Petrobras is negotiating a sale of two offshore oil fields to Australian gas and oil exploration company Karoon Gas.
Brazil's state-owned energy company is looking to sell 100% of the Bauna field, located in the Santos Basin, and 50% of the Tartaruga Verde field, located in the Campos Basin, Petrobras said in a statement.
The move is a part of Petrobras' efforts to reduce debt, according to Bloomberg.
Oil stocks have staged a nice resurgence of late, and though crude still seems stuck well under $55 a barrel, several names have been able to attract some money flow.
Petrobras is one of the better looking charts, as we see the stock is now up about 100% in price since the interim low in early June.
A series of higher highs, higher lows shows a nice trend. Of late, the sideways consolidation around $8-$9 has taken on a bullish tone, the W pattern and breakout just yesterday.
The moving average convergence divergence (MACD) buy signal just renewed, while relative strength is impressive. If the dollar weakens and crude rises, this stock will be a winner.