Petrobras reports the beginning of the binding phase related to the sale of part of its stake in exploratory blocks belonging to the BM-PAMA-3 and BM-PAMA-8 concessions, located in the Pará-Maranhão Basin.

Those qualified 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 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 the exploratory blocks 

The BM-PAMA-3 concession was acquired in the 3rd ANP Bid Round by Petrobras (100%) and is currently in the appraisal phase, due to the discovery made in well 1-BRSA-903-PAS (Harpia).

The BM-PAMA-8 concession, which comprises the PAMA-M-192 and PAMA-M-194 blocks, was acquired in the 6th ANP Bid Round. It currently belongs to the consortium formed by Petrobras (operator - 80%) and Sinopec Exploration and Production (Brazil) Ltda. (20%) and is in the 2nd Exploratory Period.