Summary by Moomoo AI
On April 17, 2024, Petroleo Brasileiro SA Petrobras (Petrobras) announced the approval by its Executive Board of the sale of its entire stake in the Cherne and Bagre fields to Perenco Petróleo e Gás do Brasil Ltda. These fields, located in the Campos Basin in shallow waters off the coast of Rio de Janeiro, have been mothballed since production was halted in March 2020. Petrobras will receive US$ 10 million from the sale, with US$ 1 million paid upon contract signing and the remainder at transaction closing, subject to contractual adjustments. The sale to Perenco is seen as beneficial for Petrobras, offering the possibility of production resumption by the new operator, as opposed to decommissioning and relinquishing the concessions. This move aligns with...Show More