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Petrobras oilfield sale to Statoil suspended

Petrobras oilfield sale to Statoil suspended

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A Brazilian court has ordered energy giant Petrobras to suspend the sale of its stake in an exploratory block to Norway’s Statoil after a union demanded that there should have been an open bidding process.

The deal for Petrobras’s 66% stake in the BM-S-8 region known as the Carcara field had earlier been approved by regulators. Petrobras has already used half of the $2.5bn in proceeds it got when sealing with the deal with Statoil last November in order to pay mounting debts.

Petrobras responded to the court verdict saying it would take legal measures to defend its interests.

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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