11:07 AM EDT, 04/26/2024 (MT Newswires) -- Petroleo Brasileiro (PBR) said it has signed contracts for the sale of its entire stake in the mothballed Cherne and Bagre fields in the Campos Basin to Perenco Petroleo e Gas do Brasil for $10 million.

Petrobras said $1 million has been paid, with the remainder to be settled at the closing of the transaction.

The transfer of these fields to Perenco offers the prospect of production being resumed by the new operator, making it a more advantageous alternative for Petrobras compared to the option of decommissioning the facilities, the company said.

Shares of Petrobras were up about 1.7% in recent trading.

Price: 16.92, Change: +0.29, Percent Change: +1.73