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Petrobras completes divestment of 34 onshore fields to Petroreconcavo unit

State-owned oil company Petróleo Brasileiro SA, or Petrobras, completed the previously announced sale of 34 onshore production fields in the Brazilian state of Rio Grande do Norte to Petroreconcavo SA subsidiary Potiguar E&P SA, according to a securities filing.

The deal was completed following the payment of $266 million to Petrobras after all precedent conditions and adjustments were fulfilled. Petrobras received a deposit of $28.8 million when the deal was signed April 25.

Petrobras expects an additional $61.5 million earn-out conditional on obtaining a contractual term extension of 10 of the 34 concessions under the deal.

According to Petrobras, the fields, located in Brazil's Potiguar Basin, produced 5,800 barrels per day in 2019.

The divestment is part of Petrobras' plan to reduce debt by selling assets. The divestment program has brought in $15.3 billion year-to-date as of Oct. 15, and the Brazilian oil major plans to extend the program to 2024.