Sector News

Petrobras, Total sign $2.25 billion oil production venture

March 2, 2017
News

Petróleo Brasileiro SA and France’s Total SA have signed final terms of a $2.25 billion joint venture involving the sale of assets as well as stakes in oilfields and two thermal power stations.

Petrobras, as the state-controlled oil producer is known, will receive $1.6 billion in cash as part of the agreement, and have the option to access a $400 million credit facility from Total, according to a securities filing.

By Guillermo Parra-Bernal

Source: Reuters

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