By Jeffrey T. Lewis

SÃO PAULO--Petróleo Brasileiro SA said Thursday it has completed the sale of four onshore oil field concessions in Brazil's Espirito Santo state to Seacrest Petróleo SPE Norte Capixaba Ltda.

The state-controlled oil company known as Petrobras said it received a cash payment of $426.7 million for the Polo Norte Capixaba fields and their integrated facilities, plus $35.9 million paid to the company when the sale contract was signed last year.

Petrobras said it could receive up to $66 million more in contingency payments based on the futures price for Brent crude oil.

The four fields together produced about 4,600 barrels of oil per day in the first quarter, and 21,800 cubic meters of natural gas per day, Petrobras said.

Petrobras has been selling off non-core assets such as onshore oil fields, shallow-water offshore fields and stakes in fuel distributors, to focus on production from the rich fields in the deep water off the coasts of São Paulo and Rio de Janeiro states.

The new government of left-wing President Luiz Inácio Lula da Silva wants Petrobras to halt the sale program and boost investment in areas apart from offshore production in order to help spur economic growth. The oil company said recently it will review its sale plan, except for those for which contracts have already been signed.

Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com

(END) Dow Jones Newswires

April 13, 2023 08:12 ET (12:12 GMT)

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