{"id":8081,"date":"2015-04-15T22:35:25","date_gmt":"2015-04-15T22:35:25","guid":{"rendered":"https:\/\/seafarersrights.org\/petrobras-wont-sell-oil-fields\/"},"modified":"2015-04-15T22:35:25","modified_gmt":"2015-04-15T22:35:25","slug":"petrobras-wont-sell-oil-fields","status":"publish","type":"post","link":"https:\/\/seafarersrights.org\/petrobras-wont-sell-oil-fields\/","title":{"rendered":"Petrobras Won’t Sell Oil Fields"},"content":{"rendered":"
\n

By MarEx <\/a><\/b> 2015-04-16 18:35:25 <\/p>\n

Brazilian state-run oil company Petrobras said on Wednesday it has no plans to sell sub-salt oilfields in a divestment program aimed at shoring up its finances.<\/p>\n

Petrobras denied a report by newspaper Valor Economico that it could sell assets in that deep-water region, which holds some of the world’s largest oil reserves but is expensive to operate.<\/p>\n

“The divestment plan, as approved, does not include sub-salt assets,” Petrobras said in a securities filing.<\/p>\n

Petrobras, already one of the world’s most indebted oil companies, has come under pressure due to a massive corruption scandal that has cut it off from debt markets and forced it to halt activity at worksites throughout Brazil.<\/p>\n

Valor Economico reported on Wednesday that the company could include some exploration licenses that are not under production-sharing agreements and a 10 percent stake in the Libra field in the sale plan.<\/p>\n

The asset sales are part of a $13.7 billion divestiture program announced early in March, set to take place this year and next.<\/p>\n

Petrobras had said previously that divestitures in exploration and production could account for roughly 30 percent of the total value to be raised.<\/p>\n

Subsalt deposits refer to an area in Brazil’s Santos and Campos basins where large oil discoveries have been made deep beneath the sea floor under a layer of salt.<\/p>\n

Petrobras to cut investment plans<\/strong><\/p>\n

Petrobras plans to slash projected investment over five years by 20 percent compared with its previous five-year plan, a person with direct knowledge of the discussions told Reuters on Thursday.<\/p>\n

A 20 percent cut would reduce planned spending under the company’s 2015-2019 business plan by about $44 billion, to nearly $177 billion. Petrobras projected $221 billion of investment in its 2014-2018 program. The new plan is expected to be announced next month, said the source, who was not authorized to speak publicly on the matter.<\/p>\n

“There may be a reduction of around 20 percent,” the person said. “It’s still a robust investment plan, but it’s realistic about cash flow and what the company can do given that its suppliers are under investigation.”<\/p>\n

After a decade of missed production targets and rising spending Petrobras has struggled to generate enough cash to pay for one of the world’s largest and most ambitious output-expansion efforts. Despite massive new offshore resources, Petrobras is the world’s most-indebted and least-profitable major oil company.<\/p>\n

Copyright Reuters 2015.<\/span><\/p>\n

<\/em><\/p>\n<\/article>\n

This post was sourced from Maritime Executive: View original article here.<\/a><\/p>\n ","protected":false},"excerpt":{"rendered":"

Brazilian state-run oil company Petrobras said on Wednesday it has no plans to sell sub-salt oilfields in a divestment program aimed at shoring up its finances.<\/p>\n

Petrobras denied a report by newspaper Valor Economico that it could sell assets in that deep-water region, which holds some of the<\/p><\/div>\nRead More<\/a>","protected":false},"author":8,"featured_media":8082,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[33],"tags":[],"class_list":{"0":"post-8081","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-maritime-executive","8":"entry","9":"gs-1","10":"gs-odd","11":"gs-even","12":"gs-featured-content-entry"},"acf":[],"yoast_head":"\nPetrobras Won't Sell Oil Fields - Seafarers Rights International<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/seafarersrights.org\/petrobras-wont-sell-oil-fields\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Petrobras Won't Sell Oil Fields - Seafarers Rights International\" \/>\n<meta property=\"og:description\" content=\"Brazilian state-run oil company Petrobras said on Wednesday it has no plans to sell sub-salt oilfields in a divestment program aimed at shoring up its finances. 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