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Petrobras Starts Non-binding Phase of Carmopolis Cluster

Source: www.gulfoilandgas.com 11/19/2020, Location: South America

Petrobras, following up on the release disclosed on October 23, 2020, informs the beginning of the non-binding phase regarding the sale of all of its stakes in a set of eleven onshore production field concessions, with integrated facilities, located in the state of Sergipe, jointly called the Carmópolis Cluster.

Potential buyers qualified for this phase will receive instructions on the divestment process, including guidelines for the preparation and submission of non-binding proposals, as well as access to a virtual data room containing additional information about the Cluster.

The main subsequent stages of the project will be reported to the market in due course.

This disclosure complies with the Petrobras' internal rules 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 aligned with the strategy of portfolio optimization and the improvement of the company's capital allocation, concentrating increasingly its resources on world-class assets in deep and ultra-deep waters, where Petrobras has demonstrated great competitive edge over the years.

About Carmópolis Cluster

The Carmópolis Cluster comprises eleven onshore production concessions, located in different cities in the state of Sergipe, and includes access to oil and natural gas processing, flow, storage and transportation infrastructure.

The Atalaia Cluster, which contains, among other assets, the Aracaju Waterway Terminal (Tecarmo) and the Bonsucesso-Atalaia Oil Pipeline, which flows the oil production from the concessions to Tecarmo are also part of the Carmópolis Cluster.

The average production of the Cluster from January to October 2020 was around 10,000 barrels of oil per day and 71,000 m3/day of gas. Petrobras is the operator in these fields, with 100% stake.

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