Petrobras Starts Binding Phase For Campos Basin

(Petrobras, 2.Sep.2019) — Petrobras, following up on the release dated 08/09/2019, reports the beginning of the binding phase to sell all of its operated working interest in 11 producing shallow waters fields located in the Campos Basin, jointly called Garoupa Cluster.

Qualified parties for this phase will receive a process letter with detailed instructions on the divestment process, including guidelines for due diligence and submission of binding proposals.

This release complies with Petrobras’ divestment methodology and is aligned with the provisions of the special procedure for the sale of the rights to exploration, development and production of oil, natural gas and other fluid hydrocarbons, provided for in Decree 9,355/2018. In this particular case, as allowed by the methodology, the project won´t have a non-binding phase.

This operation is in line with the company’s portfolio optimization and improvement of capital allocation, aiming at creating value for our shareholders.

About Garoupa Cluster

The Garoupa Cluster comprises the concessions of Anequim, Bagre, Cherne, Congro, Corvina, Malhado, Namorado, Parati, Garoupa, Garoupinha and Viola, located in shallow waters in the Campos Basin at about 80 km off the coast, with reservoir depth between 70m to 740m. Petrobras owns 100% of these fields, with average production in the last 12 months of about 19,600 boe/day.

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