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Petrobras sells Colombian assets to focus on offshore Brazilian fields

BY MATTHEW COWLEY

RIO DE JANEIRO -- Petrobras said it has agreed to sell some of its Colombian assets to Perenco for $380 million.

Petrobras is shedding international assets as part of a plan to raise $9.9 billion to focus on developing offshore fields in Brazil. The firm plans to invest $237 billion through 2017, with much of the cash used to produce oil from the ultradeepwater reservoirs discovered trapped beneath a thick layer of salt.

The Colombia assets to be sold to Perenco include 11 onshore exploration and production blocks, which produce an average of 6,530 boed, and as well as the Colombia and Alto Magdalena pipelines, which can transport as much as 14,950 and 9,180 boed, respectively, Petrobras said in a statement.

Petrobras will continue to operate in Colombia through offshore exploration activities, a distribution network and one remaining onshore block, according to the statement.

Dow Jones Newswires

 

09/16/2013

 

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