Brazil’s Petrobras starts binding phase for sale of MP Gulf of Mexico stake

Brazil’s Petrobras on Monday started the binding phase to sell its subsidiary 20% stake in Texas-based MP Gulf of Mexico LLC, which owns offshore fields in the region.

Potential buyers classified for this phase will receive a letter with instructions on the divestment process, Petrobras said in a securities filing.

Murphy Exploration & Production Company owns the remaining 80% stake in MP Gulf of Mexico.

Austin Collins

Austin Collins is our Europe, Asia, & Middle East Correspondent. He covers news related to Stock Market. In past he has worked for many prestigious news & media organizations. He is based in Dubai