BP (NYSE:BP) has let go of one of its South American assets. The company reached an agreement to sell its 60% stake in Brazil's Polvo shallow-water oil field to domestic company HRT Oil & Gas. The price is $135 million, which will be paid in cash.

The field is located in the Campos basin, roughly 100 kilometers off the coast of Rio de Janeiro. Commercial production began in 2007, and BP purchased its stake in Polvo from Devon Energy in 2011. It shared ownership with Danish firm Maersk, which holds the remaining 40% stake.

BP's sale is subject to approval from the relevant regulatory authorities. The firm expects the deal to close in Q2 of this year.

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