Petronas in talks to sell Rio oil field stake for US$1bil

 The national oil company is exploring an exit from Brazil’s Tartaruga Verde field, with talks still at an early stage.

Petronas is said to be exploring the sale of its 50% stake in Brazil’s Tartaruga Verde oil field, located in the deep waters of the Campos Basin.

KUALA LUMPUR:

 Petroliam Nasional Bhd is working with Bank of America Corp to sell its 50% stake in the Brazilian oil field Tartaruga Verde, according to people familiar with the matter.

Petronas is looking to get about US$1 billion for the stake, the people said, asking not to be identified discussing non-public information.

The discussions are at an early stage, and a deal may not happen, the people said.

A representative for Bank of America declined to comment. Petronas didn’t immediately respond to a request for comment.

Petronas bought the stake in the Tartaruga Verde oil field in 2019 as part of a bigger transaction with Petroleo Brasileiro SA, known as Petrobras, which still owns the remaining 50% stake.

The field is based in the deep waters of Campos Basin in Rio de Janeiro state. - FMT