We announce E&P teaser in the Pelotas Basin

Source Press Release
Company Petrobras (IFRS US$ Current) 
Tags Upstream Activities, Strategy - Upstream
Date December 16, 2019

Petrobras announces that it has started the opportunity disclosure stage ( teaser) , referring to the sale of its interest in the concession BM-P-2, located in the Pelotas Basin, in the state of Rio Grande do Sul.

Petrobras and Total are partners in this concession and each has a 50% stake, with Petrobras as the operator. It will be a joint divestment, between 30% and 65% of participating interest.

The teaser, which contains key information about the opportunity, as well as the eligibility criteria for the selection of potential participants, is available on the Petrobras website: https://www.investidorpetrobras.com.br/en/results-and-notices/teasers

The main subsequent stages of the project will be reported to the market in due course.

This announcement is in accordance with Petrobras' divestment guidelines and with the provisions of the special procedure for assignment of rights to 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 and the improvement of the company’s capital allocation, aiming at generating value for our shareholders.

About the exploratory blocks

The BM-P-2 Concession is located in the Pelotas Basin deep waters , in water depths between 1,000 m and 2,000 m, and was acquired by Petrobras (100% interest) in 2004 in the 6th Bidding Round of the National Agency of Petroleum, Natural Gas and Biofuels (ANP). Total became a partner with the acquisition of a 50% stake in 2013.

Currently, the concession contemplates the exploratory blocks P-M-1269, P-M-1271, P-M-1351 and P-M-1353 and is strategically positioned in relation to the 18th ANP Bidding Round, scheduled for 2021, in which blocks from the Pelotas Basin shall be selected. This concession presents a reduced exploratory commitment with the potential to prove significant volumes and establish a position in a new exploratory frontier.

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