The decision was made by the Superintendence of the Administrative Council for Economic Defense (Cade). In Block C-M-657, Equinor holds a 30% stake, as does Petrobras. ExxonMobil owns a 40% interest. In Block C-M-709, Equinor holds a 20% stake, while Petrobras and ExxonMobil each hold 40%. In the documentation delivered to Cade, it is not available how the participations of Petrobras and ExxonMobil will be in the two blocks after the transfer, it only says that they will be proportional.
This operation, however, is also subject to approval by the National Petroleum Agency (ANP). Both Petrobras and Exxon justified the operation by telling Cade that the objective will be to continue the exploration of the blocks object of the operation. For Equinor, this deal is in line with its strategy of directing resources and investing in other assets in its portfolio. Cade verified that the increase in the participation of Petrobras and ExxonMobil resulting from this transaction should not cause a significant competitive impact on the market.