Petrobras on onshore fields sale in Ceará

August 14, 2020

Petróleo Brasileiro S.A. – Petrobras, following up on the release disclosed on 06/18/2018, informs that it signed today with SPE Fazenda Belém S.A., a wholly-owned subsidiary of 3R Petroleum e Participações S.A., a contract for the sale of its entire interest in the onshore fields of Fazenda Belém and Icapuí, called Fazenda Belém Cluster, located in the Potiguar Basin, in the state of Ceará.

The sale amount is US$ 35.2 million, of which (i) US$ 8.8 million will be paid on the contract signature date; (ii) US$ 16.4 million at closing of the transaction; and (iii) US$ 10 million will be paid in twelve months after closing of the transaction. The amounts do not consider the adjustments due and are subject to compliance with previous conditions, such as approval by the National Agency of Petroleum, Natural Gas and Biofuels (ANP).

This disclosure is in accordance with Petrobras’ internal rules and 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 strategy of portfolio optimization and improvement of the company’s capital allocation, focusing its resources increasingly on deep and ultra-deep waters, where Petrobras has shown great competitive edge over the years.

 About Fazenda Belém Cluster

The cluster comprises the onshore fields of Fazenda Belém and Icapuí, located in the state of Ceará, where Petrobras holds 100% interest. The average production of the Fazenda Belém Cluster from January to April 2020 was approximately 800 barrels of oil per day (bpd).