Petrobras reports that it has started the opportunity disclosure stage (teaser), referring to the sale of its entire stake of the Papa-terra field, located in deepwater in the Campos Basin.

The teaser, which includes key information about the opportunity, as well as the eligibility criteria for selection of potential participants, is available on the Petrobras website: https://www.investidorpetrobras.com.br/en/results-and-notices/teasers

The main subsequent stages of the project will be reported to the market in due course.

This disclosure complies with the Petrobras' divestment guidelines 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 and the improvement of the company’s capital allocation, aiming at maximizing value for its shareholders.

About Papa-terra field 

Papa-terra field is part of the BC-20 concession and is located at a water depth of 1,200 meters. The field started its operation in 2013 and its average oil and gas production in 2019 was 17,300 boe/day, through two platforms, P-61 type TLWP (Tension Leg Wellhead Platform) and P-63 type FPSO (Floating Production Storage and Offloading) where the entire production is processed. A Tender Assist Drilling (TAD) rig, through a charter contract, is installed along with P-61.

Petrobras is the operator of the field, with 62.5% stake, in partnership with Chevron, which holds the remaining 37.5%.