Chevron and Brazil's state oil company plan to sell their 100 percent ownership stake of a key deepwater field offshore of South America's largest country as they both seek to sell assets to cut costs.
The deepwater Papa Terra oil field in Brazil's Campos Basin came online in 2013 and now produces oil and gas through two offshore platforms. Brazil's Petrobras owns 62.5 percent of the project and Chevron holds the remain 37.5 percent.
Both Petrobras and Chevron confirmed their plans to sell Monday morning.
Via Houston chronicle - February 3, 2020