Portugal’s Galp Energia is mulling the sale of a 30% stake in its Brazilian assets, The Wall Street Journal reports, citing the Jornal de Negocios. The asset sale may fetch $4.2 billion, proceeds of which will be used for the company’s investment plans. The Portuguese company owns stakes in various oil exploration consortia in Brazil, many in partnership with Brazilian state-run oil company, Petrobras. The holdings include a 10% stake of the Lula pre-salt oil field.

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