Petrobras Completes Sale of Polo Rio Ventura

Source: www.gulfoilandgas.com 7/14/2021, Location: South America

Petrobras, in continuation of the statement released on 08/21/2020, informs that it has completed the sale of its entire stake in eight onshore exploration and production fields, jointly called Polo Rio Ventura, located in the state of Bahia, to 3R Rio Ventura SA, a wholly owned subsidiary of 3R Petroleum Oleo e Gas SA.

After the fulfillment of the conditions precedent, the operation was concluded with the payment of US$ 33.9 million to Petrobras, already with the adjustments foreseen in the contract. The amount received at closing is added to the amount of US$ 3.8 million paid to Petrobras upon signing the sales contract. The company will also receive the following installments, subject to adjustments: (i) US$16 million to be paid in thirty months; and (ii) US$43.2 million in contingent payments related to future oil prices.

This disclosure is in accordance with Petrobras' internal rules and with the provisions of the special procedure for the assignment of exploration, development and production rights for oil, natural gas and other fluid hydrocarbons, provided for in Decree 9,355/2018.

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


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