On 28 November 2018, Petrobras announced a final agreement with 3R Petroleum for US$ 453 million to divest 34 mature oil fields in the Polo Riacho da Forquilla package. The package includes: Acaua, Asa Branca, Baixa do Algodao, Boa Esperanca, Baixa do Juazeiro, Brejinho, Cachoeirinha, Cardeal, Colibri, Fazenda Curral, Fazenda Junco, Fazenda Malaquias, Jacana, Jandui, Juazeiro, Lorena, Leste de Poco Xavier, Livramento, Macarico, Pardal, Patativa, Pajeu, Paturi, Poco Xavier, Riacho da Forquilla, Rio Mossoro, Sabia, Sabia Bico de Osso, Sabia da Mata, Sibite, Tres Marias, Trinca Ferro, Upanema and Varginha. The fields are in the state of Rio Grande do Norte in the onshore Potiguar Basin. The fields have been in operation for over 40 years in some cases and account for a combined 6,000 bo/d production, according to Petrobras. The transaction has already been cleared by the company's board of directors and the contract is expected to be signed on 7 December when 7.5% of the payment is due with the balance due at final closing and subject to adjustments. The transaction is subject also to the usual approval by the ANP and other regulatory agencies. The divestment was the result of a competitive bid process by Petrobras as reflected in the company's 2018-2022 Business and Management Plan. Petrobras in a securities filing on 28 August 2017 launched the divestment process for Polo Riacho da Forquilla to help the company reduce debt and focus on the upstream exploration and development of the deepwater pre-salt. Petrobras has 100% in the blocks except for four areas in Riacho da Forquilha: Sabia da Mata, Sabia Bico-de-Osso, Cardeal and Colibri. <SPAN />
Local player 3R Petroleum acquired 34 onshore fields from Petrobras for US$453 MM.