Petrobras Receiving R$1.3bn Earnout from Sépia

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(Petrobras, 27.Jan.2023) — Petrobras received today, up front, the amount of R$1.3bn, regarding the complement of the firm compensation (earnout) for fiscal year 2022, related to the Sépia block. The amount already includes the amount of the gross-up of taxes related to TotalEnergies‘ 28%, Petronas’ 21% and QP Brasil Ltda’s 21% stakes in Sépia block.

In the terms of the ordinance nº 08 of 19 April 2021 from the Ministry of Mines and Energy (MME) and of the public notice of the 2nd round of bidding for the Surplus of the Transfer of Rights under the Production Sharing regime, held on 17 December 2021, earnouts values were established for the Sépia and Atapu blocks, which will be due between 2022 and 2032, and payable as of the last business day of January of the following year, when the price of Brent oil reaches an annual average higher than US$40/bbl, limited to US$70/bbl.

Petrobras expects to receive the full payment related to the complement of the firm compensation (earnout) for fiscal year 2022, which is the responsibility of the partners in the Sépia and Atapu blocks, by 31 January 2023.

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