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Petrobras Starts Non-binding Phase of Albacora and Albacora Leste

Source: www.gulfoilandgas.com 11/17/2020, Location: South America

Petrobras, following up on the release disclosed on September 25, 2020, informs the beginning of the non-binding phase regarding the sale of all of its stakes in the Albacora and Albacora Leste concessions, located predominantly in deep waters in the Campos Basin.

Potential buyers qualified for this phase will receive instructions on the divestment process, including guidelines for the preparation and submission of non-binding proposals, as well as access to a virtual data room containing additional information about the concessions. The main subsequent stages of the project will be reported to the market in due course.

This disclosure complies with the Petrobras' internal rules and with the provisions of the special procedure for assignment of rights to 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 strategy and the improvement of the company’s capital allocation, increasingly concentrating its resources in world-class assets, that is, those that are more resilient in the face of oil price fluctuations, with less risk and greater financial return.

About Albacora and Albacora Leste

The Albacora field has an area of 455 km2 and is located in the northern area of the Campos Basin, in water depths ranging from 100 to 1,050 m, at a distance of about 110 km from Cabo de São Tomé, on the northern coast of the state of Rio de Janeiro. In October 2020, Albacora produced an average of 36,400 barrels of oil per day and 606,000 m3/day of gas. Petrobras is the operator of the field with 100% participation.

The Albacora Leste field has an area of 511.56 km2 and is located in the northern area of the Campos Basin, in water depths ranging from 1,000 to 2,150 m, at a distance of about 120 km from Cabo de São Tomé. In October 2020, Albacora Leste produced an average of 30,000 barrels of oil per day and 703,000 m3/day of gas. Petrobras is the operator of the field with a 90% stake and the remaining 10% belongs to Repsol Sinopec Brasil.

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