Petrobras begins binding phase of E&P assets in the Gulf of Mexico

Petróleo Brasileiro S.A. – Petrobras, following up on the release disclosed on 02/16/22, informs that today it started the binding phase regarding the sale of the entire 20% stake held by its subsidiary Petrobras America Inc. (PAI) in the company MP Gulf of Mexico, LLC. (MPGoM), located in Texas, USA, which owns offshore fields in the Gulf of Mexico.

Potential buyers qualified for this phase will receive a process letter with detailed instructions on the divestment process, including guidelines for due diligence and the submission of binding proposals.

This disclosure is in accordance with Petrobras’ internal rules and guidelines for divestments.

This operation is in line with the company’s portfolio management strategy and capital allocation improvement, aiming at value maximization and higher return to society.  

 About MPGoM

It is a Joint Venture Company with an 80% stake from Murphy Exploration & Production Company and 20% from PAI, created in October 2018, with the contribution of certain oil and natural gas assets in production, located in the Gulf of Mexico, of both companies.

MPGoM holds participation as operator or non-operator in 14 offshore fields in the Gulf of Mexico. Petrobras’ share of the fields’ production in 2021 was 10,4 thousand bpd of oil equivalent.

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