Petróleo Brasileiro SA (Petrobras) has stopped the divestment processes for certain assets following adoption of a new plan to maximize the value of the company’s portfolio, the company said in a release Sept. 4.
In the exploration and production segment, the company plans to focus on profitable assets, restoring oil and gas reserves, including “by exploring new frontiers, increasing the supply of natural gas and promoting the decarbonization of operations.”
With this, “considering their strategic adherence to the portfolio, as well as their profitability profile,” the operator is terminating the divestment processes for Urucu cluster, Bahia Terra cluster, Manati field, and Petrobras Operaciones SA (Petrobras' subsidiary in Argentina), the company said.
As for other assets, the company will periodically reassess their “permanence in the portfolio” based on “updated assumptions of profitability, strategic adherence, decarbonization opportunities, and the stage of their productive life.”
Petrobras will continue with divestment of the 20% stake in Brasympe, owner of the Termocabo thermoelectric unit (UTE); the 20% stake in UTE Suape II; and the 18.8% stake in UEG Araucária SA.