Petrobras concludes the sale of Maromba field

September 10, 2019

Petróleo Brasileiro S.A. – Petrobras, following up on the release dated 03/08/2019, reports that it has concluded today the sale of its 70% interest in the Maromba field, located in shallow waters in the Campos Basin, to BW Offshore Production do Brasil Ltda. (“BWO”).

The transaction was completed with the payment of the first installment of US$ 20 million to Petrobras, after meeting all precedent conditions and adjustments provided for in the contract. The remaining transaction amount, US$ 70 million, will be paid in two installments: (a) US$ 20 million within 15 business days of the startup of well drilling activities for field development; and (b) US$ 50 million within three months of the first oil or three years after the startup of well drilling activities for field development, whichever occurs first.

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

About the Maromba field

The Maromba field comes from block BC-20 awarded to Petrobras in Round Zero and is located in shallow waters, south of the Campos Basin, near the Peregrino and Papa-Terra fields that are currently in production. The commercial feasibility statement of the field took place in 2006, being a heavy oil carrier (16o API), but not yet developed. BWO becomes the field operator after the acquisition of stakes from Petrobras (operator, owning 70%) and Chevron (30%).

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