Brazil’s Petrobras to Sell Off Assets in Amazon Region

By Lise Alves, Senior Contributing Reporter

SÃO PAULO, BRAZIL – The oil giant of Brazil announced on Monday it will be selling one hundred percent of its participation in the Jurúa natural gas field, in the Amazon Region. The sale of yet another important natural resource field is part of Petrobras’ two-year divestment plan, which hopes to retrieve more than R$21 billion for the company.

“Juruá Field has a significant volume of discovered natural gas and is located 120 km westward of the Urucu Field and 725 km from Manaus, between the Juruá and Tefé Rivers,” said the statement released by Petrobras to potential investors.

Last week Petrobras announced it was also selling its participation in the Azulão Field, which also produces natural gas, located in Amazonas state. The two transactions are part of the company’s divestment plan and, according to Petrobras, ‘an opportunity to develop a natural gas discovery in close proximity to existing infrastructure’.

In addition to selling its participation in natural resource fields within Brazil, Petrobras is also selling the Pasadena Refinery in the United States and its interest in Petrobras Oil & Gas B.V. (PO&G), which owns assets in Africa.

“Petrobras reinforces that upholds its partnerships and divestments program target of US$ 21 billion for the 2017/2018 biennium, as defined in the Strategic Plan,” stated a release dated May 2017.

During the first quarter of 2017 Petrobras recorded a net income of R$4.4 billion. According to the company, the result reverses the loss recorded in the same period last year, when the deficit registered was of R$1.2 billion.

“Without a doubt, it was a good quarter for our company,” Petrobras president Pedro Parente said on May 11th during the press conference to present the company’s operating and financial results for the first three months of 2017.