National oil company Petronas today affirmed that it is maintaining its presence in Brazil, calling it an important market where it has established a significant integrated presence across the energy value chain.
In a statement clarifying its position, Petronas said it was currently involved in three producing fields and four deepwater exploration blocks in Brazil’s upstream segment.
“In addition to upstream operations, we operate a Floating Production and Storage Offloading (FPSO) unit through MISC Bhd, while (MISC subsidiary) AET supports offshore production with a fleet of 13 dynamic positioning shuttle tankers,” it said.
It was recently reported that Petronas was working with Bank of America Corp to divest its 50% in the Brazilian oil field Tartaruga Verde, with sources saying the company was seeking about US$1 billion for the stake.
In response, Petronas said it regularly reviewed its investments to strengthen resilience and drive long-term value creation, including in Brazil.
“Such reviews ensure continued alignment with our growth strategy, as our focus remains on maintaining a robust and sustainable portfolio,” it said.
Petronas acquired its stake in Tartaruga Verde in 2019 as part of a broader deal with Petróleo Brasileiro S.A. (Petrobras), which holds the remaining 50%.
