Petrobras Weighs Selling Onshore Cluster on Lower Oil Prices
Storage tanks near the Petrobras Reduc refinery in Duque de Caxias, Rio de Janeiro state, Brazil.
Photographer: Dado Galdieri/BloombergPetroleo Brasileiro SA is considering the sale of its onshore operations in Brazil’s northeastern Bahia state, Chief Executive Officer Magda Chambriard said.
Producing oil and gas on the so-called Polo Bahia Terra is too expensive given that it yields less than a single well on the pre-salt, a deep-water region in the Atlantic that accounts for more than 70% of Brazil’s output, Chambriard told journalists on the sidelines of Brazil-China shipbuilding forum.