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Brazil rejects Maersk Oil's field divestment

Maersk Oil's withdrawal from Brazil could be under pressure as Brazilian authorities have rejected the sale of the company's stake in the Polvo field. Maersk Oil tells ShippingWatch that the company is studying the rejection.

Photo: Maersk

The Brazilian authorities that regulate the country's oil, ANP, have rejected Maersk Oil's plans to divest 40 percent of its stake in the Polvo field as part of the company's strategy to withdraw completely from the Brazilian market, according to Reuters.

In relation to a USD 1.7 billion impairment on its Brazilian oil activities back in July, Maersk Oil announced the decision to divest its 40 percent stake in minor field Polvo to an independent Brazilian operator, HRT O&G Exploracao e Producao de Petroleo Ltda. At the time, Maersk Oil noted that the divestment was subject to regulatory approval - and the regulators have now rejected the transaction.

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