Brazilian Petrobras Announces New Upstream Policy
Brazil’s state oil company Petrobras said Monday it has decided to suspend the sale of some key assets. The oil giant said it would no longer sell the Uruk and Bahia Terra clusters, as well as the Manati oil field and its subsidiary Petrobras Operaciones in Argentina.
The asset sale process was initiated by previous management of Petrobras as the company sought to sell non-core assets to focus on deepwater oil exploration and reduce its debt.
Petrobras said on Monday that its new oil exploration and production policy is based on maximizing portfolio value by focusing on profitable assets, which also includes replenishing oil and gas reserves (including exploring new frontiers), increasing natural gas supplies and facilitating the decarbonization of operations. .
Petrobras said that the ability to retain other assets in its portfolio will be periodically reassessed based on updated profitability targets and decarbonization opportunities.
State-owned Petrobras added that it would continue to sell its stakes (about 20% each) in the Brasympe/Termocabo, Suape II and Araucaria thermal power plants.
In a separate filing, Petrobras also announced that it has signed a memorandum of understanding with Mubadala Capital to explore potential investment in a biofuel project being developed by an Abu Dhabi investor in Brazil.
