Petrobras may sell assets worth $20 bln: report

Brazilian NOC Petrobras intends to continue asset divestments through 2019, with possible sales worth USD 20 billion, international media reported Wednesday.

Due to setbacks in Brazilian courts, Petrobras has only made sales worth USD 9.5 billion of the USD 21-billion goal for 2018 established in its 2018-2022 business plan. In June, an attempt to sell pipeline operator Transportadora Associada de Gás was blocked, causing the NOC to forego USD 7 billion in sales.

At least two more deals are expected to be finalised before year-end, an anonymous source told Reuters. These divestments include the sale of a Texas refinery to Chevron, as well as the sale of the Pampo and Enchova oilfield clusters in Brazil’s Campos Basin to Ouro Preto Óleo e Gás.

On Wednesday, Reuters also reported that due to the NOC’s decision to prioritise investments in pre-salt areas, the post-salt Frade field will not undergo a previously planned six-well campaign. Chevron operates Frade with a 51.74% stake, while partners Petrobras and Frade Japão Petróleo hold 30% and 18.26% interests, respectively.