Petrobras Material Fact – Assignment of participation in three shallow water fields of the Campos Basin

Rio de Janeiro, November 28, 2018 – Petróleo Brasileiro SA – Petrobras announces that it has signed with Perenco the contracts for the transfer of Petrobras’ total participation in the Pargo, Carapeba and Vermelho fields, called the Northeast Pole, located in shallow waters off the coast of the state of Rio de Janeiro.

The assets

The Pargo field was discovered in 1975 and the Carapeba and Vermelho fields in 1982 and its production started in 1988. These concessions were granted to Petrobras in 1998 in the so-called Round Zero of bids.

Currently, the production system for these fields is integrated and consists of seven fixed jacket platforms, with current production of around 9,000 barrels of oil per day, which is exported through the Garoupa platform (PGP-1), following through from the pipeline to the mainland to the Cabiúnas terminal.

The transaction

The value of the transaction is US $ 370 million, of which 20% (US $ 74 million) is paid at signature and the rest will be paid at the closing of the transaction, considering the adjustments due.

Perenco will start operating the assets as of the closing of the transaction, which is subject to compliance with the conditions precedent provided in the purchase and sale agreement, such as the approval of the National Agency for Petroleum, Natural Gas and Biofuels (ANP) and obtaining of the new Operating Licenses by IBAMA.

This project was the result of a competitive process and is part of Petrobras’ Partnerships and Divestments Program, in line with the Business and Management Plan 2018-2022, which provides for continuous portfolio management, focusing on deepwater investments in Brazil.

The present disclosure to the market is in line with Petrobras’ Disinvestment System and in line with the provisions of the special procedure for the assignment of rights to explore, develop and produce oil, natural gas and other fluid hydrocarbons, provided for in Decree 9.355 / 2018.

About Perenco

Perenco is an independent European company, one of the leaders in the Oil and Gas segment. Perenco has a balanced portfolio of production, development and exploration assets, land and sea, located in several countries and was built on a robust strategy of acquisitions and organic growth.

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