Exploration & Production

Petrobras ruling may not lead to block sales

A ruling by a Brazilian court on Petrobras’s divestment programme on Wednesday may not lead to sales of company-owned blocks
By Staff reporter 17 March 2017 0 25109

A ruling by a Brazilian court on Petrobras’s divestment programme on Wednesday may not lead to sales of company-owned blocks, according to a statement by a regional oil workers’ union.

The court said Petrobras would need to start from scratch in the sale of its controlling stake in fuel distribution unit BR Distribuidora.

However, it would be allowed to proceed with the sale of the rights to operate the Baúna and Tartaruga Verde offshore oil fields and a share of the company’s deepwater rights in...