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Petrobras on E&P Assets in the Santos Basin

Source: www.gulfoilandgas.com 3/31/2020, Location: South America

Petrobras, following up on the release dated 02/27/2020, announces the beginning of the binding phase referring to the sale of all its equity interest in Merluza and Lagosta fields, located in the shallow waters of Santos Basin.

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

This disclosure complies with Petrobras' divestment guidelines and is aligned 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 portfolio optimization and the improvement of the company's capital allocation, aiming at generation value for its shareholders.

About Merluza and Lagosta fileds
Operating since 1993, the Merluza fixed platform (PMLZ-1), located in a 135-meter water depth, is the oldest in operation in the Santos Basin and was installed for the production of natural gas and condensate from the field. Since April 2009, the offshore unit has also been responsible for the production of natural gas and condensate from the Lagosta field. The average production of the fields, in 2019, was 3.6 thousand boe/day. Petrobras is the exclusive concessionaire of both concessions.

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