Petroleo Brasileiro S.A. or Petrobras PBR recently inked a deal to sell its entire stake in the Papa-terra deep-water oilfield located in Brazil’s Campos Basin to 3R Petroleum Offshore S.A. The company is the chief operator of the project and has 62.5% operating interest while Chevron Corporation CVX owns the remaining 37.5% stake.The transaction is worth $105.6 million. 3R Offshore, a firm with a plan to rejuvenate mature offshore assets, already paid Petrobras $6 million and disburse another $9.6 million at the transaction's close. The remaining $90 million will be cleared via contingent payments under the contract, which are tied to the asset's production levels and future oil prices.Located at a water depth of 1,200 meters, Papa-terra field is part of the BC-20 concession. The oil field came online in 2013 and produces oil as well as gas through two offshore platforms, namely P-61 type Tension Leg Wellhead Platform and P-63 type Floating Production Storage & Offloading. Its average oil and gas output from January to June 2021 was 17,900 barrels of oil equivalent per day (BOE/D).The divestiture perfectly fits the company's portfolio management strategy. It will contribute to enhancing the company’s capital allocation to maximize shareholder returns. Petrobras is concentrating its resources on world-class assets in deep and ultra-deep waters where it has demonstrated great competitive advantage over the years.Earlier this month, Petrobras reached an agreement with Petromais Global Exploration and Production SA to divest its full ownership of the Polo Alagoas land and shallow-water fields, situated in the state of Alagoas, Brazil.Petrobras’ divestment decision was part of its plans to offload non-core assets and focus on offshore deep-water development, mainly in the prolific pre-salt area. The company will receive $300 million for the assets. Of the total, $60 million will be paid immediately while the residual $240 million will be provided at the completion of the transaction.About PetrobrasHeadquartered in Rio de Janeiro, Petrobras S.A., 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 along with other energy-related activities.Zacks Rank & Key PicksPetrobras has a Zacks Rank #3 (Hold), currently. Some better-ranked players in the energy space are Diamondback Energy, Inc. FANG and Continental Resources, Inc. CLR, each presently flaunting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here. Bitcoin, Like the Internet Itself, Could Change Everything Blockchain and cryptocurrency has sparked one of the most exciting discussion topics of a generation. Some call it the “Internet of Money” and predict it could change the way money works forever. If true, it could do to banks what Netflix did to Blockbuster and Amazon did to Sears. Experts agree we’re still in the early stages of this technology, and as it grows, it will create several investing opportunities. Zacks’ has just revealed 3 companies that can help investors capitalize on the explosive profit potential of Bitcoin and the other cryptocurrencies with significantly less volatility than buying them directly. See 3 crypto-related stocks now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Chevron Corporation (CVX): Free Stock Analysis Report Petroleo Brasileiro S.A. Petrobras (PBR): Free Stock Analysis Report Continental Resources, Inc. (CLR): Free Stock Analysis Report Diamondback Energy, Inc. (FANG): Free Stock Analysis Report To read this article on Zacks.com click here.