Petrobras concludes the sale of Rio Ventura Cluster

Petróleo Brasileiro S.A. – Petrobras, following up on the release disclosed on 08/21/2020, informs that today it has concluded the sale of its total interests in eight onshore exploration and production fields, jointly called Rio Ventura Cluster, located in the state of Bahia, to 3R Rio Ventura S.A., a wholly owned subsidiary of 3R Petroleum Óleo e Gás S.A..

After fulfilling the previous conditions, the transaction was concluded with the payment of US$ 33.9 million to Petrobras, already with the adjustments provided for in the contract. The amount received at the closing is in addition to the US$ 3.8 million paid to Petrobras when the sale agreement was signed. The company will still receive the following installments, subject to adjustments: (i) US$ 16 million that will be paid in thirty months; and (ii) US$ 43.2 million of contingent payments related to future oil prices.

This disclosure is in accordance with Petrobras’ internal rules and with the provisions of the special procedure of assignment of exploration rights, development and production of oil, natural gas and other fluid hydrocarbons, provided for in Decree 9,355/2018.

This transaction is aligned with the strategy of portfolio optimization and the improvement of the company’s capital allocation, increasingly concentrating its resources on world-class assets in deep and ultra-deep waters, where Petrobras has demonstrated great competitive edge along the years.

About Rio Ventura Cluster

The Rio Ventura Cluster comprises the onshore fields of Água Grande, Bonsucesso, Fazenda Alto das Pedras, Pedrinhas, Pojuca, Rio Pojuca, Tapiranga, and Tapiranga Norte, located in the cities of Catu, Mata de São João, Pojuca, and São Sebastião do Passé, in the state of Bahia, in which Petrobras holds 100% stakes. The average production of the Rio Ventura Cluster in the first half of 2021 was approximately 780 barrels of oil per day (bpd) and 40.8 thousand m³/day of natural gas.

About 3R Petroleum Óleo e Gás S.A.

3R Rio Ventura S.A. (new corporate name of SPE Rio Ventura S.A., the entity which the present transaction was signed) is a wholly owned subsidiary of 3R Petroleum Óleo e Gás S.A., a company listed on the Novo Mercado of the Brazilian stock exchange, whose strategy is to revitalize mature onshore and offshore fields.

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