Petrobras on Potiguar Cluster

Source: 6/7/2023, Location: South America

Petrobras, following up on the releases disclosed on 01/31/2022 and 05/19/2023, informs that, after compliance with all the precedent conditions provided for in the binding contract signed on 01/31/2022, concluded the transfer of its total stake (100%) in the set of 20 concessions of onshore and shallow water production fields, with integrated facilities, located in the state of Rio Grande do Norte - RN, jointly called Potiguar Cluster, to the company 3R Potiguar S.A. (3R).

The operation was concluded with the upfront payment of US$ 1.1 billion to Petrobras, with the adjustments foreseen in the contract. The amount received today is in addition to the US$ 110.0 million paid to Petrobras when the contract was signed on 01/31/2022. In addition to this amount, Petrobras is expected to receive US$ 235.0 million, which will be paid in four annual installments of US$ 58.75 million, starting in March 2024.

With the conclusion of the assignment, 3R assumes the condition of operator of the Potiguar Cluster fields and other production infrastructure.

This disclosure is in accordance with Petrobras' internal rules and 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.

The Potiguar Cluster accounts for less than 1% of the total oil production of Petrobras, which will continue in Rio Grande do Norte investing in projects with great potential for future growth, such as the exploration of the Equatorial Margin in the Potiguar Basin (where the company holds stakes in 5 exploration blocks and has a commitment to drill the well to delimit the Pitu discovery) and the evaluation of offshore wind farm projects, such as Colibri, in partnership with Equinor.

About Potiguar Cluster
The Potiguar Cluster comprises three subclusters (Canto do Amaro, Alto do Rodrigues and Ubarana), totaling 20 concessions, of which 3 are offshore concessions and 17 are onshore concessions located in Rio Grande do Norte, and includes access to infrastructure for processing, refining, logistics, storage, transportation and outflow of oil and natural gas. The Ubarana subcluster concessions are located in shallow waters, between 10 and 22 km off the coast of the municipality of Guamaré-RN. The other concessions of the Canto do Amaro and Alto do Rodrigues subclusters are onshore.

The average production of the Potiguar Cluster in 2023 was 16.5 thousand barrels of oil per day (bpd) and 37.3 thousand m³/day of natural gas. In addition to the concessions and their production facilities, the Guamaré Industrial Assets are included in the transaction, including the oil treatment plant, natural gas processing units, the jet fuel and diesel unit, and the Guamaré Waterway Terminal.

About 3R Potiguar S.A
3R Potiguar S.A. is a company focused on the redevelopment of mature and producing fields, controlled by 3R Petroleum Óleo e Gás S.A. (3R Petroleum), a company listed on the Novo Mercado of the Brazilian stock exchange.

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