Petrobras signed yesterday (25/04) the assignment of participation in 34 terrestrial fields in Rio Grande do Norte.

The total amount of the transaction is US$ 384.2 million to be paid in three installments: i) US$ 28.8 million paid today; ii) US$ 293.9 million at the closing date, subject to adjustments; and (iii) US$ 61.5 million as earn-out linked to the approval, by the National Agency for Petroleum, Natural Gas and Biofuels (ANP), of the contractual term extension of 10 of the 34 concessions under the transaction.

Petrorecôncavo S.A., which submitted the second-best offer in the competitive process, was selected after the disqualification of 3R Petroleum.

The fields included in this transaction are: Acauã (AC), Asa Branca (ASB), Baixa do Algodão (BAL), Boa Esperança (BE), Baixa do Juazeiro (BJZ), Brejinho (BR), Cachoeirinha (CAC), Cardeal (CDL), Colibri (CLB), Fazenda Curral (FC), Fazenda Junco (FJ), Fazenda Malaquias (FMQ), Jaçanã (JAN), Janduí (JD), Juazeiro (JZ), Lorena (LOR), Leste de Poço Xavier (LPX), Livramento (LV), Maçarico (MRC), Pardal (PAR), Patativa (PAT), Pajeú (PJ), Paturi (PTR), Poço Xavier (PX), Riacho da Forquilha (RFQ), Rio Mossoró (RMO), Sabiá (SAB), Sabiá Bico de Osso (SBO), Sabiá da Mata (SDM), Sibite (SIB), Três Marias (TM), Trinca Ferro (TRF), Upanema (UPN) and Varginha (VRG).

All concessions are 100% Petrobras, except for Cardeal and Colibri fields, where Petrobras holds a 50% stake, with Partex as operator with a 50% stake, and Sabiá da Mata and Sabiá Bico-de-Osso fields where Petrobras holds a 70% stake, with Sonangol as operator with a 30% stake.

The three operations are in compliance with Petrobras' divestment methodology and in line with Decree 9.188/2017, which establishes the special disinvestment regime of federal mixed-capital companies, and Decree 9.355/2018, which provides for the special procedure for the sale of rights to exploration, development and production of oil, natural gas and other fluid hydrocarbons, as applicable.