Petrobras Announces Binding Phase On E&P Assets

(Petrobras, 23.Dec.2019) — Petrobras, following up on the release disclosed on 12/03/2019, announces that it has started the binding phase referring to the sale of its interest in two onshore exploratory blocks, located in the Espírito Santo Basin.

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

This disclosure complies with Petrobras’ divestment guidelines and is aligned 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 in line with the portfolio optimization and the improvement of the company’s capital allocation, aiming at generating value for our shareholders.

About the exploratory blocks 

Concessions ES-T-506_R11 and ES-T-516_R11, which include blocks ES-T-506 and ES-T-516, respectively, were acquired in the 11th ANP Bidding Round, and the contracts were signed in 2013, and are currently in the First Exploration Period. Petrobras holds a 50% stake in each of the blocks, in partnership with Cowan Petróleo e Gás, which is the operator and holds the remaining 50%. 

Bids must be made by block, separately.

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