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(Reuters) – Petróleo Brasileiro (Petrobras) has closed the sale of its stakes in 27 exploration and production onshore concessions, known as Cricaré Cluster, located in Brazilian state of Espírito Santo, to Karavan Seacrest SPE Cricare.

The operation was concluded with the payment of USD 27 million to Petrobras, an amount that adds to the 11 million dollars already paid at the signing the contract.

The deal also provides for 118 million dollars in contingent payments related to future oil prices, the state-owned company said.

According to Petrobras, this divestment is aligned with its portfolio management strategy and capital allocation improvement.

Karavan Seacrest SPE Cricare’s shareholders are Karavan O&G Participações e Consultoria Ltda (51% of the share capital) and Seacrest Exploração e Produção de Petróleo (49%).

By Leticia Fucuchima