Petrobras to Sell Deepwater Assets to BW Energy for Up to $75 Million

Brazilian oil company Petrobras' management approved on Thursday the sale of its entire stake in the Golfinho and Camarupim deepwater oil fields for up to $75 million to Norway's BW Energy Ltd.

The sale is part of Petrobras' strategy to divest assets and focus on more profitable operations. Located off the coast of Brazil's southeastern Espirito Santo state, Golfinho produced 8,600 barrels of oil and 90,000 cubic meters of gas per day on average this year.

Of the total sale figure, $15 million will be paid when the deal closes, and up to $60 million will follow, depending on crude oil prices and the development of the assets, the state-owned company said in a securities filing.

Reuters first reported last year that BW Energy had submitted a binding offer for Petrobras' Golfinho offshore oilfields, bidding alongside DBO Energy, a Brazilian company.

(Reuters - Reporting by Peter Frontini and Carolina Pulice; Editing by Muralikumar Anantharaman and Kenneth Maxwell)

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