Petrobras Collects $1.6bn With Conclusion of Albacora Leste Field Divestment

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(Petrobras, 26.Jan.2023) — Petrobras, following up on the releases disclosed on 26 January 2023 and 27 April 2022, has finalized today, after the fulfillment of all the preceding conditions, the sale of its total interest in the Albacora Leste production field, located in the Campos Basin, to the company Petro Rio Jaguar Petróleo LTDA, a subsidiary of Petro Rio S.A..

The transaction was concluded with the cash payment of US$1.635bn (R$ 8.455bn) to Petrobras, already with the adjustments provided for in the contract. The amount received today is in addition to the US$292.7mn paid to Petrobras when the sale contract was signed on 28 April 2022. In addition to this amount, Petrobras is expected to receive up to US$250mn in contingent payments, depending on future Brent prices.

With the conclusion of the assignment, PetroRio becomes the operator of the Albacora Leste field, with a 90% stake, in partnership with Repsol Sinopec Brasil, which holds the remaining 10%.

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 greater return to society. Petrobras continues to increasingly concentrate its resources on assets that have shown a great competitive advantage over the years, with lower greenhouse gas emissions.

About Albacora Leste

The Albacora Leste field has an area of 511.56 km2 and is located in the northern area of the Campos Basin, in water depths ranging from 1,000 to 2,150 m, at a distance of about 120 km from Cabo de São Tomé. The field started operations in 2006 and produced an average of 29,000 bbl/day of oil and 591,500 m3/d of gas in the year 2022, through the P-50 platform of the FPSO (Floating Production Storage and Offloading) type.

About PetroRio

PetroRio is a wholly owned subsidiary of Petro Rio S.A.. PetroRio is the largest independent oil and gas company in Brazil, focused on the acquisition, redevelopment, and efficient and safe operation of mature fields, with operations concentrated in the Campos Basin.

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