Petrobras Signed $2.6bln Peru Sale to CNPC

Petrobras announces that, after duly authorized by its Board of Directors, signed the sale of 100% of shares issued by its subsidiary Petrobras Energia Peru (PEP) to China National Petroleum Corporation - CNPC for US$ 2.6 billion.

The assets that comprise the transaction are: 100% stake in Block X, which is a mature field in operation since 1912, with production in 2012 of 16,000 boed; 46.16% interest in Block 57, pre-operational natural gas and condensate field; and 100% interest in Block 58, exploratory block neighbor to Block 57 where recent significant discoveries of natural gas and condensate have been made.

The conclusion of the transaction is subject to certain precedent conditions, including approval by the Chinese and Peruvian governments, as well as compliance with the procedures outlined in the respective Joint Operating Agreement (JOA), when applicable.

This transaction represents another important step in Petrobras’ Divestment Program (Prodesin) outlined in the 2013-2017 Business and Management Plan.