Brazil’s state company Petroleo Brasileiro SA (Petrobras) is in the process of selling a 50% share in its legacy deep-water Marlim oil cluster, which consists of four fields and produces 217,000 bpd of oil, close to 10% of the company’s total output.
The sale is part of Petrobras’ plan to divest its non-core assets to slash debt and focusing investments in the pre-salt area, the world’s biggest deep-water discoveries this century.
Marlim’s oil output has been decreasing in the past decade when it used to be the country’s biggest oil field with more than 500,000 bpd of output. It is located between 90 and 150 kilometers off the coast and up to 2,500 meters below the ocean floor.
At the moment, the cluster also produces 3.6 mcm of natural gas.
Reacting to the announcement, the company’s shares climbed by more than 4% in Sao Paulo.
