Petrobras on E&P Assets in the Potiguar Basin

Source: www.gulfoilandgas.com 8/9/2021, Location: South America

Petrobras, following up on the release disclosed on July 9, 2021, informs the beginning of the binding phase regarding the sale, together with Sonangol Hidrocarbonetos Brasil Ltda. (Sonangol), of all stakes of both companies in the onshore exploratory block POT-T-794, belonging to the BT-POT-55A concession, located in the Potiguar Basin, in the state of Rio Grande do Norte.

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

About the BT-POT-55A concession
The concession was acquired in 2006 in the 7th Bidding Round of Blocks held by the National Agency of Petroleum, Natural Gas and Biofuels (ANP). Petrobras holds a 70% stake and Sonangol, the concession operator, holds the remaining 30% stake.

The consortium has drilled two wells in the area, one gas discoverer and one appraisal well. There are no remaining Minimum Exploratory Program commitments to be fulfilled.


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