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
Iraq to Seek Bids for Oil, Gas Contracts April 27
2024-04-18 - Iraq will auction 30 new oil and gas projects in two licensing rounds distributed across the country.
US Raises Crude Production Growth Forecast for 2024
2024-03-12 - U.S. crude oil production will rise by 260,000 bbl/d to 13.19 MMbbl/d this year, the EIA said in its Short-Term Energy Outlook.
Exxon Versus Chevron: The Fight for Hess’ 30% Guyana Interest
2024-03-04 - Chevron's plan to buy Hess Corp. and assume a 30% foothold in Guyana has been complicated by Exxon Mobil and CNOOC's claims that they have the right of first refusal for the interest.
Petrobras to Step Up Exploration with $7.5B in Capex, CEO Says
2024-03-26 - Petrobras CEO Jean Paul Prates said the company is considering exploration opportunities from the Equatorial margin of South America to West Africa.
The OGInterview: How do Woodside's Growth Projects Fit into its Portfolio?
2024-04-01 - Woodside Energy CEO Meg O'Neill discusses the company's current growth projects across the globe and the impact they will have on the company's future with Hart Energy's Pietro Pitts.