Last Thursday (November 6th), at a formal ceremony in Lima, Petrobras completed the sale of 100% of the shares of its wholly-owned subsidiary Petrobras Energia Peru (PEP) to the China National Petroleum Corporation (CNPC), for the sum of US$2.6 billion. The sale was finalized with a cash payment to Petrobras of US$2.2 billion, after deduction of the due tax and fulfilment of all the conditions set down in the contract that was signed on November 13, 2013.

The transaction included: 100% of Lot X, a mature field that produced 13,000 barrels of oil equivalent per day in 2013; a 46.16% stake in Lot 57, an operational field producing natural gas and condensate, operated by the partner, Repsol; and 100% of Lot 58, an exploration block close to Lot 57, where significant discoveries of natural gas and condensate have recently been made.

Petrobras has been active for 10 years in Peru, with notable performance in exploration and production, having applied its technical knowledge and experience to discovery, development and production in Lots X, 57 and 58, thereby contributing to the growth of the oil and gas sector in that country.