Petrobras Makes its Biggest Oil Field Sale Ever to Statoil


Petroleo Brasileiro SA made its biggest oil field sale ever to Statoil ASA in a major step to meeting a $15.1 billion divestment target as it works to cut leverage and reduce expenditures.

Statoil will pay $2.5 billion for Petrobras’s 66 percent operating interest in the BM-S-8 offshore license in the Santos basin, which holds the giant Carcara discovery. Petrobras’s shares rose 2.5 percent to 11.73 reais at 11:51 a.m. in Sao Paulo. Shares of QGEP Participacoes SA, a minority partner at the project, jumped as much as 40 percent.

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