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Maersk plans US$1.7b Brazil writedown

Group sells 40% of Polvo field to Brazil's HRT; analyst questions strategy

Maersk has a target of 400,000 barrels per day (bpd) by 2020. It produced 235,000 bpd last year. Maersk received an average of 4,219 bpd from its 40 per cent of Polvo in May, less than 2 per cent of 2013 output - PHOTO: AFP

[RIO DE JANEIRO] Danish oil and shipping group AP Moller-Maersk moved to shrink its Brazilian petroleum operations, selling its stake in its only producing Brazilian oilfield and saying it will write off US$1.7 billion of investments in the country. The write-off affects two exploration areas,