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Petrobras CEO: Weighing options for Polo Bahia offshore fields, including selling, is one of the options being considered by Petrobras.

Petrobras, Brazil's state oil company, is considering all options, including the sale of its Polo Bahia oil fields. Chief Executive Magda Chambriard announced this on Saturday. She added that any decision would be based on shareholder and return interests.

Former President Jair Bolsonaro had listed the Polo Bahia Hub, which consisted of 28 onshore oil fields, for sale as part of his divestment plan. Luiz inacio Lula da So Lula took it off the market when he became president in 2023, ending Bolsonaro’s divestment plan.

Chambriard stated that the current operation in Polo Bahia is producing very little oil, but it requires a lot of effort. She added that extracting oil from these onshore fields would be more feasible if oil prices were higher than the current $65 per barrel, when they were $90-$100.

We have this on the table, but we are not yet sure what we will do. We may decide to outsource, or sell the asset. We're studying the situation and will do what is best for us and for our shareholders.

Chambriard refused to comment on possible divestment plans and stated that Urucu produced "the best oil at the highest value."

On Saturday, Brazilian shipyards and Chinese shipyards also signed memoranda of understanding in order to promote technological and commercial cooperations and align with the increased demand for Petrobras ships. (Reporting and writing by Rodrigo Viga Gaier, Editing by David Gregorio).

(source: Reuters)