Petrobras selling some Gulf of Mexico stakes

Gulf asset sales: Among $13.6 billion that chief executive Maria de Gracas Foster aims to shed

Petrobras is looking to sell stakes in some of the 175 blocks it holds in the US sector of the Gulf of Mexico, Orlando Azevedo, head of the company’s Houston-based subsidiary, told O Estado de Sao Paulo newspaper in an interview.

Azevedo did not give any details about the timing or structure of the sale, but he suggested that the start-up of production on the Cascade-Chinook development in February gave the company a healthy impetus to cash in on some of the value of its assets.

Petrobras plans to raise $13.6 billion from asset sales and cost cuts by 2015. This strategy reflects the weight of the investments needed to put Brazil’s pre-salt discoveries into production.

The Petrobras assets in the Gulf of Mexico include 126 exploration leases and five field development permits.

The Gulf of Mexico accounts for about $4 billion out of a total overseas investment plan of $11 billion through 2015.

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