Petrobras divestment streak continues
Brazilian energy company Petrobras said July 9 that it started the process of selling off its interest in an offshore concession where a gas discovery was made.
The company, known formally as Petroleo Brasileiro, said it was disclosing a “teaser” with its Angolan partner Sonangol for the sale of interests in exploration blocks in the offshore Potiguar basin. The pair have drilled two wells in the area, one which made a gas discovery and another that appraised it.
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“There are no remaining commitments to be fulfilled," Petrobras said.
Petrobras holds a 70% stake in the concession, with Sonangol in control of the rest. In total, there are 36 production platforms installed in the basin.
Petrobras is on a major divestment streak, seeking buyers for various upstream, midstream and downstream assets to reduce its leverage and raise capital for investing in its deepwater offshore fields.
The company in April sold its remaining 10% stake in natural gas transportation company Nova Transportadora do Sudeste (NTS) to Nova Infraestrutura Gasodutos Participacoes, a company formed by an investment fund that already holds a controlling interest in NTS.
Petrobras reported net income attributable to shareholders of $231mn in Q1 2021, a marked improvement from a $732mn loss recorded during the same period last year, but well below the $5.4bn in Q4 2020 profits.
Positive cash flow came in at $5.6bn, while debt reduction of $18.3bn brought its burden down to $71bn.