Rio Ventura, Subsidiary of Starboard-Backed 3R Petroleum, acquired Rio Ventura Cluster from Brazil’s state-owned oil company Petrobras for US$94.2m. 

(Reuters) Brazil’s state-owned oil giant Petrobras said on Friday it has agreed to sell its entire stake in eight onshore fields at Polo Rio Ventura in the state of Bahia to 3R Petroleum e Participacoes for $94.2 million.

According to a securities filing, $3.8 million was paid on Friday, $31.2 million will be paid when the transaction is closed, with $16 million coming 30 months after the deal and a further $43.2 million in contingent payments.