Petrobras Concludes the Sale of Onshore Fields

Source: www.gulfoilandgas.com 12/9/2020, Location: South America

Petrobras, following up on the release disclosed on 03/09/2020, informs that it has concluded today the sale of 100% of its stakes in four onshore fields, located in the Tucano Basin, in the countryside of the state of Bahia, to Eagle Exploracao de Oleo e Gas Ltda (Eagle).

After fulfilling all the previous conditions, the transaction was concluded with the payment of US$ 2.571 million to Petrobras, already with the adjustments foreseen in the contract. The amount received at the closing is added to the amount of US$ 602 thousand paid to Petrobras at the signing of the sales contract, totaling US$ 3.173 million.

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 in line with the portfolio optimization strategy and the improvement of the company’s capital allocation, increasingly concentrating its resources in world-class assets in deep and ultra-deep waters, where Petrobras has demonstrated great competitive edge over the years.

About the fields
The onshore fields called Conceiaao, Querera, Fazenda Matinha and Fazenda Santa Rosa are located about 110 km from the city of Salvador. The average production of these fields from January to October 2020 was approximately 24.30 thousand m3/day of natural gas (153 boe/day), with no oil production. After the conclusion of the sale, Eagle will hold 100% interest in these concessions.


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