Petrobras Provides Updates for Divestment of Urucu Cluster

Source: www.gulfoilandgas.com 12/4/2020, Location: South America

Petrobras, in relation to the news published in the media, regarding the divestment of the Urucu Cluster, clarifies that it has received binding proposals from 3R Petroleum Óleo e Gás S.A. (3R) and Eneva S.A. (Eneva). The proposals are being evaluated by the company, which will subsidize its decision about the next steps of the divestment.

In relation to the values reported in the media of US$ 1 billion and US$ 600 million, Petrobras clarifies that they are close to the firm installments of the proposals. Petrobras also informs that it takes into consideration in the analysis of the bids all the components of value and other conditions reflected in the proposals, including firm payments, contingent payments and other relevant contractual conditions, so that the amounts reported in the media do not provide a sufficient basis for comparison of the bids received.

Depending on the result of this evaluation, the company may promote a new round of solicitation of binding proposals to all participants in the process, based on the Divestment Methodology.

Petrobras also clarifies that the Divestment Methodology foresees only the disclosure to the market of the following stages of the process: teaser, start of the non-binding phase, start of the binding phase, execution of exclusivity agreement (when applicable), signing and closing.

Finally, Petrobras reinforces its commitment to the broad transparency of its divestment projects and portfolio management and informs that subsequent steps will be disclosed to the market according to the company's Divestment Methodology.


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