Petrobras on the Sale of the BM-S-8 Block

Source: www.gulfoilandgas.com 12/9/2021, Location: South America

Petrobras, following up on the releases disclosed on 11/22/2016 and 03/21/2018, informs that it will receive from Equinor Brasil Energia Ltda. (Equinor) the last contingent installment in the amount of US$ 950 million related to the sale of its stake in the exploratory block BM-S-8, where the Bacalhau field (former Carcará area) is located.

Petrobras sold its total stake (equivalent to 66%) in block BM-S-08 to Equinor for US$ 2.5 billion, with the first installment of US$ 1.25 billion received at the closing of the transaction on 11/22/2016, and the second installment of US$ 300 million received on 03/21/2018.

The receipt of the last installment was conditioned to the approval of the Production Individualization Agreement (AIP) of the Bacalhau and Norte de Bacalhau fields by the National Agency of Petroleum, Natural Gas and Biofuels (ANP). The AIP was submitted by Equinor on 01/29/2021 and approved today at the ANP's executive board meeting with public transmission. Payment of the contingent installment should occur within 45 business days after approval. This installment will be recognized in the financial statements for the 4th quarter of 2021.


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