Petrobras Eyes Adding Texas, African Assets to Asset Sale Plan
SAO PAULO, May 10 (Reuters) - Petróleo Brasileiro SA proposed including a Texas refinery and a stake in an African oil exploration venture into a list of assets that Brazil's state-controlled oil company has put up for sale by the end of next year.
In a securities filing, Petrobras said management agreed to modify the list to include its 50 percent stake in Petrobras Oil & Gas BV, commonly known as Petrobras Africa. It may also add the Pasadena refinery, whose purchase a decade ago has been the subject of criminal investigations.
The new additions will still be submitted individually to full approval by management, the filing added, without specifying a date. Earlier this year, Petrobras unveiled a two-year, $21 billion asset sale and partnership program, a key component of Chief Executive Officer Pedro Parente's plan to revive the highly indebted oil company.
In March, the list was updated with five assets including fuel distribution unit BR Distribuidora and offshore fields. Petrobras has turned to divestitures and joint ventures as a way to downsize and reduce a debt burden of about $100 billion - the largest of any major global oil player.
Bloomberg News reported earlier this week Petrobras could raise less than $200 million with the sale of the Pasadena refinery, down from the $1.2 billion it originally paid for the asset.
Federal prosecutors are investigating whether Petrobras overpaid for the refinery and whether bribery was involved.
Preferred shares rose 4 percent on Wednesday to a one-month high. The stock more than doubled in value last year on expectations that reduced state meddling on the company's strategy would accelerate an operational turnaround. (Additional reporting by Luciano Costa; Editing by Guillermo Parra-Bernal and David Gregorio)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Weatherford CEO's Rebound Plan Relies On Getting Smaller
- Iran Says Oil Market Is Too Tight For US Zero Exports Target
- China's Squeezed 'Teapots' Eye Petchem Path To Riches
- Baker Hughes: US Drillers Add Oil Rigs For Second Week In Three
- Venezuela Hands China More Oil Presence, But No Mention Of New Funds
- ExxonMobil Racks Up Discoveries in Guyana Block Eyed by Chevron
- Oil Market Sentiment Has Improved Significantly
- EU, US Eye Collaboration on Nuclear Materials
- USA Driving Activity to Increase to All-Time Highs
- EU Electricity Export to Ukraine Up 94 Percent in Two Years
- China Coal Output Falls for First Time since Government Ordered More
- TC Energy to Sell Prince Rupert Gas Pipeline Project to First Nation
- BP Pulse Buys One of Europe's Largest Truck Stops
- UK CCUS Plans Outdated: Think Tank
- I Squared Eyes Full Ownership of Europe Gas Storage Firm
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- EIA Drops 2024 Henry Hub Gas Price Forecast
- EIA and Standard Chartered Offer Up Latest Oil Price Predictions
- Red Sea Region Sees Another Watershed Incident
- Chevron Oil Project in Kazakhstan to Cost $48.5B
- OPEC Voices Encouragement after IEA Affirms Support for Oil Security
- Biden Govt Bares Strategy for Freight Charging, Hydrogen Fueling Infra
- Ukraine Hits Third Russian Refinery In Escalating Drone Strikes
- Rystad Looks at the Buzz Around White Hydrogen
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Is Peak Oil Demand Close?
- Vessel Sinks in Red Sea After Missile Strike
- JP Morgan, Standard Chartered Reveal Latest Oil Price Forecasts
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Rystad Forecasts Net Production of Top Permian Producers in 2024
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension