Petrobras keeps eyes trained on asset sales

摘要

BRAZILIAN oil giant Petrobras is pushing ahead with a plan to sell off non-core assets despite a prevailing environment of low oil prices in which potential buyers may be on the hunt for bargains.Since emerging from the Car Wash corruption scandal with heavy debt and a flat production curve, Petrobras has focused on deleveraging debt and channelling investments toward the most productive pre-salt assets.The company raised $21 million from asset sales in 2019 alone, including the sale to Malaysia's Petronas of a 50% stake in two offshore assets, Tartaruga Verde and Espardarte Module 3.Petrobras has responded to the most recent market downturn -caused by the Covid-19 pandemic and oil price crash - by reducing production by 200,000 barrels per day and slashing operating costs and capital expenditure.