Petrobras Concludes the Sale of E&P Assets in Alagoas

Source: www.gulfoilandgas.com 2/4/2022, Location: South America

Petrobras, following up on the releases disclosed on 06/30/2021 and 07/05/2021, informs that today it concluded the sale of its entire stake in seven concessions denominated Alagoas Cluster, located in the state of Alagoas, to the company Origem Energia S.A (former Petro+).

The operation was concluded with the payment of US$ 240 million to Petrobras. The amount received at closing is in addition to the US$ 60 million paid to Petrobras when the sale contract was signed, totaling US$ 300 million.

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

This operation is aligned with the portfolio management strategy and the improved allocation of the company's capital, aiming to maximize value and greater return to society. Petrobras is increasingly concentrating its resources on deep and ultradeepwater assets, where it has shown great competitive edge over the years, producing better quality oil and with lower greenhouse gas emissions.

About the Alagoas Cluster
The Alagoas Cluster comprises seven production concessions, six onshore (Anambé, Arapaçu, Cidade de São Miguel dos Campos, Furado, Pilar, and São Miguel dos Campos) and the Paru field concession located in shallow waters, with a water depth of 24 meters.

The average production of the cluster in 2021 was 1.62 thousand bpd of oil and condensate and 550 thousand m³/d of gas generating 0.81 thousand bpd of NGL (natural gas liquids).

Besides the fields and their production facilities, also included in the transaction is the Natural Gas Processing Unit (UPGN) of Alagoas, whose processing capacity is 2 million m³/day, responsible for processing 100% of the cluster's gas and for the generation of NGL.

About Origem Energia (former Petro+)
Origem is a Brazilian energy integration company present in activities of exploration, production and commercialization of oil and natural gas from onshore fields and in thermoelectric power generation projects. Currently, Origem operates nine concessions in the Espírito Santo, Potiguar, Recôncavo and Tucano Sul Basins. The investment fund PSS Energy Fund, managed by Prisma Capital Ltda. is the controlling shareholder of Origem.


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