Petrobras sells Colombian pipelines, blocks to Perenco for $380 mln

SAO PAULO, Sept 13 Fri Sep 13, 2013 5:04pm EDT

Related Topics

SAO PAULO, Sept 13 (Reuters) - Brazil's state-run oil company Petrobras said its board had approved the sale of its Colombian oil pipelines and some of its onshore oil blocks to Perenco for $380 million.

The sale of the assets is part of a broader divestment program to pare back on what it considers some of its less attractive assets. The company wants to free up cash to develop vast subsalt oil fields off the coast of Rio de Janeiro.

In a statement published late on Friday, Petrobras said the sale to Perenco included 11 onshore exploratory and production blocks that currently have average output of 6,530 barrels of oil equivalent per day.

Perenco will also get Petrobras' oil pipelines Colombia and Alto Magdalena, with respective capacities of 14,950 bpd and 9,180 bpd.

The deal depends on approval from Colombia's oil regulator ANH.

Petrobras will continue to have a presence in Colombia through stakes in other onshore and offshore exploratory blocks, and through its fuels distribution company.