Petrobras reports that it has signed today with Perenco the contracts for the full sale of Petrobras’ stake in the fields of Pargo, Carapeba and Vermelho, the so-called Polo Nordeste, located in shallow waters off the coast of Rio de Janeiro state.

The assets

The Pargo field was discovered in 1975, and the fields of Carapeba and Vermelho in 1982, whereas their production was started in 1988. These concessions were granted to Petrobras in 1998 in the so-called Bidding Round Zero.

Currently, these fields’ production system is integrated and consists of seven jacket fixed platforms, with current production of approximately 9,000 barrels of oil per day, which is exported through the Garoupa platform (PGP-1) and goes to the continent via pipeline to the Cabiúnas Terminal.

The transaction

The value of the transaction is US$ 370 million, 20% of which (US$ 74 million) to be paid on the signing and the remainder in the closing of the transaction, considering the adjustments due.

Perenco will operate the assets from the closing of the transaction, which is subject the fulfillment of the precedent conditions defined in the contract of purchase and sale, such as the approval of the National Agency of Petroleum, Natural Gas and Biofuels (ANP) and issue of new Operation Licenses by IBAMA.

This project was the result of a competitive process and is part of Petrobras’ Partnerships and Divestments Program, aligned to the 2018-2022 Business and Management Plan, which provides for continuous portfolio management and focus on investments in Brazilian deepwater.

The disclosure to the market herein is in compliance with Petrobras' divestment methodology and is aligned with the provisions of the special procedure for the sale of exploration, development and production of petroleum, natural gas and other fluid hydrocarbons rights, provided for in Decree 9.355/2018.

About Perenco

With 450 thousand boepd in operated production, Perenco is an independent European company, one of the leaders in the Oil and Gas segment. Perenco has a balanced portfolio of onshore and offshore production, development, and exploration assets located in various countries around the world, built within a robust strategy of acquisitions and organic growth.