Petronas said to seek US$1 billion for Rio oil field stake sale

[SAO PAULO] Malaysia’s Petroliam Nasional Berhad is working with Bank of America to sell its 50 per cent stake in the Brazilian oil field Tartaruga Verde, according to sources familiar with the matter.

Petronas, as the Kuala Lumpur-based company is known, is looking to get about US$1 billion for the stake, the sources said, asking not to be identified discussing non-public information. The discussions are at an early stage and a deal may not happen, the sources said.

A representative for Bank of America declined to comment. Petronas did not immediately respond to a request for comment.

Petronas bought the stake in the Tartaruga Verde oil field in 2019 as part of a bigger transaction with Petroleo Brasileiro, known as Petrobras, which still owns the remaining 50 per cent stake.

The field is based in the deep waters of Campos Basin in Rio de Janeiro state. BLOOMBERG