Smedegaard: Giving up hopes of Brazilian oil success

A.P. Moeller-Maersk is now definitively giving up hopes of a successful Brazilian oil business. After many years and several attempts Maersk Oil has opted to divest, perform a major impairment and let go of its ambitions for future growth in the country, says A.P. Moeller-Maersk CEO Nils Smedegaard Andersen after the company on Tuesday performed a USD 1.7 billion impairment on its fields in the country, describing the development as "regrettable."
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