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Petrobras keeps cutting

The Brazilian company will need to maintain momentum to meet its ambitious divestment objectives

Brazil's state-controlled Petrobras, still reeling from the Lava Jato corruption scandal and its monumental debt obligations, is banking on offloading subsidiaries and assets to restore its fortunes. The firm will pursue a 2023 divestment target of $26.9bn, focusing on its untapped deep-water pre-salt reserves and returning the company to financial health. Freeing its asset portfolio of low-performing onshore and shallow-water fields is the upstream priority in the near term. Last year, the national petroleum, natural gas and biofuels agency (ANP) gave the company a mid-2019 deadline to decide which of 254 fields to invest in or relinquish. Petrobras has been granted carte blanche by the Bo

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