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Brazil's audit court OKs Petrobras to restart asset sales
Mar. 15, 2017 5:24 PM ET|About: Petrobras - Petroleo Brasil... (PBR)|By: Carl Surran, SA News Editor
Petrobras (NYSE:PBR) is cleared to proceed with its asset sale program by Brazil's TCU federal audit court, but it must restart the process except for two projects.
PBR had been prevented from signing any new asset sales while the court reviewed its procedures after an injunction suspended sales in December.
The two assets that PBR will be able to sell without restarting the process are the rights to operate the Baúna and Tartaruga Verde oil fields, and a share of the company's deepwater rights in the U.S. Gulf of Mexico; other assets must be sold under new rules that are not yet detailed.
Mar. 15, 2017 5:24 PM ET|About: Petrobras - Petroleo Brasil... (PBR)|By: Carl Surran, SA News Editor
Petrobras (NYSE:PBR) is cleared to proceed with its asset sale program by Brazil's TCU federal audit court, but it must restart the process except for two projects.
PBR had been prevented from signing any new asset sales while the court reviewed its procedures after an injunction suspended sales in December.
The two assets that PBR will be able to sell without restarting the process are the rights to operate the Baúna and Tartaruga Verde oil fields, and a share of the company's deepwater rights in the U.S. Gulf of Mexico; other assets must be sold under new rules that are not yet detailed.