Petroleo Brasileiro S.A. or Petrobras ( PBR Quick Quote PBR - Free Report) recently commenced the opportunity disclosure stage for the sale of its 50% stake in its legacy deepwater Marlim Cluster in the Campos Basin, offshore Brazil. This state-run energy giant is the sole owner of this cluster and intends to remain its operator after the sell-off. Per management, the plan is in sync with the company’s strategy to cut costs and improve its capital allocation. The Marlim Cluster comprises four production concessions, namely Marlim, Voador, Marlim Leste and Marlim Sul, which produce nearly 10% of the company's total output. The Marlim and Voador fields, which share the production infrastructure, cover an expanse of 339.3 square kilometres with water depth between 400 meters and 1,050 meters. The site is at a distance of 150 kilometres offshore the state of Rio de Janeiro to the northern side. The two fields produced 68,900 barrels of oil per day, on average, and 934,000 cubic meter of gas per day from January 2020 to October 2020. Marlim Leste, which is stationed 107 kilometers from Cabo de São Tomé and to the east of the Marlim field at water depths varying from 780 meters to 2,000 meters produced 38,500 barrels of oil and 615,000 cubic meter of gas daily from January to October 2020. Marlim Sul is located 90 kilometres from the northern coast of Rio de Janeiro at a water depth of 800-2,500 metres. The field produced around 109,600 barrels of oil per day and 2,062,000 cubic meters of gas per day on average from January 2020 to October 2020. Earlier in November, Petrobras announced the initiation of the binding phase as it plans to divest its interests in the four fields, namely Tuna, Curimã, Espada and Xaréu. The company holds 100% stake in the Ceara Cluster and aims to sell its entire operating interest in the project. 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 space are energy Oasis Petroleum Inc. , Antero Resources Corporation ( AR Quick Quote AR - Free Report) and Matador Resources Company ( MTDR Quick Quote 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 . These Stocks Are Poised to Soar Past the Pandemic The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking. Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
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