RIO DE JANEIRO, Dec 17 (Reuters) - Brazil's Brava

Energia is moving towards the sale of 11 oil and gas

concessions in Rio Grande do Norte state to infrastructure firm

Azevedo & Travassos and oil company Petro-Victory

Energy ( PTVRF ).

The firms have signed an exclusivity contract for a period

of 30 days to negotiate the final documents for the sale, Brava

said in a securities filing on Tuesday.

WHY IT'S IMPORTANT

The move is part of Brava's plan to optimize its portfolio

to "maximize return to shareholders," said the firm. Brava's Rio

Grande do Norte fields produced an average of 250 barrels of oil

equivalent per day from January to November of 2024.

The firm's board of directors also recommended that it hire

a financial advisor to oversee potential partnership

transactions or the sale of some of the firm's assets.

ADDITIONAL CONTEXT

Brava was created from the merger between Brazil's 3R

Petroleum and Enauta, establishing what they then described as a

company with "large growth potential" in the coming years that

could produce about 100,000 barrels of oil equivalent per day.

The merger happened as smaller Brazilian oil companies look

for opportunities to consolidate after years of growth driven by

purchases of assets previously owned by state-run oil giant

Petrobras.