The oil unit of Danish conglomerate A.P. Møller-Maersk A/S will book a $1.7 billion impairment on its Brazilian assets as it changes strategy in the region, it said Tuesday. However, the company’s full-year guidance remains unchanged with underlying profit of about $4 billion and a group-wide result significantly above last year. Maersk Oil said it would no longer pursue growth for its business in Brazil and as a result has sold its ownership share in the Polvo field to the operator. The company bought stakes in three fields in Brazil for $2.4 billion in July 2011, but decided to take an impairment on them following appraisal drillings that came out at the lower end of expectations as well as increased development costs and a subdued oil price. It is thought that the operating partners in the remaining two fields will be able to present commercially viable development plans, the […]