro SA, or Petrobras, signed an agreement to divest its stakes in the onshore Ponta do Mel and Redonda fields in the Brazilian state of Rio Grande do Norte to oil and gas operator Central Resources do Brasil Producao de Petroleo Ltda. for $7.2 million.

The $7.2 million will be paid in full when the deal closes, subject to the fulfillment of precedent conditions such as approval from Brazil's National Agency of Petroleum, Natural Gas and Biofuels.

The two fields, located in the Potiguar Basin, produced 540 barrels of oil per day in the first half.

The sale is part of the company's plan to reduce debt and focus on the offshore sector.