ShippingWatch

Petrobras puts nine small oil fields up for sale

Scandal-ridden Brazilian oil company Petrobras is putting nine small oil fields up for sale as part of the anticipated, massive divestment of assets intended to help reduce the company's enormous debt, writes Wall Street Journal.

Brazil's national and scandal-riddled oil company, Petrobras, is now taking the first step in a previously announced comprehensive divestment plan, which will help the company reduce its massive debt.

To begin with, the company has put nine shallow-water fields up for sale, writes Wall Street Journal.

The nine fields are located in the northeastern states of Ceará and Sergipe, and they produced a combined amount of 13,000 barrels of oil and natural gas per day last year.

Try a free 40-day trial subscription to ShippingWatch

The fields thus constitute less than one percent of Petrobras' total production and the divestment will likely not have a major effect on the company's debt, according to Wall Street Journal. But the announcement marks the kickoff to the company's major plan where assets totaling USD 15 billion are projected to be divested.

Petrobras has debt worth of approximately USD 126 billion weighing down the company while the repercussions from the comprehensive corruption scandal still undermine the previously renowned national oil company.

Media: Singapore companies accused of bribery

Petrobras lost USD 10 billion in one quarter

Will an impeachment of Roussef shatter Brazil's oil dreams?

Brazilian billionaire arrested in Petrobas case 

More from ShippingWatch

CMA CGM expects sharp decline in freight rates

The outlook for the container market looks somewhat more gloomy in the coming time, estimates French CMA CGM. However, the container shipping company still recorded growth on top and bottom lines in Q3.

Further reading

Related articles

Latest news

See all jobs