State-owned Petróleo Brasileiro SA plans to sell its stakes in eight exploratory blocks in the Recôncavo Basin located in the Brazilian state of Bahia, according to a Sept. 30 release.
Petrobras, as the company is commonly known, owns a 100% stake in the blocks, which are comprised of the REC-T-32_R12, REC-T-40_R12, REC-T-50_R12, REC-T-51_R12, REC-T-52_R12, REC-T-60_R12, REC-T-61_R12 and REC-T70_R12 concessions. According to Petrobras, the blocks are situated in an area with deployed infrastructure and a proven oil system near fields that are already in production.
The divestment is part of the company's ongoing plan to lessen debt and focus on offshore projects.
