Petrobras, the Brazilian state-run oil company, announces a strategic shift by discontinuing key asset sales initiated under the previous administration’s divestment strategy.
- Petrobras shifts strategy, halting asset sales initiated under the previous administration to focus on profitable assets and strategic objectives.
- Key assets like Urucu, Bahia-Terra clusters, Manati oilfield, and Petrobras Operaciones in Argentina are no longer up for sale.
- The new approach includes boosting oil and gas reserves, expanding natural gas supply, and promoting decarbonization while progressing with the sale of certain thermoelectric power plants.
A Shift in Petrobras’ Divestment Strategy
In a significant strategic shift, Petrobras, the Brazilian state-run oil company, has decided to halt several crucial asset sales. These divestment processes were initiated during the previous administration’s tenure and aimed to reshape the company’s portfolio.
Assets Taken Off the Market
Petrobras has opted to retain ownership of the Urucu and Bahia-Terra clusters, along with the Manati oilfield and its subsidiary in Argentina, Petrobras Operaciones. These assets were initially earmarked for divestment but have now been withdrawn from the market.
A Change in Leadership and Strategy
The change in direction comes after President Luiz Inacio Lula da Silva assumed office, leading to a reevaluation of the divestment processes initiated under former President Jair Bolsonaro. Some of these processes had already been halted, with Bahia-Terra’s sale being officially canceled.
New Focus and Policy
Petrobras’ revised policy for the oil exploration and production segment emphasizes “maximizing portfolio value by focusing on profitable assets.” The company’s new approach also includes replenishing oil and gas reserves, exploring new frontiers, increasing natural gas supply, and advancing decarbonization efforts. While certain assets are retained, Petrobras continues with the sale of its thermoelectric power plants, including Brasympe/Termocabo, Suape II, and Araucaria, in which it holds approximately 20% ownership.
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