Petrobras Concludes Sale of Onshore Fields in Bahia

Source: www.gulfoilandgas.com 12/22/2021, Location: South America

Petrobras, following up on the release disclosed on 12/23/2020, informs that it concluded the sale of its total stake in 12 onshore exploration and production fields, called Remanso Cluster, located in the state of Bahia, to PetroRecôncavo S.A. (PetroRecôncavo).

After compliance with the preceding conditions, the transaction was concluded with the payment of US$ 7.3 million to Petrobras, already with the adjustments provided for in the contract. The amount received at the closing adds to the amount of US$ 4 million paid to Petrobras when the sale contract was signed. The company will also receive US$ 5 million one year after the closing of the operation, an amount to be adjusted based on the conditions foreseen in the contract.

This disclosure is in accordance with Petrobras' internal rules and with the provisions of the special procedure for assignment of rights on 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 company's strategy of portfolio management and capital allocation improvement, aiming to maximize value and provide greater return to society. Petrobras is increasingly concentrating its resources on assets in deep and ultradeep waters, where it has shown a great competitive edge over the years, producing better quality oil and with lower greenhouse gas emissions.


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