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Petrobras (NYSE:PBR) says it plans to sell ~$13.7B worth of assets in 2015 and 2016, far above the $5B-$11B outlined in its five-year $221B capital spending plan previously announced in February 2014, as the company continues to slim down in the wake of the vast corruption scandal in Brazil.
PBR expects divestitures in exploration and production locally and overseas to account for 30% of asset sales targeted in the period, while gas and energy assets account for 40% and the remaining coming from assets related to distribution.
The moves are part of a plan “to reduce leverage, preserve cash and focus on priority investments,” PBR says.