Petrobras announced that it has completed the sale of its 50% stake in the Rabo Branco onshore field in Sergipe to Petrom Produção de Petróleo & Gás Ltda (Petrom), according to a press release.

The transaction was implemented for the sale price of $1.5 million and it was fully paid to Petrobras, on the date the purchase and sale agreement was signed on July 5.

The move is part of the company’s strategy to optimize its portfolio and improve capital allocation, such that it can focus its resources on world-class assets in the deep and ultra-deep water arenas.