Enauta said in a securities filing on Monday that Barra Energia do Brasil Petroleo e Gas Ltda would pay US$43.9 million to abandon three wells and decommission facilities there.
Barra Energia is leaving the joint venture in which it had a 50% stake.
The project has lifted just 1.25% of estimated reserves.
“We believe it is possible to develop a more resilient project that can create value despite a scenario of lower oil prices,” Enauta Chief Executive Decio Oddone said in the filing.
The transfer of ownership is subject to approval by oil and anti-trust regulators.
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