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Brazil’s Petrobras sells oil block in Alagoas state for US$300 million

RIO DE JANEIRO, BRAZIL - Petrobras signed a contract to sell its entire participation in seven onshore and shallow water concessions located in the state of Alagoas. The block, named Polo Alagoas, was sold for US$300 million to Petromais Global Exploração e Produção S.A. (Petro+).

The deal is part of the company's divestment strategy to reduce debt and focus on pre-salt deep water production, where Petrobras has shown a large competitive differential over the years.

Of the total value of the sale, US$60 million was paid at the time the contract was signed. The . . .

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