Petrobras on Stake in BR Distribuidora

Source: www.gulfoilandgas.com 6/11/2021, Location: South America

Petrobras, following up on the release disclosed on August 26, 2020, informs that it sent today to Petrobras Distribuidora S.A. (BR) a letter requesting cooperation to implement the secondary public offering (follow on) for the sale of its remaining 37.50% interest in the capital stock of that company whose execution will be subject, among other factors, to market conditions, the approval of Petrobras' internal bodies, notably as to price, and the analysis of the Brazilian Securities and Exchange Commission (CVM), under the terms of the applicable legislation.

This communication should not be considered as an announcement of an offer in Brazil, the United States or any other jurisdiction.

This operation is aligned with the portfolio optimization and the improvement of the company's capital allocation, aiming at generating value for its shareholders.

Thus, the value of the total compensation due to the Transfer of Rights Agreement (100% Petrobras) for the Production Sharing Contract is US$ 29.4 billion, which will be recovered as Cost Oil by the contractors. Since Petrobras has a 90% stake in the consortium of this contract, the amount referring to the 10% stake of the partners CNOOC and CNODC, in the amount of US$ 2.94 billion, will be received in cash by Petrobras on the effective date of the Agreement.

With the effective start of the agreement, the participation in the Búzios reservoir will be 92.666% for Petrobras and 3.667% for each of the partners.

The effectiveness of the Agreement is subject to approval by the National Petroleum, Natural Gas and Biofuels Agency (ANP), followed by the payment of the CNOOC and CNODC partners' portion of the compensation to Petrobras.

The participation and compensation estimates presented are based on the effective date of the Agreement as of September 1, 2021, and as soon as the date is confirmed with the approval by ANP, the necessary adjustments will be made according to the accumulated production and investments made up to that date.


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