Brazil's state-run oil company Petrobras said on Wednesday its board has approved the sale of its stake in the Albacora Leste oilfield to Petro Rio SA for $2.2 billion.
The oil giant, formally known as Petroleo Brasileiro SA, said the sale was made to Petro Rio's subsidiary Petro Rio Jaguar Petroleo Ltda.
Petrobras is the operator of the field, located in Campos Basin, with a 90% stake. The remaining 10% belongs to Repsol Sinopec Brasil.
Of the total sale figure, $293 million would be paid on the contract execution date and $1.66 billion at the closing of the deal, with up to $250 million in contingent payments, Petrobras said.
The purchase was previously reported by financial blog Brazil Journal, citing sources familiar with the matter.
In November, Petrobras picked a consortium of Petro Rio and Cobra, a subsidiary of France's Vinci, to start talks on developing the Albacora offshore oilfield.
(Reuters - Reporting by Carolina Pulice and Peter Frontini, editing by Richard Pullin)
Credit: Petrobras
