Carmo Energy agreed to acquire 11 producing fields from Petrobras, a Brazilian state-run oil company, for $1.1bn. The transaction is subject to certain precedent conditions including approval by the National Petroleum, Natural Gas and Biofuels Agency. Located in different municipalities in the state of Sergipe, the 11 concessions of onshore production fields, including integrated facilities, are jointly called Carmópolis Cluster. The acquisition is expected to enable Carmo Energy to enter the sector of production, processing, flow, storage and transportation of oil and natural gas in Brazil.