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Petrobras offloads assets totaling USD 2.2 billion

Brazilian oil company Petrobras has signed a deal with France's Total to sell assets worth USD 2.2 billion. The transaction is part of the state-owned company's efforts to reduce debt.

Photo: Petrobras

Brazil's oil major Petrobras has sold assets worth billions to French Total as part of the company's cost reduction efforts.

Reuters reports that the deal concerns stakes in two of the so-called pre-salt fields. The Brazilian fields are located beneath a thick salt layer and are estimated to hold upwards of 50 billion barrels of oil.

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