cascade chinook petrobras fpso gulf of mexico offshore production

Petrobras Plans Major Withdrawal from the Gulf of Mexico, $6 Billion in Assets Up for Sale

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October 2, 2012

BW Pioneer, an ultra-deepwater FPSO located in the Gulf of Mexico. This FPSO is owned by BW Offshore and operated by Petrobras to produce hydrocarbons from the Cascade and Chinook fields. Image: Petrobras

Petroleo Brasileiro SA (PBR) is very near to closing a deal on the sale of up to $6 billion in Gulf of Mexico assets, and has narrowed talks down to some three possible buyers, the Financial Times reported on its website Tuesday, citing Petrobras CEO Maria das Gracas Foster.

Petrobras is prepared to sell a stake worth between $4 billion and $6 billion and could cede majority control of some blocks, Ms. Foster said, the FT reported. She valued the company’s exploration assets in the area at around $8 billion.

Full story by the Financial Times can be read HERE

(c) 2012 Dow Jones & Company, Inc.
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