Petrobras to pare down debt with over US$800mn in asset sales
Brazil state-run oil firm Petrobras said it sold assets for a total of US$823mn on Wednesday.
The company announced a US$370mn deal with Perenco to sell its Pargo, Carapeba, and Vermelho fields, offshore Santos basin. The areas were discovered between 1975 and 1982 and came online in 1988 through an integrated production system with seven fixed platforms, which currently produce around 9,000b/d of oil.
The firm also announced a US$453mn deal with local company 3R Petroleum for 34 onshore fields in Potiguar basin. The fields have been in production for over 40 years and were sold together on a package known as Polo Riacho da Forquilha, which currently produces 6,000b/d of oil.
Neither Perenco nor 3R Petroleum had producing assets in Brazil. Both transaction are pending regulatory approval from watchdog ANP.
Petrobras will receive US$74mn from Perenco at the signing ceremony and the rest when the transaction is closed. A US$34mn payment will be made by 3R Petroleum on December 7, with the remainder to be paid at closing.
Petrobras' 2017-18 divestment plan involves selling US$21bn in assets to reduce debt. The company has already said it will probably not reach that target.
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