Sale of Azulao Field

Source: www.gulfoilandgas.com 11/22/2017, Location: South America

Petrobras, further to the Material Fact of 05/15/2017 and Press Release of 06/19/2017, informs that it has signed, with the company ENEVA SA, through its subsidiary Parnaiba Gas Natural SA, the contract for the assignment of the totality of its participation in the Azulao Field (Concession BA-3), located in the state of Amazonas.

The total amount of the operation is US$ 54.5 million and will be paid on the closing date of the deal.

The transaction is part of the 2017-2018 Partnerships and Divestments Program and is in line with Petrobras' portfolio management policy, which prioritizes investments in assets with greater potential for short-term operational generation and greater possibility of capital optimization and economies of scale.

The completion of this deal is subject to the fulfillment of usual precedent conditions, including approval by the National Petroleum, Natural Gas and Biofuels Agency (ANP) and by the Administrative Council for Economic Defense (CADE).

The disclosure to the market herein is in compliance with Petrobras' divestment methodology and is aligned with the guidelines of the Federal Accounting Court (TCU – Tribunal de Contas da Uniao).

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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