Petroleo Brasileiro S.A. or Petrobras’ PBR board of directors has approved a deal with the Brazilian government to sell excess reserves from the offshore oil fields of Sepia and Atapu located in the Santos basin pre-salt, off the coast of Brazil. The company will be compensated if there is an offer for the sale of surplus volumes in the two fields, according to the agreement.Petrobras will gain $3.253 billion from the sale of additional volumes in the Atapu region. If the Sepia field's excess assets are auctioned, the company will earn another $3.2 billion. The payments will be spread out over a 10-year period.The Brazilian company signed a transfer of rights agreement with the federal government in 2010, which gave it an opportunity to conduct exploration and development activities in the Sépia and Atapu regions.Although the government failed to sell reserves in the Atapu and Sepia fields in 2019, officials are trying to retrieve the offer. Petrobras claims that it is entitled to compensation because the exploration and construction work in the two blocks is already completed by the company.Last June, Petrobras commenced the oil and natural gas production at its Atapu pre-salt field. The output was generated using the P-70 floating production, storage and offloading (FPSO) platform in the eastern region of the deepwater Santos Basin near the Búzios field, offshore Brazil. The Atapu-shared deposit, which consists of Oeste de Atapu, Atapu fields and a fragment of the country's noncontracted region, contributed to production growth in the pre-salt. Company ProfilePetrobras is the largest integrated energy firm in Brazil and one of the biggest in Latin America. The company’s activities include exploration, exploitation and production of oil from reservoir wells, shale and other rocks. The activities also include refining, processing, trading and transportation of oil and oil products, natural gas and other fluid hydrocarbons besides other energy-related operations.Zacks Rank & Other Key PicksPetrobras currently has a Zacks Rank #3 (Hold). Some better-ranked stocks in the energy space are Matador Resources Company MTDR, Diamondback Energy, Inc. FANG and Devon Energy Corporation DVN, each presently flaunting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.5 Stocks Set to DoubleEach was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Petroleo Brasileiro S.A. Petrobras (PBR): Free Stock Analysis Report Devon Energy Corporation (DVN): Free Stock Analysis Report Diamondback Energy, Inc. (FANG): Get Free Report Matador Resources Company (MTDR): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research