Brazilian state-run oil company Petrobras on Monday announced its intention to sell 50 onshore oil fields to bidders. The 50 sites are located in the Northeast states of Bahia and Rio Grande do Norte. Petrobras holds 100% stakes in 46 of the sites and controlling stakes in the other four. Petrobras will sell all rights and facilities at the sites to bidders. As of 2016, the sites were producing a combined daily total of 20,400 barrels per day of oil or oil equivalent. Petrobras did not offer immediate details as to how or when the sites will be offered. The company promised more details in the near future. The sale is part of the company’s effort to streamline operations and pay down massive debts.
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