Petrobras announced that it has concluded the sale of all of its stakes in 27 onshore exploration and production concessions, located in Espírito Santo, jointly denominated Cricaré Cluster to Karavan Seacrest SPE Cricare.

Karavan Seacrest SPE Cricare is a company in which Karavan O&G Participações e Consultoria Ltda. has 51% of the capital stock and Seacrest Exploração e Produção de Petroleo Ltda. has the remaining 49%.

According to the agreement, the transaction was closed with the payment of $27 million to Petrobras, in addition to the $11 million paid to Petrobras at the signing of the sale contract. The sale contract also stated that $118 million will be paid to Petrobras in contingent payments related to future oil prices.

It should be noted that this transaction came as a part of the company’s portfolio management strategy aiming to maximize value and provide a greater return to society.