Petroleo Brasileiro SA, the Brazilian state-controlled oil company, may sell exploration areas in the country’s most prolific oil producing region as part of a plan to raise $13.6 billion from the sale of assets and cost savings.
Petrobras, as the Rio de Janeiro-based company is known, will consider selling “isolated blocks” in the southeastern Campos Basin that aren’t a priority for it to develop, Chief Executive Officer Jose Sergio Gabrielli said in New York today.
Petrobras may divest stakes in Brazilian companies and exploration blocks as it seeks to pay for a $224.7 billion investment plan, the world’s largest oil industry spending program. The company is focusing on oil fields in Campos that are near existing platforms to minimize development costs, according to the company’s 2011-2015 business plan.
“Some of our blocks in the Campos Basin, that are isolated blocks, that are not the most priority things for us, we may consider selling as part of our divestment project,” Gabrielli told reporters.
The stock fell 25 centavos, or 1.1 percent, to 23.25 reais as of 1:13 p.m. in Sao Paulo trading and has declined 15 percent this year, compared with a 17 percent drop for the benchmark Bovespa Index.