September 12, 2016 / 3:17 PM / 2 years ago

CORRECTED-Petrobras August output falls after sale of Argentine oil assets

(Changes previous month reference to July from June in second paragraph)

RIO DE JANEIRO, Sept 12 (Reuters) - August oil and natural gas output at Petroleo Brasileiro SA, Brazil’s state-led oil company, fell 1.42 percent from July after a sale of Argentine assets slashed the company’s international output.

Petrobras, as the company is known, produced an average of 2.84 million barrels of oil and equivalent natural gas a month in August, its lowest in three months, compared with 2.89 million boepd in July, the company said in a statement.

Output was little changed from a year earlier, rising 0.08 percent.

Petrobras concluded the sale of its 67 percent stake in Petrobras Argentina SA to Argentina’s Pampa Energia SA in May.

The sale of the Argentine operation helped bolster a $15 billion asset sale plan aimed at reducing Petrobras’ nearly $125 billion in debt, but it also cut oil output in South America outside Brazil by 80 percent in August to 5,900 barrels a day from 29,900 barrels a day in July.

With the Argentine sale, Petrobras’ South American natural gas output fell 47 percent to 7.09 million cubic meters a day (1,181 barrels a day). (Reporting by Jeb Blount; Editing by James Dalgleish)

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