Brazilian oil company Petrobras has revealed plans to sell its 100% stake in Petrobras Operaciones (POSA), its wholly owned subsidiary in Argentina.

The sale is part of the company’s efforts to exit the Argentinian market and make more profitable investments.

As part of the plan, Petrobras has started the opportunity disclosure stage (teaser) for the potential sale of the asset.

POSA currently owns a 33.6% stake in the Rio Neuquén unconventional natural gas field in Rio Neuquén and Rio Negro provinces.

Petrobras holds a 95% stake in POSA through its subsidiary Petrobras Internacional Braspetro (PIB). The company owns the remaining 5% stake through another subsidiary, Petrobras Valores Internacionais de España PVIE.

In a statement, Petrobras said the sale ‘is in line with the company’s portfolio optimisation strategy and capital allocation improvement, aiming to maximise value and higher return to society’.

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By GlobalData

Other partners in the Rio Neuquén project include YPF, which holds an operatorship stake of 33.3%, and Pampa Energia, which owns a 33.1% stake.

Production at the Rio Neuquen gas field comes primarily from unconventional ‘tight gas’ reservoirs of the Punta Rosada and Lajas formations.

Last month, POSA’s production at the Rio Neuquén field was 1.52MMm³/d of natural gas and 0.7 thousand barrels of oil, condensate and gasoline a day.

Earlier this year, Petrobras and Sonangol Hidrocarbonetos Brasil (Sonangol) sold a 100% stake in the POT-T-794 onshore block in Brazil to Aguila Energia e Participações for $750m.

Petrobras also offloaded its stakes in the Recôncavo Cluster, a set of 14 onshore exploration and production fields in Bahia, to 3R Candeias for $256m.

The cluster comprises the Ilha de Bimbarra, Pariri, Aratu, Mapele, Cexis, Socorro, Dom João Mar, Dom João, Socorro Extensão, Massui, Candeias, São Domingos, Cambacica and Guanambi fields.