Petroleo Brasileiro SA (PETR4.BR, PBR), Brazil 's state-controlled oil company, said Tuesday that it agreed to sell its stake in six exploration blocks in the Gulf of Mexico and should receive about $110 million for the stakes.

Petrobras, as the company is known, said in a regulatory filing that the sale is part of its divestment program. The company is selling its 20% stake in the KC 49, 50, 92, 93, 94 and 138 blocks, operated by British Petroleum, in area known as the Gila oil field, Petrobras said. In addition to the payment of $110 million, Petrobras will receive as part of the deal a stake in an exploration block in the Tiber oil field.

The sale is subject to regulatory approval, Petrobras said.

As part of Petrobras's divestment program, the company hopes to raise $9.9 billion from asset sales, with a majority of the sales earmarked for 2013.

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