Petrobras Sells Stake in Gas Local, Begins Sale Process for Albacora Offshore Fields
September 25 2020 - 9:51AM
Dow Jones News
By Jeffrey T. Lewis
SAO PAULO--Brazilian oil company Petroleo Brasileiro SA, or
Petrobras, said Friday it has completed the sale of a stake in a
gas distributor and begun the process of selling two offshore
fields.
The company agreed to sell its 40% stake in GNL Gemini
Comercializaçao e Logistica de Gas Ltda. to White Martins Gases
Industriais Ltda. for an undisclosed price. The sale contract
includes an agreement to end corporate disputes and arbitration
between the companies and adjustments to the terms of the sale of
gas by Petrobras. The sale awaits approval from Brazil's
competition authorities.
The two oil fields on sale are located in deep waters in the
Campos basin. The Albacora field produced 38,700 barrels of oil per
day in August of this year, and 716,000 cubic meters of gas. The
Albacora Leste field produced 33,300 barrels of oil per day and
707,000 cubic meters of gas in August of this year, the company
said. Petrobras owns 100% of Albacora and 90% of Albacora
Leste.
The sales are part of the company's efforts to sell off non-core
assets and focus on production from its rich, deep-water fields off
the coasts of Sao Paulo and Rio de Janeiro states. The company is
also in the process of selling eight refineries in Brazil, and last
year sold a chunk of its stake in gasoline station operator BR
Distribuidora SA. Petrobras still holds more than 35% of the
filling station company, but plans to sell the remainder have been
put on hold.
Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com
(END) Dow Jones Newswires
September 25, 2020 09:36 ET (13:36 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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