Petrobras Starts Binding Phase for Sergipe-Alagoas Basin E&P Assets

(Petrobras, 10.May.2022) — Petróleo Brasileiro S.A. (Petrobras), following up on the release disclosed on 04/11/2022, informs that today it started the binding phase regarding the sale of its total participation in the Tartaruga field, located in shallow waters of the Sergipe-Alagoas Basin, state of Sergipe.

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

This disclosure is in accordance with Petrobras’ divestment guidelines 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 No. 9,355/2018.

This operation is in line with the company’s portfolio management strategy and the improved allocation of its capital, aiming to maximize value and provide a higher return to society. Petrobras continues to concentrate its resources on assets in deep and ultradeep waters, where it has shown a great competitive differential over the years, producing better quality oil and lower greenhouse gas emissions.

About Tartaruga field

The Tartaruga field is located on the northern coast of the state of Sergipe, in the municipality of Pirambu, in shallow waters of the Sergipe-Alagoas Basin. The wells in the field were drilled directionally, from the base located in the onshore portion of the ring-fence. The average production in the 1Q22 was approximately 202.26 bbl/day of light oil (37º API) and 2,161 m3/day of associated gas.

Petrobras holds a 25% stake in the field and Maha Energy Brasil Ltda. is the operator, with a 75% stake.