Court of Auditors authorizes Petrobras to complete divestment projects

The Court of Audit of the Union (TCU) revoked its decision and authorized, on March 15, Petrobras to resume the process of asset sales, as well as initiate new divestment projects. As previously announced by Panorama Offshore, the TCU had decided on March 8, in an injunction, to suspend the action of the state company due to irregularities detected in the processes adopted by the company.

With the determination, the company will be able to complete two of its projects, which is the sale of participation in the fields of Baúna and Tartaruga Verde and participation in Campo Saint Malo in the North American Gulf of Mexico. However, almost all the projects for sale, among them BR Distribuidora, will have to return to the initial stage. The lawsuit seeks to raise Petrobras US $ 21 billion for the 2017/2018 biennium.

The decision will also make the state-owned company resume negotiations with Australia’s Karoom to complete an estimated $ 1.5 billion operation. Petrobras will also continue to submit proposals to interested powers, however, with a new standard. The company will need to inform in advance about the sale of a certain asset, as this way, other investors than the one invited by the company, can enter into the purchase dispute. More corporate control in the process is also part of the change, that is, each start of the relevant stage of the transaction will require the approval of the executive board.

According to Petrobras president Pedro Parente, in an interview with O Globo newspaper, the sale of company assets is not a matter of choice, but a necessity because of the company’s nearly $ 100 billion debt. The decision favorable to the state will enable it to continue following its Partnership and Divestment Plan, announced at the end of 2016, which aims to achieve goals and leverage the company for the next few years.

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