Petrobras has given approval to the sale of the Golfinho and Camarupim clusters to BW Energy. The company was invited to bid for both the clusters earlier in June and its proposition considers an amount of up to US$75m.

Out of this number, US$3m would be paid at the signing of the transfer contracts, US$12m during the closing of the transaction. Up to US$60m will be referent to contingent payments, depending on oil prices and production performance of the acquisitions.

According to the deal, BW Energy will be the sole operator of the Golfinho and Camarupim clusters in the Espírito Santos Basin. The company will also hold a 65% operating stake in the BM-ES-23 exploratory licence, also in Espírito Santo.

The transaction still needs approval from Brazilian market watchdog CADE and the country’s National Petroleum Agency (ANP).

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