Petrobras Approves Sale of Onshore Fields in Espirito Santo

Source: www.gulfoilandgas.com 2/22/2022, Location: South America

The Board of Directors of Petrobras approved, the sale of its entire interest (100%) in a set of four concessions for onshore production fields, with integrated facilities, located in the state of Espírito Santo, called jointly from Polo Norte Capixaba, to the company Seacrest Petroleo SPE Norte Capixaba Ltda., a wholly-owned subsidiary of Seacrest Exploracao e Producao de Petróleo Ltda.. The execution of the purchase and sale agreement and the subsequent steps will be disclosed to the market in due course.

The total value of the sale is up to US$544 million, of which (a) US$35.85 million is paid on the execution date of the agreement; (b) US$442.15 million at the closing of the transaction and (c) up to US$66 million in contingent payments provided for in contracts, depending on future Brent quotations. The amounts do not consider the adjustments due until the closing of the transaction, which is subject to the fulfillment of certain conditions precedent, such as the approval by the National Agency of Petroleum, Natural Gas and Biofuels (ANP).

The North Pole of Capixaba comprises four onshore fields: Cancã, Fazenda Alegre, Fazenda São Rafael and Fazenda Santa Luzia. The North Capixaba Terminal and all the production facilities contained in the ring fence of the four concessions are also part of the Complex, in addition to the ownership of some land. The average production of the North Pole of Capixaba in 2021 was approximately 6.5 thousand barrels of oil per day (bpd) and 52.2 thousand m³/day of natural gas. Petrobras is the operator in these fields, with a 100% stake.

This operation is in line with the portfolio management strategy and the improvement of the company's capital allocation, with a view to maximizing value and greater returns to society. Petrobras continues to increasingly focus its resources on assets in deep and ultra-deep waters, where it has demonstrated a great competitive advantage over the years, producing better quality oil with lower greenhouse gas emissions.

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


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