Petrobras Releases Teaser of the Pará-maranhão Basin

Source Company Press Release
Company Petrobras (IFRS US$ Current)
Tags Country: Brazil, M&A: For Sale
Date February 03, 2020

Petróleo Brasileiro S.A. - Petrobras reports that it has started the opportunity disclosure stage (teaser), referring to the sale of part of its equity interestin exploratory blocks, belonging to the BM-PAMA-3 and BM-PAMA-8 concessions, located in the Pará-Maranhão Basin.

Petrobras is the operator of the blocks, with 100% stake in the BM-PAMA-3 concession and 80% stake in the BM-PAMA-8 concession, in partnership with Sinopec Exploration and Production Brazil (Sinopec), which holds the remaining 20%. The divestment will be up to 50% in the BM-PAMA-3 concession and up to 40% in the BM-PAMA-8 concession. Sinopec may exercise its pre-emptive right in the BM-PAMA-8 concession to acquire Petrobras' stake.

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

This disclosure complies with the 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 maximizing value for its shareholders.

About the exploratory blocks

BM-PAMA-3 concession is from the 3 rd ANP Bid Round and is currently in the Appraisal Phase, due to the discovery made in well 1-BRSA-903-PAS (Harpia).

BM-PAMA-8 concession, which comprises the PAMA-M-192 and PAMA-M-194 blocks, was acquired in the 6 th ANP Bid Round. It currently belongs to the consortium formed by Petrobras (operator - 80%) and Sinopec (20%) and is in the 2nd Exploratory Period.

The concessions present a reduced exploratory commitment with the potential to prove significant volumes and establish position in a new frontier area.

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