Petrobras Concludes the Sale of Onshore Field in Sergipe

Source: www.gulfoilandgas.com 10/11/2021, Location: South America

Petrobras, following up on the release disclosed on 05/10/21, informs that it concluded on 10/08/2021 the sale of its 50% stake in the onshore field of Rabo Branco, located in the Sergipe-Alagoas Basin, in the State of Sergipe, to the company Petrom Produção de Petróleo & Gás Ltda. (Petrom).

The sale to Petrom resulted from the exercise of the company's right of first refusal provided for in the contract. After compliance with all the precedent conditions, the transaction was concluded for the sale price of US$ 1.5 million, which had already been fully deposited in a guarantee account in favor of Petrobras on the date the purchase and sale agreement was signed, on 05/07/2021.

This disclosure is in accordance with Petrobras' internal rules and 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 aligned with the company's strategy of portfolio optimization and capital allocation improvement, increasingly concentrating its resources in world-class assets in deep and ultra-deep waters, where Petrobras has shown great competitive edge over the years.

About Rabo Branco field
The Rabo Branco onshore field is part of the BT-SEAL-13 concession, located south of the Carmópolis field, in the Sergipe-Alagoas Basin, in the state of Sergipe. The field's average production in 2020 was 131 bpd. Petrobras had a 50% stake, in partnership with Petrom.

About Petrom
Petrom is a special purpose company (SPE) formed to manage the activities developed in the Rabo Branco field, in which it is the operator and now holds 100% stake.


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