Petrobras has announced that it has received the final contingent payment from Petro Rio Jaguar Petróleo SA (PRIO) related to the sale of its stake in the Albacora Leste field. The payment, totaling R$ 1.025 billion, was received on January 31, 2025, and is the second and final installment in the earnout agreement between the two companies.

The sale of Petrobras's entire stake in the Albacora Leste field, located in deep waters in the Campos Basin, to PRIO was finalized in 2022. The agreement included a contingent payment structure based on the price of oil barrels over a certain period. The first installment of R$295 million, related to the 2023 fiscal year, was received on January 31, 2025.

This final payment marks the completion of the earnout agreement and brings the total contingent payments received by Petrobras to R$ 1.32 billion. The sale of the Albacora Leste field was part of Petrobras's ongoing strategy to optimize its portfolio and focus on its core assets. The divestiture allowed the company to reduce its debt and allocate resources to more profitable projects.

PRIO, a leading independent oil and gas producer in Brazil, has been actively expanding its portfolio in the Campos Basin. The acquisition of the Albacora Leste field was a significant step in the company's growth strategy, increasing its production and reserves.

The successful completion of the contingent payment agreement demonstrates the effectiveness of structuring such deals in the oil and gas industry. By linking a portion of the sale price to future performance, both parties have an incentive to maximize the value of the asset.

The receipt of this final payment will further strengthen Petrobras's financial position and provide additional resources for investments in its strategic priorities. The company continues to focus on exploration and production in the prolific pre-salt region of the Campos Basin, as well as on developing new technologies to improve efficiency and reduce environmental impact.

Petrobras is a Brazilian multinational oil and gas company headquartered in Rio de Janeiro. It's a major player in the global energy sector, primarily engaged in exploration, production, refining, and marketing of oil and natural gas.

Petrobras is renowned for its expertise in deep and ultra-deep water exploration and production, a result of decades of experience developing Brazil's offshore basins.

Petrobras is a publicly traded company with shares listed on both the B3 stock exchange in Brazil and the New York Stock Exchange. It's a significant employer in Brazil, providing jobs and contributing to local communities.