Petrobras Agrees to Sell Albacora Leste Concession for About $2.2 Billion

By Jeffrey T. Lewis

SAO PAULO--Petroleo Brasileiro SA, or Petrobras, said Thursday it agreed to sell its concession to produce in the Albacora Leste deepwater field to Petro Rio SA for as much as $2.2 billion.

The state-controlled oil company said it agreed to sell all of its 90% stake in the field, located in the Campos basin, as part of its strategy of divesting non-core assets to focus on production in its rich deep- and ultra-deep-water fields in the so-called pre-salt area.

Petro Rio, a subsidiary of Petro Rio Jaguar Petroleo Ltda., will pay Petrobras $292.7 million Thursday, $1.66 billion when the transaction is completed and as much as $250 million depending on future oil prices, according to Rio de Janeiro-based Petrobras.

Write to Jeffrey T. Lewis at [e-mail]

(END) Dow Jones Newswires

04-28-22 1255ET