Petrobras Concludes the Sale of Onshore Fields in Ceará

Source Press Release
Company 3R PetroleumPetrobras (IFRS US$ Current) 
Tags Asset Deals, Deals, Upstream Activities
Date August 05, 2022

Petrobras, following up on the release disclosed on 08/14/2020, informs that it has concluded today the sale of all its stakes in the onshore fields of Fazenda Belém and Icapuí, jointly called Fazenda Belém Cluster, located in the Potiguar Basin, in the state of Ceará to 3R Fazenda Belém S.A., previously called SPE Fazenda Belém S.A.

After compliance with the preceding conditions, the operation was concluded with the payment at sight of US$ 4.6 million to Petrobras, already with the adjustments provided for in the contract. The amount received today is in addition to the US$ 8.8 million paid to Petrobras on the date the purchase and sale agreement was signed. In addition to this amount, the company will also receive US$ 10 million, within one year after the closing of the operation, which will be adjusted based on the conditions foreseen in the purchase and sale agreement.

This disclosure is in accordance with Petrobras' internal rules and with the provisions of the special procedure for assignment of rights on 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 company's portfolio management strategy and the improved allocation of its capital, aiming to maximize value and provide greater return to society. Petrobras is increasingly concentrating its resources on assets in deep and ultradeep waters, where it has shown a great competitive edge over the years.

About Fazenda Belém Cluster

The Cluster comprises the onshore fields of Fazenda Belém and Icapuí, located in the state of Ceará, where Petrobras holds 100% stakes. The average production of the Fazenda Belém Cluster from January to July 2022 was approximately 575 barrels of oil per day (bpd).

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