Petrobras denies plans to sell off 10% of Libra offshore oilfield


Petrobras has denied reports that had it selling off a quarter of its 40% stake in the Libra offshore oilfield.

The company has been cutting back budgets and investment plans and selling off assets in an effort to ease the bleeding caused by overreach, the oil-price plunge and the effects of its infamous bribes-for-inflated-contracts corruption scandal.

But, for now at least, it appears a sell-off of 10% of the Libra field is not imminent, according to a company spokesman, even though industry analysts say such a sale could fetch as much as $1.5bn.

The Libra field in the Santos basin, 140 miles offshore Rio de Janeiro, is estimated to contain between 8bn and 12bn barrels of recoverable oil and gas equivalent.

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