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Petrobras starts binding phase to sell assets in Brazil's Espirito Santo Basin

Petróleo Brasileiro SA - Petrobras started the binding phase to sell all of its stakes in the Peroá and Cangoá fields and the BM-ES-21 concession in Brazil's Espírito Santo Basin, according to an Aug. 5 securities filing.

The sale, announced July 5, includes Petrobras' 100% stake in the Peroá and Cangoá fields and its 88.9% interest in the BM-ES-21 exploration block.

The Peroá and Cangoá shallow-water fields produce about 900,000 cubic meters per day of nonassociated gas, and block BM-ES-21 contains the Malombe gas discovery.

The offer is part of the Brazilian oil giant's ongoing plan to sell assets to reduce debt and focus on offshore projects. On its second-quarter earnings call, Petrobras said it was almost $13 billion into the divestment plan.