Brazil’s state-controlled oil company, Petroleo Brasileiro SA (NYSE: PBR), said on Nov. 28 it had sold rights to more than 30 oil fields for more than $800 million as part of a longstanding divestment plan to reduce the company’s debt.
The company, known as Petrobras, said it had reached a $370 million deal with Anglo-French oil and gas company Perenco to sell three oil fields in the so-called Polo Nordeste, in the coast of Rio de Janeiro. The three oil fields produce a combined 9,000 barrels a day (bbl/d) of oil, the company said.
It also said it had sold the rights to 34 dispersed oil fields in the state of Rio Grande do Norteto to Brazilian company 3R Petroleum for $453 million.
The oil fields, in operation for more than 40 years, produce about 6,000 bbl/d of oil.
Recommended Reading
EQT’s Toby Rice: US NatGas is a Global ‘Decarbonizing Force’
2024-03-21 - The shale revolution has unlocked an amazing resource but it is far from reaching full potential as a lot more opportunities exist, EQT Corp. President and CEO Toby Rice said in a plenary session during CERAWeek by S&P Global.
Watson: Implications of LNG Pause
2024-03-07 - Critical questions remain for LNG on the heels of the Biden administration's pause on LNG export permits to non-Free Trade Agreement countries.
Venture Global Seeks FERC Actions on LNG Projects with Sense of Urgency
2024-02-21 - Venture Global files requests with the Federal Energy Regulatory Commission for Calcasieu Pass 1 and 2 before a potential vacancy on the commission brings approvals to a standstill.
Belcher: Election Year LNG ‘Pause’ Will Have Huge Negative Impacts
2024-03-01 - The Biden administration’s decision to pause permitting of LNG projects has damaged the U.S.’ reputation in ways impossible to calculate.
Despite LNG Permitting Risks, Cheniere Expansions Continue
2024-02-28 - U.S.-based Cheniere Energy expects the U.S. market, which exported 86 million tonnes per annum (mtpa) of LNG in 2023, will be the first to surpass the 200 mtpa mark—even taking into account a recent pause on approvals related to new U.S. LNG projects.