Brazil’s state-run oil producer, Petrobras, has plans to spend $6 billion by 2024 to decommission 18 offshore platforms, according to Reuters.
The decommissioning process will include dismantling underwater gas pipelines and offshore wells.
Petrobras predicts proceeds of $1 billion from divestments in 2020, after receiving $14.4 billion from asset sales in 2019.
Petrobras is the largest integrated energy firm in Brazil and one of the biggest in Latin America. The company’s activities include exploration, exploitation and production of oil from reservoir wells, shale, and other rocks.