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Petrobras to divest 11 shallow water fields in Brazil's Campos Basin

State-owned oil giant Petróleo Brasileiro SA, more commonly known as Petrobras, began the teaser stage to sell its interests in 11 producing shallow water fields called the Garoupa cluster in Brazil's Campos Basin as well as production facilities and pipelines to Barra do Furado, according to an Aug. 9 securities filing.

The cluster comprises the Anequim, Bagre, Cherne, Congro, Corvina, Garoupa, Garoupinha, Malhado, Namorado, Parati and Viola concessions, which produced an average of 19,600 barrels of oil equivalent per day in the past 12 months. Petrobras owns a 100% stake in the concessions.

The divestment is in line with the company's plan to reduce debt and focus on offshore projects. Petrobras, in its second-quarter earnings call, said that it is almost $13 billion into the divestment plan, which began in January.