The move comes after credit agencies have cut down the company’s rating due to a corruption scandal involving Petrobras executives.
Petrobras plans to sell assets in exploration and production (30%), downstream (30%) and gas and energy (40%) segments.
The latest divestment plan increases the targets from $5 – 11bn allocated in the 2014-2018 Business & Management Plan, released in February 2014.
Petrobras said in a statement: "This plan is part of Petrobras’s financial planning aimed at reducing leverage, preserving cash and focusing on priority investments, mainly oil and gas production in Brazil in areas of high productivity and return."
Earlier this year, Petrobras CEO Maria das Graças Foster and five other senior executives have stepped down following the corruption scandal in which officials, contractors and politicians were involved.
Image: Petrobras headquarters in Rio de Janeiro downtown, Brazil. Photo: courtesy of gali, modified by Fulviusbsas.
