The Brazilian state-owned oil and gas company Petrobras has halted some key asset sales after concluding a broad revision of divestment processes. The company will no longer sell the onshore Urucu and Bahia-Terra clusters, as well as the Manati oilfield and Petrobras Operaciones, its subsidiary in Argentina. However, the group will move forward with the sale of its 20% stakes in the Brasympe/Termocabo, Suape II and Araucaria thermal power plants.
The divestment processes was launched by Petrobras' previous management, as the company sought to sell non-core assets to focus on deepwater oil exploration and reduce its debt. Petrobras’s new policy for the oil exploration segment is now based on “maximizing portfolio value by focusing on profitable assets”, with objectives of “replenishing reserves of oil and gas (including exploring new frontiers), increasing the supply of natural gas and promoting the decarbonization of operations”.