Petrobras Informs About the Sale of Stake in the Potiguar Basin

Source Press Release
Company Petrobras (IFRS US$ Current) 
Tags Assets for Sale, Upstream Activities
Date September 20, 2022

Petrobras, following the announcements released on 08/16/2022 and 09/08/2022, informs the beginning of the binding phase referring to the sale of 40% of its interest in the BM-POT-17 exploratory concessions, in which the Discovery Assessment Plan for the Pitu well (Blocks POT-M-853 and POT-M-855), and the POT-M-762_R15 Concession (Block POT-M-762), located in deep waters in the Potiguar Basin - Equatorial Margin - on the coast of Rio Grande do Norte. Petrobras currently has a 100% interest in these concessions and will continue to operate the partnership after the sale.

Potential buyers qualified for this phase will receive an invitation letter ( Process Letter ) with detailed instructions on the process on screen, including guidelines for carrying out due diligence .and for the submission of binding proposals.

This disclosure is in accordance with Petrobras' internal rules and with the provisions of the special procedure for the assignment of exploration, development and production rights for oil, natural gas and other fluid hydrocarbons, provided for in Decree 9,355/2018.

The search for partnerships in these assets is in line with the portfolio management strategy and the improvement of the company's capital allocation, with a view to maximizing value.

About the assets

Blocks POT-M-853 and POT-M-855: the exploratory blocks were acquired in the 7th Bidding Round of the National Petroleum Agency (ANP) in 2006. Petrobras currently holds a 100% interest and is conducting the Discovery Assessment Plan for the Pitu well, with a firm commitment to drill a exploratory well (Pitu Oeste well) scheduled for 2023.

Block POT-M-762 : the exploratory block was acquired in the 15th ANP Bidding Round in 2018 and Petrobras holds a 100% interest. Petrobras plans to drill the Anhangá well (Anhangá Exploratory Opportunity) between 2023 and 2024.

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