Brazil court lifts injunction on Petrobras deal to sell stakes in offshore fields

Brazil court lifts injunction on Petrobras deal to sell stakes in offshore fields

A federal court in Brazil has lifted an injunction on state oil company Petrobras, a ruling which had hitherto prevented the firm from selling its stakes in two offshore fields to French supermajor Total.

Under the injunction Petrobras had been forced to put on hold plans to sell Total a 22.5% stake in the Iara Field and 35% in the Lapa Field, both in the pre-salt layer of the Santos Basin.

Iara is about 230km south of Rio de Janeiro and Lapa is about 270km southeast of Sao Paulo.

The combined price of $2.2bn was agreed in February but then in October the 3rd Federal Court of Sergipe granted the injunction as part of a class action.

Now Wednesday’s ruling by the President of the Federal Regional Court for the 5th region allows Petrobras, plagued by a massive bribery scandal at home, to resume this aspect of its ongoing strategic alliance with Total.

Donal Scully

With 28 years experience writing and editing for newspapers in the UK and Hong Kong, Donal is now based in California from where he covers the Americas for Splash as well as ensuring the site is loaded through the Western Hemisphere timezone.

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