Brazil's state-run oil company Petroleo Brasileiro said on Thursday it had ...
RIO DE JANEIRO - Brazil’s state-run oil company Petroleo Brasileiro said on Thursday it had closed a $1.29 billion deal with Malaysia’s Petronas to sell 50 percent of Petrobas’ exploration and production rights in two of its offshore fields.
“Continuous portfolio management contributes to improving the allocation of capital, thereby increasing the generation of value for our shareholders, in addition to enabling the reduction of indebtedness and cost of the company’s capital,” the company’s chief executive, Roberto Castello Branco, said in a statement.
Petrobras said the value of the transaction with Petronas will be paid in two installments: $258.7 million on Thursday and $1.03 billion at the close of the transaction. The Tartaruga Verde field began operations on June 22 and currently produces about 103,000 barrels per day of oil and 1.2 million cubic meters per day of gas.
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