Brazil’s state-owned oil company, Petrobras, has announced it has reached an agreement with 3R Petroleum to sell its entire stake in eight onshore fields at Polo Rio Ventura, according to a filing seen by Reuters.

The fee for the onshore fields is expected to reach $94.2 million. So far, $3.8 million was paid on August 21 with a further $31.2 million to be paid when the transaction is complete. From the point of completion, $16 million will be paid in the coming 30 months and the final $43.2 million will be delivered in contingent payments.