Brazilian Petrobras Selling Offshore Fields Worth $2b

Brazilian Petrobras Selling Offshore Fields Worth $2b

Brazil’s state-owned Petrobras is marketing offshore oil and natural gas fields worth as much as $2b as part of its plan to sell assets and pay down debt, Bloomberg reported.

The fields for sale are the Bauna, Golfinho, and Tartaruga fields.

The Bank of America Corp. is coordinating the business, according to an anonymous source.

Until now, Petro Rio and LetterOne Holdings have put in offers for the Bauna field. Karoon Gas Australia is also bidding, according to a representative for the company, BusinessTimes reported. Petrobras has 90 days to give a response.

The company has tried to speed up a long-stalled program to sell its assets as it struggles to finance expansion and pay down $130b in debt, the largest of any oil company. Petrobras aims to raise $14.4b from asset sales this year.

The oil  company is cutting spending after crude prices tumbled and it found itself amidst a corruption scandal that had led to management changes.


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