State-owned Petróleo Brasileiro SA started the binding phase in the process of divesting its stakes in 27 onshore fields, called the Cricaré Cluster, in Brazil, according to a Sept. 6 securities filing.
The fields are in the Brazilian state of Espĺrito Santo in the São Mateus, Jaguaré, Linhares and Conceição da Barra municipalities.
The Brazilian oil major, more commonly known as Petrobras, holds a 100% interest in the fields, which had an average daily production of 2,766 barrels of oil and 10,300 cubic meters of gas in 2018.
The sale is in line with the Petrobras plan to further reduce debt by divesting assets and focus on offshore projects.
