Petrobras may sell stakes in sub-salt blocks -paper
SAO PAULO, April 15 (Reuters) - Brazil's Petrobras may include stakes in some sub-salt oil fields in an asset sale program aimed at reducing capital spending amid a massive corruption scheme, a local newspaper reported on Wednesday.
Petroleo Brasileiro SA, as the state-run oil company is formally known, could include some exploration licenses that are not under production-sharing agreements and a 10 percent stake in the Libra field in the sale plan, newspaper Valor Economico reported. The paper did not specify where it obtained the information.
The asset sales are part of a $13.7 billion divestiture program announced early in March, set to take place this year and next.
Petrobras had said previously that divestitures in exploration and production could account for roughly 30 percent of the total value to be raised.
Subsalt deposits refer to an area in Brazil's Santos and Campos basins where large oil discoveries have been made deep beneath the seafloor under a layer of salt.
According to Valor, Petrobras decided to hire Bank of America Merrill Lynch to find potential buyers or partners in those areas. The mandate included high-quality blocks in the asset sale in order to make it more attractive to investors, the paper added.
Press representatives for Petrobras did not immediately respond to a request for comment. Bank of America did not immediately have a comment on the Valor story. (Reporting by Asher Levine and Guillermo Parra-Bernal Editing by W Simon)
© Thomson Reuters 2017 All rights reserved.