September 30, 2019 / 9:22 PM / 8 months ago

Brazil's Petrobras begins sale process for onshore exploration blocs

SAO PAULO, Sept 30 (Reuters) - Brazilian state-run oil firm Petrobras has formally begun the sale process for eight onshore exploration blocks in the northeastern state of Bahia, the company said on Monday.

In a securities filing, Petroleo Brasileiro SA, as the company is formally known, said it had begun the teaser phase for the blocks in the Reconcavo Basin, in which potential buyers have access to basic technical information about the assets. The sale, the value of which is not clear, is one of dozens of divestments by Petrobras, which is aggressively selling off non-core assets to cut debt. (Reporting by Gram Slattery; editing by Jonathan Oatis)

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