Brazil: Petrobras not selling Libra stake

Petrobras

Brazil’s state-owned oil giant Petrobras on Friday denied it was planning to sell 10 percent of its stake in the Libra field, in the ultra-deepwater section of Santos Basin, offshore Brazil. 

Citing industry sources, Reuters last week reported Petrobras was offering to sell a quarter of its 40 percent stake in the Libra oil prospect seeking to reduce its debt, considered the largest debt in the oil industry.

Reuters also reported that Petrobras’ CEO, Aldemir Bendine, told the Brazilian Congress that the company would be unable to settle its obligations of more than 130 billion dollars and maintain next year’s 19 billion dollar investment program if it did not reach its asset sales target.

Responding to media reports, Petrobras on Friday denied it was considering, at this time, Libra interest sale.

The Brazilian company said: “Petrobras approved a divestment plan of US$ 15.1 billion for the years 2015 and 2016. In view of this plan, the company is studying divestment opportunities in their various areas of expertise, but is not considering at this time the sale of interest in the area of Libra.”

The company added: “The divestment portfolio is dynamic and the accomplishment of these transactions depends on negotiating and market conditions.”

Petrobras is the operator of the field with 40% interest, Shell and Total each have 20%, while CNPC and CNOOC each have 10% interest in the field.

Libra covers a total area of around 1,500 square kilometers, almost the same size as the entire metropolitan region of Houston. According to Petrobras, the reservoir has similar characteristics to other pre-salt fields already discovered.

Offshore Energy Today Staff

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