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Petrobras begins binding phase to divest stake in Tucano Sul cluster in Brazil

State-owned oil company Petróleo Brasileiro SA, or Petrobras, started the binding phase of its plan to sell four onshore exploration and production concessions called the Tucano Sul Cluster in the Brazilian state of Bahia, according to a Sept. 20 news release.

The cluster is comoised of the Fazenda Matinha, Conceição, Quererá and Fazenda Santa Rosa fields in the Tucano Basin. Petrobras operates and holds a 100% stake in the fields, which produced an average of 29,200 cubic meters of gas per day in 2018. The company started the nonbinding phase of the divestment process in July.

The sale is part of Petrobras' plan to divest assets to reduce debt and focus on the upstream sector.