Petrobras sells assets in Argentina’s Austral basin
BUENOS AIRES, Argentina -- Petrobras Argentina’s board of directors has approved the sale of all of its assets in the Austral basin, province of Santa Cruz, to Compañia General de Combustibles (CGC) for $101 million.
Petrobras Argentina’s assets involved in the deal include 26 onshore exploration and production concessions, with average oil and gas output of 15,000 boed, as well as all the distribution, treatment and storage infrastructure required.
This is the first sale of Petrobras assets under the 2015-2016 Divestment Plan released on March 2. The plan is expected to raise $13.7 billion.
The payment was made when the contract was signed, and this sale will, therefore, be included in the results for the first quarter, with an estimated impact of $65 million in net income.
Completion of the deal is subject to the approval of the competent Argentine authorities.
