Petrobras Starts Binding Phase of Bahia Terra Cluster

Source: www.gulfoilandgas.com 3/19/2021, Location: South America

Petrobras, following up on the release disclosed on 12/23/2020, informs the beginning of the binding phase, referring to the sale of all of its stakes in a set of 28 onshore production field concessions, located in the Recôncavo and Tucano Basins, in the state of Bahia, jointly called the Bahia Terra Cluster.

Potential buyers qualified for this phase will receive a process letter with detailed instructions on the divestment process, including guidelines for due diligence and the submission of binding proposals.

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 the Bahia Terra Cluster

The Bahia Terra Cluster comprises 28 onshore production concessions, located in different municipalities of the state of Bahia, and includes access to processing, logistics, storage, transportation and outflow infrastructure for oil and natural gas.

Additionally, the cluster has collection and treatment stations, oil storage and transportation parks, gas and oil pipelines, besides the NGPU Catu and other infrastructures associated with the production process.

The average production of the Cluster in January and February 2021 was about 13,500 barrels of oil per day and 660,000 m³/day of gas.

Petrobras is the operator of these fields with 100% participation. Petrobras also informs that the concessions related to the Recôncavo and Miranga Fields were not included in the cession process of the Bahia Terra Cluster, since the respective sale contracts were signed on 12/17/2020 and 02/24/2021, as disclosed to the market on these dates.


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