Brazilian state-controlled oil company Petroleo Brasileiro SA has started the process to sell its 51% stake in the Brazil-Bolivia gas pipeline as part of a divestment program, the company said in a securities filing on Dec. 23.
Petrobras, as the Rio de Janeiro-based company is known, is selling its stake in the Bolivia pipeline, called Transportadora Brasileira Gasoduto Bolivia-Brasil (TBG), along with its 25% stake in Transportadora Sulbrasileira de Gas SA (TSB), a pipeline network in southern Brazil.
In a separate filing, Petrobras also announced the binding phase of the process to sell 26 concessions in the Potiguar basin, 23 of which are onshore and three in shallow waters.
The asset sales are part of the company’s strategy to cut debt and focus on deepwater production. Petrobras is also reducing its presence in Brazil’s natural gas infrastructure, a near monopoly in Brazil until five years ago.
TBG runs a natural gas transport network in southern, southeastern and midwest Brazil. The Brazil-Bolivia gas pipeline covers 2,593 km, with capacity of up to 30 million cubic meters of gas.
Recommended Reading
US Republican Attorneys General Sue to Stop EPA's Carbon Rule
2024-05-09 - The rule, finalized by President Joe Biden's administration last month as part of an effort to combat climate change, was challenged in three lawsuits filed in the U.S. Court of Appeals for the District of Columbia Circuit.
Analyst: Exxon Mobil, Pioneer Deal Close Likely ‘Imminent’
2024-05-01 - With approval from the Federal Trade Commission, Exxon Mobil could close its $59.5 million acquisition of Pioneer Natural Resources after more than six months of review.
Oil, Gas Production Fee Set to Hit Colorado Producers
2024-05-01 - The deal reached this week will eliminate several proposed ballot measures targeting the fossil fuel industry ahead of this year's election, including one that would have halted drilling in summer months.
Guyana’s Stabroek Boosts Production as Chevron Watches, Waits
2024-04-25 - Chevron Corp.’s planned $53 billion acquisition of Hess Corp. could potentially close in 2025, but in the meantime, the California-based energy giant is in a “read only” mode as an Exxon Mobil-led consortium boosts Guyana production.
US Interior Department Releases Offshore Wind Lease Schedule
2024-04-24 - The U.S. Interior Department’s schedule includes up to a dozen lease sales through 2028 for offshore wind, compared to three for oil and gas lease sales through 2029.