The Brazilian company Petroleo Brasileiro (Petrobras) has launched a sales process for 50 concessions, including mostly exploration, development and production rights in three sets of onshore fields located in Rio Grande do Norte and Bahia states (Brazil). Petrobras’ share production in those fields amounted 20,400 bboe/d as of 2016. The company is the operator in all concessions with a 100% interest, except for the Cardeal y Colibri fields, where it holds a 50% interest (PARTEX is the operator with 50%), and for the Sabiá da Mata y Sabiá Bico-de-Osso fields with a 70% stake (the operator is SONANGOL with 30%).
This divestment fits into the company strategy to stabilise its huge debt by reducing costs, selling assets and cutting capital spending. In late June 2017, Petrobras' total debt stood at US$113.8bn (net debt of US$89.3bn), down from US$123.9bn in late June 2016 (US$103.6bn of net debt).