According to EFE, Brazilian state-controlled oil giant Petrobras is once again looking to divest assets in Argentina, including oil fields in that country’s southern region that yield 20,000 barrels of crude per day, local media outlets said Friday (July 25).
The sale also will include the Punta Loyola terminal near the southern city of Rio Gallegos, which has the capacity to store 140,000 cubic meters (4.9 million cubic feet) of crude per month, the Buenos Aires daily La Nacion said.
COMMENT: As many of our readers know, potentially the Argentine government is on the hook to fulfill a US Supreme Court ruling that potentially could cause the Fernández government to be liable for upwards of 50% of its hard currency holdings.
At the moment, an attorney retained to mediate the largest default in US history reports that Argentina and creditors have reached no resolution.
Petrobras has reportedly hired Scotia Waterous, the oil and gas arm of Scotiabank, to manage the divestment of its Argentine assets, valued at roughly $300 million, and seek potential buyers.
Petrobras has had a presence in Argentina since 1993 and participates throughout that country’s energy chain.
The Brazilian energy giant sought to divest its Argentine assets last year as part of a broader plan to raise funds for investments in its domestic business, but was unsatisfied with the offers it received.