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Petrobras announces the sale of its subsidiary in Argentina

Brazilian state oil company Petrobras announced today that it has begun selling its stake in its Argentine subsidiary. The latter holds a 33.6 percent stake in the Río Neuquén field, Latin America's largest unconventional gas field.

In a statement, Petrobras said it plans to divest 100 percent of its shares in Petrobras Operaciones (Posa), Petrobras' Argentine subsidiary.

The sale is part of the divestment plan announced by Petrobras, Brazil's largest company, to focus mainly on oil and gas exploration and exploitation and reduce millions of dollars in debt.

The Río Neuquén field is . . .

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