Petrobras Releases E&P Teaser in Santos Basin

Source: www.gulfoilandgas.com 8/10/2020, Location: South America

Petrobras informs that it has started the opportunity disclosure stage (teaser), referring to the sale of 50% to 100% of its stake in the BM-S-51 concession with hand-over the operation, located in the Santos Basin, in the pre-salt polygon. The concession is located at water depths ranging from 350 m to 1,650 m and about 215 km off the coast of Sao Paulo.

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 BM-S-51 concession
The BM-S-51 concession was acquired in ANP’s 7th Bidding Round in 2005 and is in the 1st Exploratory Period, with a remaining commitment of drilling one well in order to comply with the Minimum Exploratory Program.

This exploratory block is strategically positioned in relation to the Santos Basin discoveries and exploratory areas within the production sharing polygon.

Petrobras is the operator with an 80% stake in this asset, in a consortium with Repsol Sinopec Brasil, which holds the remaining 20%.

This material is being provided pursuant to Brazilian regulatory requirements, does not constitute an offering, under the U.S. securities laws, and is not a solicitation, invitation or offer to buy or sell any securities. The information on our website is not and shall not be deemed part of this report on Form 6-K.


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