Brazil’s Petrobras slashes plan to sell four concessions

by | May 13, 2022 | Business

Article content SAO PAULO — Brazil’s state-run oil company Petrobras SA said on Friday it had decided to terminate the process for the partial sale of four concessions located in deep off-shore waters in the Sergipe-Alagoas Basin. Currently, the concessions are represented by the fields of Agulhinha, Budiao, Budiao Noroeste, Budiao Sudeste, Cavala and Palombeta, the company said in a securities filing. The sale process, which had been in binding phase since late 2018, has been called off “considering the alignment of the concessions to the company’s strategy,” it said. The concessions were fully maintained in the Petrobras’ portfolio, “marking the beginning of the development of a new frontier in deep waters in the Sergipe-Alagoas Basin,” the company said. (Reporting by Peter Frontini Editing by Chris Reese and Sandra Maler)

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