Brazil Court Allows Petrobras to Sell Sergipe, Ceará Offshore Fields

A Brazilian court has ruled that state-controlled oil company Petróleo Brasileiro SA can continue a process to sell several offshore oil fields in the country's northeastern region.

 

In securities filing on Monday, Petrobras said the Federal Regional Tribunal of the Fifth Region's decision allows the company to proceed with the sale of fields in the states of Ceará and Sergipe, although a final decision lies on a federal auditing court. The auditing court known as TCU suspended on Dec. 7 part of Petrobras' asset sale program to improve transparency in the process.


(Reporting by Guillermo Parra-Bernal; Editing by Meredith Mazzilli)