Brazil's state-led oil company Petrobras (PETR4.SA) will be exiting the Peruvian market in an effort to focus on boosting its domestic market, reports Reuters.
According to the sources quoted by the news agency, the firm expects to get about $9 billion from an asset sale plan developed to help fund the expansion of Brazil’s vast offshore reserves.
Petrobras is the most indebted publicly traded oil company at $97 billion, according to data compiled by Bloomberg.
If the rumour is true, Petrobras would be the third foreign oil company to leave Peru over the last 12 months.
The first one was Canada's Talisman Energy (TSX:TLM), followed by ConocoPhillips (NYSE:COP) in October of last year.
According to estimates, Petrobras’s capital expenditure this year will be over $42 billion, the highest after PetroChina Co. from all major oil producers this year.