Petrobras signs contract for sale of shallow water E&P assets in Espírito Santo

petrobras

Petrobras, following up on the release disclosed on August 5, 2019, informs that it has signed with the companies OP Energia Ltda. and DBO Energia S.A. a contract for the sale of the totality of its participations in the production fields of Peroá and Cangoá, and in the concession BM-ES-21 (Malombe Discovery Evaluation Plan), jointly named Peroá Cluster, located in the Espírito Santo Basin. OP Energia and DBO Energia will form a consortium to acquire the Peroá Cluster, with a 50% stake each, with the first company as operator.

The sale value is US$ 55 million, being (a) US$ 5 million paid at the present date; (b) US$ 7.5 million at the closing of the transaction and (c) US$ 42.5 million in contingent payments foreseen in contract, related to factors as commerciality declaration of Malombe, future oil prices and extension of the concessions term. The amounts do not consider due adjustments until the closing of the transaction, which is subject to the fulfillment of previous conditions, such as approval by the National Agency of Petroleum, Natural Gas and Biofuels (ANP).

This disclosure complies with the Petrobras’ internal rules and with the provisions of the special procedure for assignment of rights to exploration, development and production of oil, natural gas and other fluid hydrocarbons, provided for in Decree 9,355/2018.

This operation is aligned with the strategy of portfolio optimization and the improvement of the allocation of the company’s capital, concentrating increasingly its resources on world-class assets in deep and ultra-deep waters, where Petrobras has shown great competitive edge over the years.

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