Petrobras To Divest Papa-Terra Field

(Petrobras, 12.Jul.2021) — paxil and flatulance ap literature essay prompts hamlet go here pills2go kamagra dissertation proofreading price follow url traffic rules essay in english best phd essay ghostwriter sites for masters viagra and pot propecia pharmacy source source site msw thesis cialis manns choice go site dog with viagra adorno and horkheimer essay scholarships go aum kleem shreem brzee female viagra empathy essay describe essay school of visual arts essay prompt abraham morgentaler the viagra myth thesis proposal for construction management reword essay plagarism ap world history ccot essay trade networks go here Petrobras, following up on the releases disclosed on 17 April 2020 and 24 November 2020, informs that it has signed with the company 3R Petroleum Offshore S.A. (3R Offshore) a contract for the sale of the totality of its participation in the Papa-Terra production field, located in the Campos Basin.

The amount of the sale is $105.6mn, of which (a) $6mn paid on the present date; (b) $9.6mn at the closing of the transaction and (c) $90mn in contingent payments provided for in the contract, related to production levels of the asset and future oil prices. The amounts do not consider adjustments due and the closing of the transaction is subject to compliance with precedent conditions such as approval by the National Agency of Petroleum, Natural Gas and Biofuels (ANP).

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 Papa-Terra field

The Papa-Terra field is part of the BC-20 concession and is located at a water depth of 1,200 m. The field started operating in 2013 and its average production of oil and gas in 2021, until June, was 17.9 thousand boe/day, through two platforms, P-61 of the TLWP (Tension Leg Wellhead Platform) type and P-63 of the FPSO (Floating Production Storage and Offloading) type, where all the production is processed.

Petrobras is the operator of the field, with a 62.5% stake, in partnership with Chevron, which holds the remaining 37.5%.

About 3R Offshore

3R Offshore is a company controlled by 3R Petroleum Óleo e Gás S.A., a company listed on the Novo Mercado of the Brazilian stock exchange, which has, among its main shareholders, investment funds managed by Starboard Asset Ltda.. 3R Offshore’s strategy is to revitalize mature offshore fields.