Petrobras Said Selling Offshore Fields Worth Up to $2 Billion

Petroleo Brasileiro SA is marketing offshore oil and natural gas fields worth as much as $2 billion as part...

Petroleo Brasileiro SA is marketing offshore oil and natural gas fields worth as much as $2 billion as part of its plan to sell assets and pay down debt, said two people familiar with the matter.

Three fields — Bauna, Golfinho and Tartaruga — are for sale, said one person, who asked not to be named because the information isn’t public. Bank of America Merrill Lynch is coordinating the sales, said the people.

Petro Rio SA and LetterOne Holdings SA have put in offers for the Bauna field, said one of the people. Karoon Gas Australia Ltd is also bidding, according to a press person for the company.

The Brazilian state-run oil producer is cutting spending and selling assets after crude prices tumbled and Brazil’s biggest corruption scandal led to management changes. The producer aims to raise $14.4 billion from asset sales this year.

Petrobras has 90 days to give a response, one of the people said.

Suggested articles

Tradefora Completes Integration with Serenity EscrowGo to article >>

Petro Rio didn’t immediately reply to an e-mailed request for comment. LetterOne declined to comment. Petrobras is in quiet period and declined to comment, a company spokesperson said by phone.

To contact the reporters on this story: Sabrina Valle in Rio de Janeiro at svalle@bloomberg.net, Manuel Baigorri in London at mbaigorri@bloomberg.net. To contact the editors responsible for this story: David Marino at dmarino4@bloomberg.net, Jeffrey Taylor

By: Sabrina Valle and Manuel Baigorri

©2016 Bloomberg News

Got a news tip? Let Us Know