Petrobras Puts Nine Small, Shallow-Water Oil Fields Up for Sale

5 Jul 2016   Brazil

Brazil’s state-run oil firm Petróleo Brasileiro SA said Monday that it is putting nine small, shallow-water oil fields up for sale, part of a previously announced divestment plan meant to help the company chip away at its massive debt burden . Petrobras said the nine fields, in the northeastern states of Ceará and Sergipe, produced an average of 13,000 barrels of oil and natural gas a day last year. The planned sale won’t bring the type of cash Petrobras needs — the nine fields account for less than 1% of the company’s total production — but they signal that the company is moving forward with efforts to shed noncore assets as part of its $15 billion divestment plan . And it won’t attract the same level of interest as Petrobras’ prized deep water, […]

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