Petrobras releases teaser for E&P in Espírito Santo Basin – Golfinho and Camarupin Clusters

January 15, 2020 –

Petróleo Brasileiro S.A. – Petrobras reports that it has started the opportunity disclosure stage (teaser), referring to the sale of its entire stake in two sets of deep-water post-salt offshore concessions, namely Golfinho Cluster and Camarupim Cluster, located in the
Espírito Santo Basin.

The teaser, which includes key information about the opportunity, as well as the eligibility criteria for selection of potential participants, is available here: Teaser-Polos-Golfinho-Camarupim-Ingles

The main subsequent stages of the project will be reported to the market in due course.
This disclosure complies with the 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 maximizing value for its shareholders.

About the offshore clusters
Golfinho Cluster is located at a water depth between 1,300 m and 2,200 m, comprising the fields of Golfinho, oil producer, and Canapu, non-associated gas producer, and the BM-ES-23 exploratory block. The average total production of the fields between 2018 and 2019 was 15 thousand bpd of oil and 750 thousand m3/day of gas.

Camarupim Cluster is located in a water depth between 100 m and 1,050 m, comprising the unitized fields of Camarupim and Camarupim Norte, both producers of non-associated gas.

Petrobras has 100% stake in the Golfinho and Camarupim(*) Clusters concessions, with the exception of the BM-ES-23 exploratory block, in which it holds a 65% majority stake, in partnership with PTTEP (20%) and Inpex (15%). Petrobras is the operator in all concessions.

Offers can be submitted separately by Cluster or as a single offer for both Clusters.

(*) The process of acquisition by Petrobras of Ouro Preto’s stake in Camarupim Norte field was started in August 2018 and is expected to be concluded in the 1st quarter of 2020.

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.

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