Brazil’s oil giant Petrobras has initiated the sale process for 26 onshore and shallow water oil fields and a refinery in the northeastern part of the country. Petrobras is a state-owned multinational oil and gas corporation The company is carrying out plans as part of its divestment programme.

Petrobras is still in the nascent stages of the oilfields and refinery sale. The refinery known as Clara Camarao is in the state of Rio Grande do Norte., while the oilfields are collectively known as Polo Potiguar. It is reported that the oilfields produce approximately 23,000 barrels per day this year and 124,000 cubic meters per day of gas. That said, the Clara Camarao refinery has a capacity of 39,600 barrels per day.

The state-owned company has signed a deal with SPE Rio Ventura for the sale of its oil fields in the Brazilian state of Bahia. It is reported that the sale price is valued at $94.2 million. SPE Rio Ventura is a subsidiary of 3R Petroleum, an oil field operator. The Rio Ventura includes oil shore fields of of Água Grande, Bonsucesso, Fazenda Alto das Pedras, Rio Pojuca, Tapiranga, Pedrinhas, Pojuca and Tapiranga Norte, media reports said.