Petrobras (PBR) said Monday it has agreed to acquire 100% of a portion of the Argonauta Field in the Campos Basin, which is currently owned by Shell (SHEL), ONGC, and Brava, for 700 million Brazilian reals ($140.1 million) and $150 million in cash.

Under the deal, the payment will be made in three installments, with 100 million reals upon closing; 600 million reals on Jan. 15 or at closing, whichever occurs later; and a final installment of $150 million two years after closing, the company said.

The portion acquired includes an area of the offshore Argonauta oil field that holds 0.86% of the shared pre-salt Jubarte, the company said.

Upon completion of the transaction, Petrobras will hold a 98.1% interest in Jubarte while the Brazilian government will maintain a 1.9% stake, the company said.