KUALA LUMPUR: Petroliam Nasional Bhd (PETRONAS) affirmed yesterday it is maintaining its presence in Brazil, describing the country as an important market where the national oil company has established a significant integrated presence across the energy value chain.
In a statement clarifying its position, PETRONAS said it is currently involved in three producing fields and four deepwater exploration blocks in Brazil’s upstream segment.
“In addition to upstream operations, we operate a floating production, storage and offloading unit through MISC Bhd
, while AET supports offshore production with a fleet of 13 dynamic positioning shuttle tankers,” it said.
It was recently reported that PETRONAS is working with Bank of America Corp to divest its 50% stake in the Brazilian oil field Tartaruga Verde.
Quoting sources, the report said PETRONAS is seeking about US$1bil for the stake. In response, PETRONAS said it regularly reviews its investments to strengthen resilience and drive long-term value creation, including in Brazil.
“Such reviews ensure continued alignment with our growth strategy, as our focus remains on maintaining a robust and sustainable portfolio,” it added.
In 2019, PETRONAS acquired its stake in the Tartaruga Verde field as part of a broader deal with Petróleo Brasileiro S.A., which still holds the remaining 50%. — Bernama
