Brazil’s state-controlled oil company, Petroleo Brasileiro SA (NYSE: PBR), said on Nov. 28 it had sold rights to more than 30 oil fields for more than $800 million as part of a longstanding divestment plan to reduce the company’s debt.
The company, known as Petrobras, said it had reached a $370 million deal with Anglo-French oil and gas company Perenco to sell three oil fields in the so-called Polo Nordeste, in the coast of Rio de Janeiro. The three oil fields produce a combined 9,000 barrels a day (bbl/d) of oil, the company said.
It also said it had sold the rights to 34 dispersed oil fields in the state of Rio Grande do Norteto to Brazilian company 3R Petroleum for $453 million.
The oil fields, in operation for more than 40 years, produce about 6,000 bbl/d of oil.
Continental Resources’ acquisition of Powder River Basin assets in Wyoming is a homecoming of sorts for the company, says Founder and Executive Chairman Harold Hamm.
Denbury Resources and Penn Virginia mutually agreed to terminate their merger after the $1.7 billion cash-and-stock transaction faced difficult market conditions and shareholder opposition.
Apache recently agreed to sell its Midcontinent positions in the Western Anadarko Basin and Scoop/Stack in separate transactions with two private-equity backed E&Ps.