December 27, 2019
Petróleo Brasileiro S.A. – Petrobras, following up on the press release disclosed on 4/25/2019, reports that it has completed today the sale of 50% of exploration
and production rights of the Tartaruga Verde field (concession BM-C-36) and Module III of the Espadarte field to Petronas Petróleo Brasil Ltda. (PPBL), a subsidiary of Petroliam Nasional Berhad (Petronas).
The transaction was concluded with the payment of US$ 691.9 million to Petrobras, after fulfilling all precedent conditions set forth in the contract.
The company had already received US$ 258.7 million as deposit on the signature date on
04/25/2019.
This operation brings a new upstream player to Brazil and reinforces our deepwater E&P
partnership strategy.
The transaction is in line with the portfolio optimization and the improvement of the company’s capital allocation, aiming at creating value for our shareholders.
About the fields
Petrobras will keep a 50% stake and the operation of the fields. The Tartaruga Verde field began its operations on 6/22/2018 and has a current output of about 103,000 bpd of oil and 1.2 million m³ of gas per day. Module III is an area within the Espadarte field to be developed in integration with the Tartaruga Verde field, with the first oil expected in 2021.
About Petronas
Established in 1974, Petronas is Malaysia’s fully integrated oil and gas multinational ranked among the largest corporations on Fortune Global 500®. As the custodian of Malaysia’s national oil and gas resources, the company explore, produce and deliver energy to meet society’s growing needs. The growing demand for energy inspires and strengthens their purpose to steadily drive for new solutions and push boundaries towards a sustainable energy future.
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