Petrobras announces E&P teaser in the Espírito-Santo Basin (Cowan)

December 3, 2019

Petróleo Brasileiro S.A. – Petrobras announces that it has started the opportunity disclosure stage, referring to the sale of its interest in two onshore exploratory blocks, located in the Espírito Santo Basin. Petrobras holds a 50% stake in each of the blocks, in partnership with Cowan Petróleo e Gás, which is the operator and holds the remaining 50%.

The attached teaser contains key information about the opportunity, as well as the eligibility criteria for the selection of potential participants.

The main subsequent stages of the project will be reported to the market in due course.

This announcement is in accordance with Petrobras’ divestment guidelines and with the provisions of the special procedure for assignment of rights to 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 portfolio optimization and the improvement of the company’s capital allocation, aiming at generating value for our shareholders.

About the exploratory blocks

Concessions ES-T-506_R11 and ES-T-516_R11, which include blocks ES-T-506 and ES-T-516, respectively, were acquired in the 11th ANP Bidding Round, and the contracts were signed in 2013, and are currently in the First Exploration Period.

Bids must be made by block, separately.

This material is being provided pursuant to Brazilian regulatory requirements, does not constitute an offering, under the U.S. securities laws, and is not a solicitation, invitation or offer to buy or sell any securities. The information on our website is not and shall not be deemed part of this report on Form 6-K

See teaser: Teaser-Bacia-Espirito-Santo-Ingles – Cowan

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