Brazil-based oil and gas company Petrobras and French rival Total have bought stakes in three pre-salt oil blocks off the Atlantic coast.
The two companies agreed to pay 3.26 billion reals ($800 million) for the three blocks.
Petrobras agreed to 36 month operating contracts in the Mero and Sapinhoa blocks which have a combined output capacity of 11.2 million barrels over the next three years.
Additionally, Total also agreed to a 12-month contract for the Lula block which has an estimated output capacity of 1.1 million barrels.