PetroleoBrasileiro S.A.or Petrobras (PBR Quick QuotePBR - Free Report) recently announced that it completed the transfer of its 10% stake in the Lapa field to global integrated oil and gas company TotalEnergies (TTE Quick QuoteTTE - Free Report) .

The deal, which also included the assignment of Petrobras Netherlands B.V.'s (PNBV) whole interest in Lapa Oil & Gas B.V., a business in Holland, was concluded with the payment of $49.4 million to Petrobras with contract changes.

The Lapa field (BM-S-9A block) has its address in the pre-salt area of the Santos Basin. Its average output in the first half of this year was 50.7 thousand barrels of oil equivalent per day (boe/d) with Petrobras accounting for 5.07 thousand boe/d share.

The company will no longer have an interest in the Lapa field. With the conclusion of the agreement, TotalEnergies now owns 45% of the Lapa field whilethe rest is held by Royal Dutch Shell's Brazilian unit Shell Brasil Petróleo (30%), and Repsol (REPYY Quick QuoteREPYY - Free Report) and Sinopec’s local joint venture Repsol Sinopec Brasil (25%).

This deal is another milestone in the currently Zacks Rank #1 (Strong Buy) Petrobras and TotalEnergies' strategic cooperation, and it is in line with the company's portfolio optimization and capital allocation strategy, which aims to maximize its shareholder value. You can see the complete list of today’s Zacks #1 Rank stocks here.

Company Profile

Petrobras is the largest integrated energy firm in Brazil and one of the biggest in Latin America. The company’s activities include exploration, exploitation and production of oil from reservoir wells, shale and other rocks as well as refining, processing, trading and transportation of oil and oil products, natural gas and other fluid hydrocarbons besides other energy-related operations.