08:57 AM EST, 12/23/2024 (MT Newswires) -- Petrobras (PBR) said in a regulatory filing Monday that it notified Brava Energia on Saturday that it has decided to terminate the contract for the assignment of its stake in the Urugua and Tamba fields.

The Brazilian oil giant said the closing of the transaction was conditional on the closing of the acquisition by Brava's Enauta Energia subsidiary of the FPSO Cidade de Santos, which failed to take place.

Petrobras said it will retain the amount paid as a deposit a year ago as per the contract terms.

Shares of Petrobras were down nearly 1% in Monday's premarket activity.