Brazilian state-run oil company Petroleo Brasileiro SA, or Petrobras, has started the binding phase related to the sale of 100% of its rights to explore, develop and produce oil and gas at the Polo Sergipe Terra 2 onshore field.

During the binding phase, qualified interested parties will receive invitations to bid, in addition to guidelines to conduct due diligence and submit binding proposals.

The divestments are part of Petrobras' wider strategic plan to reduce its massive debt, with the intent of generating about US$21 billion in sales by the end of this year.