Petrobras on Deadline for Expressing Interest in Assets in Colombia

Source: www.gulfoilandgas.com 8/11/2020, Location: South America

Petrobras, following up on the release disclosed on 07/27/2020, regarding the sale of its entire stake in the exploratory portion of the Tayrona Block, located in the Guajira Basin, Colombia, informs that it has extended until 08/21/2020 the deadline for companies to express their interest in the opportunity.

There is no need to send a new expression of interest if the interested company has already submitted its expression

This disclosure complies with the Petrobras' divestment guidelines 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 transaction is in line with the portfolio optimization strategy and the improvement of the company’s capital allocation, increasingly concentrating its resources in deep and ultra-deep waters, where Petrobras has demonstrated great competitive edge over the years.

About Tayrona Block
The Tayrona Block is located on Colombia's northeast coast in the deep waters of the Guajira Basin. Petrobras, which is the operator of the area, holds a 44.44% stake in the concession¹ through its affiliate Petrobras International Braspetro B.V. (PIB-BV), in a consortium with Empresa Colombiana de Petróleos S.A. (Ecopetrol), which holds the remaining 55.56%. Ecopetrol may exercise the pre-emption right as provided in the Joint Operating Agreement.

The concession is in the phase of the Posterior Exploration Programme 1 and has the obligation to drill 1 well in order to fulfil the exploratory commitment, with the potential to prove significant volumes of gas (world class prospects) and establish position in a new frontier area. The area is similar to the discoveries on the shores of the South Atlantic and Caribbean.

¹ Petrobras’ stake today is 40%. The absorption of the 10% of the Equinor company is in progress, proportionally by the PIB-BV (4.44%) and Ecopetrol (5.56%), which should be approved by the Agência Nacional de Hidrocarburos (ANH).


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