3 Energy Stock Stories for Thursday Perusal
Petrobras (NYSE:PBR): Closing price $16.13
The Brazilian state-run company is in a divestment program so as to raise cash to pay for its $237 billion five-year investment plan, as it expects to raise $9.9 billion from asset sales, with the majority of the sales scheduled for 2013, said Chief Executive Maria das Gracas Foster in March. Chatter in the markets has risen lately that Petrobras might be nearing the potential sale of interests in two offshore oil fields in Nigeria, along with some assets in Argentina. Last month, Foster reported that the company was in discussions to divest its Argentine unit, and other assets that have been linked to the divestment plan include a refinery in Japan, power plants in Brazil and exploration blocks there and overseas.
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Norway’s Statiol and State Oil Co. of Azerbaijan, or Socar, will sign a contract for the joint development of the Zafar-Mashal block in Azerbaijan’s section of the Caspian Sea on April 8, according to an inside source to Trend, a news service based in Baku. No details on the terms of the accord were divulged. Trend did say that Zafar-Mashal, a deepwater block located about 75 miles southeast of the capital Baku, is estimated by Socar to contain 300 billion cubic meters of natural gas and 37 million metric tons of condensate, or light oil.