KUALA LUMPUR: Malaysia’s Petroliam Nasional Bhd (PETRONAS) is working with Bank of America Corp to sell its 50% stake in the Brazilian oil field Tartaruga Verde, according to people familiar with the matter.
PETRONAS, as the Kuala Lumpur-based company is known, is looking to get about US$1bil for the stake, the people said, asking not to be identified discussing non-public information.
The discussions are at an early stage and a deal may not happen, the people said.
A representative for Bank of America declined to comment.
PETRONAS didn’t immediately respond to a request for comment.
PETRONAS bought the stake in the Tartaruga Verde oil field in 2019 as part of a bigger transaction with Petroleo Brasileiro SA, known as Petrobras, which still owns the remaining 50% stake.
The field is based in the deep waters of Campos Basin in the Rio de Janeiro state. — Bloomberg
