Petrobras Commences Ceará E&P Assets Binding Phase

(Petrobras, 4.Nov.2020) — Petrobras, following up on the release disclosed on 7 August 2020, informs the beginning of the binding phase regarding the sale of its entire stake in the fields in shallow waters of Tuna, Curimã, Espada and Xaréu (Ceará Cluster), located in the state of Ceará.

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

This disclosure complies with Petrobras’ internal rules 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 strategy and the improvement of the company’s capital allocation, increasingly concentrating its resources in world-class assets in deep and ultra-deep waters, where Petrobras has demonstrated great competitive edge over the years.

About Ceará Cluster

The Ceará Cluster has been in operation since the 80’s, and comprises the fields of Tuna, Curimã, Espada and Xaréu, located at a distance of 30 km from the coast of the state of Ceará, in water depth between 30 and 50 meters. The average production in 2019 was 4,200 b/d of oil and 76,900 m³/d of gas, through nine fixed platforms. 

Petrobras is the operator of these fields, with 100% stake on the exploration and production rights of the concession contracts related to these fields.