Brazil’s Petrobras divests from Rio, Sergipe, São Paulo assets

Brazil’s Petrobras divests from Rio, Sergipe, São Paulo assets

Brazil’s state-owned oil company, Petrobras said it is divesting from exploration assets in Rio de Janeiro, Sergipe and São Paulo, respectively.

The latest announcement is an addition to the series of asset sales carried by Petrobras to get in cash and stabilise from its loss-making position.

Petrobras said in a statement that it has started the:

“Sale of its exploration, development and production rights in three sets of shallow-water fields: Pargo, Sergipe and Merluza clusters, located in the States of Rio de Janeiro, Sergipe and São Paulo, respectively.

At this stage, process letters are issued to interested parties qualified in the previous phase, with detailed instructions about the divestment processes, including the guidelines to conduct due diligence and submit binding proposals.

The present disclosure to the market is pursuant to Petrobras’ divestment program and is aligned with the guidelines of the Federal Accounting Court (TCU),” the stamen said.