The board of directors at Petrobras Argentina approved the sale of all its Austral Basin assets to Compañia General de Combustibles SA (CGC) for US$101 million, the company said March 31. The sale was approved March 30.

The assets include 26 onshore exploration and production concessions, with average oil and gas output of 15,000 boe/d. Also included are distribution, treatment and storage infrastructure.

This is the first sale of Petrobras assets under the 2015 to 2016 divestment plan released March 2. The plan is expected to raise US$13.7 billion.

The payment was made when the contract was signed, and this sale will therefore be accounted in the first quarter 2015 results, with an estimated impact of US$65 million in net income.

Offshore