Petrobras Concludes the Sale of 50% of Tartaruga Verde and Module Iii of Espadarte

Source Press Release
Company Petrobras (IFRS US$ Current)Petronas 
Tags Asset Deals, Deals, Upstream Activities
Date December 27, 2019

Petróleo Brasileiro S.A. - Petrobras, following up on the press release disclosed on 4/25/2019, reports that it has completed today the sale of 50% of exploration and production rights of the Tartaruga Verde field (concession BM-C-36) and Module III of the Espadarte field to Petronas Petróleo Brasil Ltda. (PPBL), a subsidiary of Petroliam Nasional Berhad (Petronas).

The transaction was concluded with the payment of US$ 691.9 million to Petrobras, after fulfilling all precedent conditions set forth in the contract.

The company had already received US$ 258.7 million as deposit on the signature date on 04/25/2019.

This operation brings a new upstream player to Brazil and reinforces our deepwater E&P partnership strategy.

The transaction is in line with the portfolio optimization and the improvement of the company's capital allocation, aiming at creating value for our shareholders.

About the fields

Petrobras will keep a 50% stake and the operation of the fields. The Tartaruga Verde field began its operations on 6/22/2018 and has a current output of about 103,000 bpd of oil and 1.2 million m⊃; of gas per day. Module III is an area within the Espadarte field to be developed in integration with the Tartaruga Verde field, with the first oil expected in 2021.

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