Petrobras discloses binding phase in E&P assets

December 3, 2019 –

Petróleo Brasileiro S.A. – Petrobras, following up on the release dated on 09/30/2019 and 10/15/2019, reports on the beginning of the binding phase regarding the sale of its interests in eight onshore exploratory blocks located in the Recôncavo Basin.

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

This disclosure complies with Petrobras’ divestment guidelines and is aligned with the provisions of the special procedure for assignment of rights on 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

The eight onshore exploration blocks comprise the concessions REC-T-32_R12, REC-T-40_R12, REC-T-50_R12, REC-T-51_R12, REC-T-52_R12, REC-T-60_R12, REC-T-61_R12 and REC-T70_R12. The blocks are located in an area with deployed infrastructure and a proven oil system, close to fields in production. Petrobras holds 100% interest in these eight concessions. Offers must be submitted by block

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