Petrobras on Onshore Fields Sale in Bahia

Source: www.gulfoilandgas.com 8/21/2020, Location: South America

Petroleo Brasileiro S.A. – Petrobras informs that it signed with SPE Rio Ventura S.A., a wholly-owned subsidiary of 3R Petroleum e Participacoes S.A., a contract for the sale of its entire interest in eight E&P onshore fields, denominated Rio Ventura Cluster, located in the state of Bahia.

The sale amount is US$ 94.2 million, of which (i) US$ 3.8 million paid at this date; (ii) US$ 31.2 million at closing of the transaction; (iii) US$ 16 million will be paid in thirty months after closing of the transaction; and (iv) US$ 43.2 million in contract-based contingent payments. The amounts do not consider the adjustments due and are subject to compliance with previous conditions, such as approval by the National Agency of Petroleum, Natural Gas and Biofuels (ANP).

This disclosure is in accordance with Petrobras' internal rules and 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.


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