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Petrobras falls short of two-year target for asset divestment

Petrobras falls short of two-year target for asset divestment
Brazil’s faltering state oil giant Petrobras admitted on Wednesday that it will come up $1.5bn shy of its targeted divestment tally for the two-year period that is about to end, according to Reuters.

Petrobras, which has vast offshore oil and gas interests, had set a 2015-2016 sell-off goal of $15.1bn.

Staggering from a huge debt burden and reeling from the effects of a massive bribery scandal that has shaken Brazil to the core, Petrobras has been striving to reduce its red ink.

To do so it has used a range of means, including staff layoffs, budget cuts, cancelled contracts, investment retrenchment and selling of assets.

Petrobras said that it would have met the two-year mark if not for a court injunction that blocked its attempt to sell shares of two offshore oilfields – 100% of Tartaruga Verde and a 50% stake in Bauna – to Australian firm Karoon Gas.

As a result of falling short this time, Petrobras has revised its asset sales target for 2017-2018 to $21bn.

source: splash247

 
 
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