Petrobras has retained Machado Meyer Advogados for the sale of 34 onshore oil fields for a combined value of US$384 million.

The buyer Potiguar, a subsidiary of Brazilian oil company PetroRecôncavo, hired BMA - Barbosa, Müssnich, Aragão.

The deal was signed on 24 April. The payment will be completed in three instalments. A US$28 million payment will be made when the purchase and sale agreement is executed. A further US$294 will be paid when the deal closes. The remaining US$61 million will be handed over after Brazil’s oil regulator extends the term of 10 concessions included in the acquisition.

(Latin Lawyer)

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