Petróleo Brasileiro SA will sell its 100% stake and operatorship in the Lagoa Parda cluster to Imetame Energia Ltda. subsidiary Imetame Energia Lagoa Parda Ltda. for $9.4 million.
The transaction will be paid in two installments, with the first installment of $1.4 million to be paid upon the signing of the contract and the remaining $8.0 million to be settled upon closing.
The deal is still subject to approval from the Administrative Council for Economic Defense and the National Agency of Petroleum, Natural Gas and Biofuels, according to an Oct. 11 news release from Petrobras.
The Lagoa Parda cluster comprises three producing onshore concessions, including Lagoa Parda, Lagoa Parda Norte and Lagoa Piabanha. It has an average production of 300 barrels of oil per day and 5,500 cubic meters of gas per day.