Petrobras Signs Contract for the Sale of E&P Assets in Espirito Santo

Source: www.gulfoilandgas.com 2/1/2021, Location: South America

Petrobras, in continuation of the statement released on 08/05/2019, informs that it has signed with the companies OP Energia Ltda. and DBO Energia SA contract for the sale of all of its interests in the Peroa and Cangoa production fields, and in the BM-ES-21 concession (Malombe Discovery Evaluation Plan), jointly called the Peroa Pole, located in the Holy Spirit. OP Energia and DBO Energia will form a consortium to acquire Polo Peroa, with a 50% stake each, with the first company as operator.

The sale value is US $ 55 million, of which US $ 5 million is paid on the present date; US $ 7.5 million at the close of the transaction and US $ 42.5 million in contingent payments provided for in the contract, related to factors such as Malombe's declaration of commerciality, future oil prices and extension of the concession terms. The amounts do not consider the adjustments due until the closing of the transaction, which is subject to the fulfillment of precedent conditions, such as approval by the National Agency of Petroleum, Natural Gas and Biofuels (ANP).

According to the director of Institutional Relations and Sustainability at Petrobras, Roberto Ardenghy, the signing of the contract is an important milestone in the consolidation of a stronger and more competitive industry. “Our goal is to maximize the value of our portfolio and provide an opportunity for other companies in the sector to also prosper. In the portfolio of these companies, Polo Peroa will be able to develop, receiving new resources and increasing its useful life, with a positive impact on the generation of jobs and income for the region ”.

This disclosure is in accordance with the internal rules of Petrobras and with the provisions of the special procedure for the assignment of rights to explore, develop and produce oil, natural gas and other fluid hydrocarbons, provided for in Decree 9.355 / 2018.

This operation is in line with the portfolio optimization strategy and the improvement of the company's capital allocation, starting to increasingly focus its resources on world-class assets in deep and ultra-deep waters, where Petrobras has demonstrated a great competitive advantage over the years.


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