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Petrobras (PBR) to Sell Off Its Fully-Owned Ceara Cluster
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Petroleo Brasileiro S.A. or Petrobras (PBR - Free Report) announced the commencement of the binding phase as it plans to sell off its stakes in the four fields, namely, Tuna, Curimã, Espada and Xaréu. This state-run energy giant is the sole owner of this Ceara Cluster and plans to sell its 100% operating interest in the project. Per management, the plan is in sync with the company’s strategy to cut costs and improve its capital allocation.
The four fields are located in the shallow waters, 19 miles off the coast of the state of Ceara. In 2019, the average production from these fields averaged 4,200 barrels of oil and 76,900 square meters of gas daily.
In a separate press release, Petrobras announced the conclusion of the sale process of its entire stake in the Baúna field. The field located in the shallow waters of Santos Basin is sold to Karoon Petróleo & Gás Ltda (Karoon), a subsidiary of Karoon Energy Ltd. Per management, this divestment is in line with the company’s strategy to minimize expenses and enhance its capital deployment, thereby boosting its shareholder value.
Company Profile
Petrobras is the largest integrated energy firm in Brazil and one of the biggest in Latin America. The company’s activities include exploration, exploitation and production of oil from reservoir wells, shale and other rocks. The activities also include refining, processing, trading and transportation of oil and oil products, natural gas and other fluid hydrocarbons besides other energy-related operations.
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Petrobras (PBR) to Sell Off Its Fully-Owned Ceara Cluster
Petroleo Brasileiro S.A. or Petrobras (PBR - Free Report) announced the commencement of the binding phase as it plans to sell off its stakes in the four fields, namely, Tuna, Curimã, Espada and Xaréu. This state-run energy giant is the sole owner of this Ceara Cluster and plans to sell its 100% operating interest in the project. Per management, the plan is in sync with the company’s strategy to cut costs and improve its capital allocation.
The four fields are located in the shallow waters, 19 miles off the coast of the state of Ceara. In 2019, the average production from these fields averaged 4,200 barrels of oil and 76,900 square meters of gas daily.
In a separate press release, Petrobras announced the conclusion of the sale process of its entire stake in the Baúna field. The field located in the shallow waters of Santos Basin is sold to Karoon Petróleo & Gás Ltda (Karoon), a subsidiary of Karoon Energy Ltd. Per management, this divestment is in line with the company’s strategy to minimize expenses and enhance its capital deployment, thereby boosting its shareholder value.
Company Profile
Petrobras is the largest integrated energy firm in Brazil and one of the biggest in Latin America. The company’s activities include exploration, exploitation and production of oil from reservoir wells, shale and other rocks. The activities also include refining, processing, trading and transportation of oil and oil products, natural gas and other fluid hydrocarbons besides other energy-related operations.
Zacks Rank & Key Picks
Petrobras currently has a Zacks Rank #3 (Hold). Some better-ranked stocks in the energy space are Oasis Petroleum Inc , Antero Resources Corporation (AR - Free Report) and Matador Resources Company (MTDR - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.
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