Brazil’s Petrobras is reportedly putting up to a 10 percent stake in the offshore Libra field up for sale.

Sources told Reuters that Petrobras is ready to part with up to a quarter of its current 40 percent stake in the giant oil field as it looks to shrink its massive $130 billion debt.

The Brazilian government believes the Libra field holds an estimated 8 billion to 12 billion barrels of recoverable oil and gas equivalent.

Analysts at Macquarie told the news wire the stake could be worth as much as $1.5 billion.

The Libra block is located in the ultra deep waters of the Santos Basinin in the pre-salt polygon.

The state-owned company has not commented on the matter yet.

Petrobras is planning to sell up to $15.1 billion worth of assets by the end of 2016, with about $700 million of divestments expected this year.

As of October, Petrobras had drilled four wells as part of its Libra exploration campaign: two in the northeast area and two in the central area.

That same month Petrobras’ executive manager for the Libra area Anelise Lara said the company has planned the first extended well test for the first quarter of 2017, while the pilot project is scheduled for 2020.

Petrobras serves as the operator for the Libra Consortium and holds a 40 percent stake.

Shell holds a 20 percent stake, France’s Total holds a 20 percent stake, China’s CNPC holds a 10 percent stake, China’s CNOOC holds a 10 percent stake and PPSA serves as contract manager.


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