Petrobras puts up for sale nine shallow-water concessions

Petrobras puts up for sale nine shallow-water concessions

Brazil’s troubled state oil firm Petrobras announced on Monday it is putting up for sale nine assets in shallow-water oilfields off the northeast of the country.

The concessions, off the states of Ceara and Sergipe, represent only a minuscule proportion of the company’s output, 0.5% by 2015’s performance.

The wells to be offered up are declining in productivity and carry imminent cost burdens to comply with environmental safety requirements when they eventually need to be shut down.

Petrobras, deeply in debt and tainted by a huge bribery scandal, has been divesting properties to improve its balance sheet.

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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