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Petrobras to sell interests in 4 concessions in Sergipe-Alagoas Basin

Petroleo Brasileiro SA, or Petrobras, plans to sell partial, nonoperating interests in four concessions in the deepwater Sergipe-Alagoas Basin, according to a May 23 statement.

The interests in the fields range from 20% to 50%. To date, there have been six discoveries of light oil and gas at the concessions: Barra, Farfan, Muriú, Moita Bonita, Poço Verde and Cumbe.

The company said it will give preference to a single buyer, or a consortium of buyers, for the joint development of the fields in partnerships with Petrobras' existing partners.

The divestments are part of Petrobras' wider strategic plan to reduce its debt.