Petrobras announces start of binding phase for the sale of onshore fields in Recôncavo Cluster

Sept 6, 2019

Petrobras, following up on the release dated 07/03/2019, reports the beginning of the binding phase to sell all of its stakes in 14 onshore exploration and production concessions, located in the state of Bahía, jointly called Recôncavo Cluster.

Qualified parties for this phase will receive a process letter with detailed instructions on the divestment process, including guidelines for due diligence and submission of binding proposals.

This release complies with Petrobras’ divestment methodology and is aligned with the provisions of the special procedure for the sale of the rights to exploration, development and production of oil, natural gas and other fluid hydrocarbons, provided for in Decree 9,355/2018.

This operation is in line with the company’s portfolio optimization and improvement of capital allocation, aiming at creating value for our shareholders.

About Recôncavo Cluster

The Recôncavo Cluster comprises the 14 onshore concessions of Aratu, Cambacica, Candeias, Cexis, Dom João, Dom João Mar, Guanambi, Ilha de Bimbarra, Mapele, Massui, Pariri, São Domingos, Socorro abd Socorro Extensão, located in the state of Bahía, in the municipalities of Candeias, Salvador, Santo Amaro, São Francisco do Conde, São Sebastião do Passé and Simões Filho. Petrobras is the operator with 100% interest of these fields. The total average production in 2018 was about 2.8 thousand boe of oil and 588 thousand m3/ day of gas.

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