Petrobras releases E&P teaser in the Shallow Waters

Source Company Press Release
Company Petrobras (IFRS US$ Current)
Tags Country: Brazil, M&A: For Sale, Upstream: Upstream News
Date June 19, 2020

Petróleo Brasileiro S.A. - Petrobras informs that it has started the opportunity disclosure stage (teaser), referring to the sale of its entire stake in the Atum, Curimã, Espada and Xaréu fields, maritime production concessions in shallow waters located in the Mundaú sub-basin, in the State of Ceará.

The teaser, which includes key information about the opportunity, as well as the eligibility criteria for selection of potential participants, is available on the Petrobras website:

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 strategy and the improvement of the company’s capital allocation, increasingly concentrating its resources in deep and ultra-deep waters, where Petrobras has demonstrated great competitive edge over the years.

About Atum, Curimã, Espada and Xaréu fields

Operating since the 80's, the cluster, which includes the fields of Atum, Curimã, Espada and Xaréu, is located at a distance of 30km from the coast of the State of Ceará, in water depths between 30 and 50 meters. The average production in 2019 was 4.2 thousand bpd of oil and 76.9 thousand m⊃;/d of gas, through nine fixed platforms.

Petrobras is the operator in these fields, with 100% participation.

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