Petrobras gets ready to start asset sale

By Gareth Chetwynd and Tom Darin Liskey from Rio and Houston

 21 June 2012 22:59 GMT

BRAZILIAN oil giant Petrobras is getting ready to offload stakes in upstream assets as part of a $13 billion divestment plan.

Petrobras gave notice of its divestment plans last year after announcing its rolling five-year investment plan, but little has been done since then.

However, a tumbling stock price and stagnating production has increased the financial pressures on the company, which unveiled a new five-year plan last week.

Investments of $236 billion between 2012 and 2016, were up 5.3% from the previous plan, but the mounting cost of developing Brazil’s huge but technically challenging pre-salt reserves persuaded the company to slash its production targets.

While domestic upstream investments have risen each year, the amount of…

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