By Jeffrey T. Lewis
SAO PAULO--Brazilian oil company Petroleo Brasileiro SA, or Petrobras, said Friday it has completed the sale of a stake in a gas distributor and begun the process of selling two offshore fields.
The company agreed to sell its 40% stake in GNL Gemini Comercializaçao e Logistica de Gas Ltda. to White Martins Gases Industriais Ltda. for an undisclosed price. The sale contract includes an agreement to end corporate disputes and arbitration between the companies and adjustments to the terms of the sale of gas by Petrobras. The sale awaits approval from Brazil's competition authorities.
The two oil fields on sale are located in deep waters in the Campos basin. The Albacora field produced 38,700 barrels of oil per day in August of this year, and 716,000 cubic meters of gas. The Albacora Leste field produced 33,300 barrels of oil per day and 707,000 cubic meters of gas in August of this year, the company said. Petrobras owns 100% of Albacora and 90% of Albacora Leste.
The sales are part of the company's efforts to sell off non-core assets and focus on production from its rich, deep-water fields off the coasts of Sao Paulo and Rio de Janeiro states. The company is also in the process of selling eight refineries in Brazil, and last year sold a chunk of its stake in gasoline station operator BR Distribuidora SA. Petrobras still holds more than 35% of the filling station company, but plans to sell the remainder have been put on hold.
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