Petrobras Has No Interest in Farming out Buzios

November 8, 2019

World Energy Reports LLC.

Brazil's state-run oil firm Petrobras, which dominated this week's disappointing offshore oil auctions, has no interest in farming out its Buzios block to be operated by another firm, its head of exploration and production said on Friday.

Major global oil firms snubbed a second Brazilian oil auction in a row on Thursday, leaving state-run Petroleo Brasileiro SA as the main winner of the quickly criticized auctions.

Despite the high prices paid at the auctions, Petrobras will keep up its debt-cutting goals, Petrobras' chief financial officer Andrea de Almeida said on the same investor call.

The company was 100% certain it had made the right decision, de Almeida said.

(Writing by Gabriel Stargardter; Editing by Jan Harvey)

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