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    Petrobras continues talk on $4bn Campos sale


Petrobras was responding to a news report that said the company was looking to renegotiate the terms of the offer.

by: Joseph Murphy

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Petrobras continues talk on $4bn Campos sale

Petrobras said on January 25 it was continuing negotiations with a consortium led by fellow Brazilian firm PetroRio on the $4bn sale of two fields in the offshore Campos basin.

Petrobras was responding to a report by Brazilian news agency Petroleo Hoje, which said that the signing of a sales contract would not take place until March. The national oil company wants to renegotiate some of the commercial terms of PetroRio's binding offer, which was announced at the end of September, the agency said.

According to Petroleo Hoje, the sale's closure is expected before the end of the first quarter.

The Albacora and Albacore Leste fields are estimated to hold more than 565mn barrels of oil and 10bn m3 of gas. Petrobras is looking to sell them as part of a sweeping divestment drive aimed at slashing its debts and raising capital for deep-water oil exploration. 

In its January 25 statement, Petobras noted that the negotiation phase was still underway and there was no deadline for concluding talks and signing the contract.

"The company further clarifies that the execution of the transaction will depend on the outcome of the negotiations, as well as the necessary corporate approvals," Petrobras said, adding that it might seek other offers if negotiated terms are not acceptable.