A PYMNTS Company

Brazil: Petrobras agrees to $2.5bn sale

By  |  July 31, 2016

Brazil’s Petrobras agreed on July 29 to sell one of its largest oil and gas prospects to Norway’s Statoil for $2.5 billion in the boldest step yet by the energy company to advance its stagnant asset-sale plan and repair its battered finances.

The agreement will give Statoil 66 percent ownership and operator status in a block that is home to Carcará, a prospect that Statoil says contains 700 million to 1.3 billion barrels of oil and equivalent natural gas. That equates to all petroleum needs in the United States for at least five weeks and up to two months.

Petrobras CEO Ivan Monteiro said the sale proves his company is serious about plans to sell $15.1 billion of assets in 2015 and 2016 and pay down its $130 billion of debt, the largest debt in the oil industry.

Full Content: Reuters

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.