Petrobras sees more oil field sales despite election turmoil

Petrobras is focusing on selling legacy oil fields on shore and in shallow waters where costs per barrel are higher than in ultra-deep waters, chief financial officer Rodrigo Araujo Alves said in an interview on Bloomberg.

SAO PAULO: Brazil’s state-controlled oil company plans to continue selling off its least profitable oil fields in 2022 and stick to market-friendly policies even as the country heads into an election year, with candidates debating its independence.

Petrobras is focusing on selling legacy oil fields on shore and in shallow waters where costs per barrel are higher than in ultra-deep waters, chief financial officer Rodrigo Araujo Alves said in an interview on Bloomberg.

The company also plans to continue selling off refineries, a process that has made the domestic fuel market more competitive.