Petroleo Brasileiro SA, the world most indebted oil producer, is selling its controlling stake in an Argentine unit, Neuquen Province Governor Jorge Sapag said.
YPF SA, Pan American Energy LLC, Pluspetrol SA and Tecpetrol SA are among the companies planning to jointly buy about 70 percent of Petrobras Argentina SA owned by the Rio de Janeiro-based parent, Sapag said Thursday. Petrobras, as the Brazilian state-run producer is known, said by e-mail that it doesn’t comment on asset sale negotiations.
Petrobras Argentina’s most lucrative oil and natural gas assets are located in Neuquen province, home to the Vaca Muerta formation, the world’s second-largest shale-gas deposit.
Brazil Energy Insight 
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