Thursday 16 July 2020

Petrobras, following up on the release disclosed on 07/24/2019, reports that it has today completed the sale of its entire stake in the ten fields that comprise the Pampo and Enchova Clusters, located in shallow water in the Campos Basin in the state of Rio de Janeiro, to Trident Energy do Brasil LTDA, a subsidiary of Trident Energy L.P.

The transaction was concluded with the payment of US$ 365.4 million to Petrobras, after all of the previous conditions had been met, and considering adjustments provided for in the contract and other conditions subsequently agreed between the parties, and provides for contingent payment of an additional amount of US$ 650 million, including US$ 200 million disclosed on 07/24/2019. 

The amount received at the closing of the transaction is added to the amount of US$ 53.2 million paid to Petrobras at the signing of the sales agreement, totaling US$ 418.6 million.

This transaction is in line with the portfolio optimization strategy and the improvement of the company’s capital allocation, increasingly concentrating its resources in deep and ultra-deep waters, where Petrobras has demonstrated great competitive edge over the years.