Petrobras set to sell stakes in upstream assets

Brazil

RIO DE JANEIRO, May 24, 2018 – Brazilian NOC Petrobras will sell 20-50% stakes in four assets in the deepwater Sergipe-Alagoas Basin, the company announced in a securities filing on Wednesday.

Additionally, the company said it had extended the deadline for proposals for stakes in the Módulo III de Espadarte, Baúna and Tartaruga Verde fields.

The divestments are in line with Petrobras’ 2018-2022 business plan, which establishes a goal of raising USD 21 billion through asset sales before the end of the current year. The company is aiming to pay down some of its debt with money made through these sales.

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