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Petrobras on Onshore Field Sale in Sergipe

Source: www.gulfoilandgas.com 8/5/2020, Location: South America

Petrobras, following up on the release disclosed on 01/03/2020, informs that it signed with Centro Oeste Óleo e Gás Ltda. an agreement for the sale of its entire stake in the Dó-Ré-Mi onshore field, located in the Sergipe-Alagoas Basin, in the state of Sergipe.

The sale value is US$ 37.6 thousand, paid in a single installment upon the signing date of the transaction.

The closing of the transaction is subject to the fulfillment of precedent conditions, such as the non-exercise of preemptive rights by the current consortium member Petrogal Brasil S.A. and the approval by the National Agency of Petroleum, Natural Gas and Biofuels (ANP).

This disclosure complies with Petrobras' divestment guidelines and is aligned with the provisions of the special procedure for assignment of rights on exploration, development and production of oil, natural gas and other fluid hydrocarbons, provided for in Decree 9,355/2018.

This transaction is in line with the strategy of portfolio optimization and improvement of the company's capital allocation, focusing its resources increasingly on deep and ultra-deep waters, where Petrobras has shown great competitive edge over the years.

About the Dó-Ré-Mi field
The Dó-Ré-Mi field is part of the BT-SEAL-13 concession, which also includes the Rabo Branco field, not included in this sale. The concession is located south of the Carmópolis field, in the Sergipe-Alagoas Basin, in the state of Sergipe. Petrobras has a 50% stake in the Dó-Ré-Mi field, in partnership with Petrogral Brasil S.A., which is the operator and holds the remaining 50%. The Dó-Ré-Mi field has two gas discovery wells without commercial production.

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