Petrobras on approval of the Búzios Coparticipation Agreement

Petróleo Brasileiro S.A. – Petrobras, following up on the release disclosed on 06/11/2021, informs that the National Agency of Petroleum, Natural Gas, and Biofuels (ANP) today approved the Búzios Coparticipation Agreement, which will regulate the coexistence of the Transfer of Rights Agreement and the Production Sharing Contract of the Transfer of Rights Surplus for the Búzios field, in the Santos Basin pre-salt.

After production and tax estimates adjustments, the total amount of compensation that the Production Sharing Contract parties owe to the Transfer of Rights Agreement party (100% Petrobras) was updated to US$ 29.0 billion, which will be recovered as Cost Oil by the contractors.

Thus, the receipt by Petrobras of the portion of the partners CNODC Brasil Petróleo e Gás Ltda. (CNODC) and CNOOC Petroleum Brasil Ltda. (CNOOC) of the compensation, in the amount of US$ 2.9 billion, should occur until the end of this month, so that the Agreement is effective on September 1st, 2021.

With the effective start of the Agreement, the participation in the Búzios shared reservoir, including the portion of the BS-500 concession contract (100% Petrobras), will be 92.6594% for Petrobras and 3.6703% for each of the partners, already considering the adjustment in the production estimate.

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