Petrobras to Sell 26 Onshore Oil Fields, Refinery

Petrobras to Sell 26 Onshore Oil Fields, Refinery

Brazil’s state-run Petrobras has put up for sale 26 onshore and shallow-water oil fields along with a small refinery, Clara Camarao, in the northeast of Brazil, according to Reuters.

The announcement of this sale is in line with the company’s extensive divestment program. The assets in question are the Polo Potiguar oil fields, which produced roughly 23,000 barrels per day (bbl/d) of oil in 2020 and 124,000 cubic meters per day of gas. The refinery in question has an installed capacity of 39,600 bbl/d.

Petrobras is years into a drive to sell billions of dollars worth of non-core assets in a bid to reduce its hefty debt load and to realign its focus towards deepwater oil production.

The other refineries put up for sale are RNEST, REPAR, RLAM, REFAP, REGAP, REMAN, LUBNOR, and SIX. They account for half of Brazil’s refining capacity or 1.1 million barrels per day (mmbbl/d).


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