Petrobras is the operator with an 80% stake in the oil block, in a consortium with Repsol Sinopec Brasil, which holds the remaining 20%.

Petrobras informed last night (08/09) in a material fact, the beginning of the binding phase referring to the sale of 50% to 100% of its participation, with transfer of operation, in the concession of the oil block BM-S-51 in the Basin of Santos. Petrobras opens tender for contracting flexible pipelines

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According to Petrobras, the concession acquired in 2005 and which is in the first pre-salt exploratory period, is located in water depths ranging from 350 to 1.650 meters and around 215 kilometers from the coast of São Paulo.

“Potential buyers qualified for this phase will receive an invitation letter with instructions on the divestment process, including guidelines for carrying out due diligence and for submitting binding proposals,” Petrobras said in the statement.

"This operation is in line with the optimization of the portfolio and the improvement of the company's capital allocation, aiming at the generation of value for its shareholders", completed the state-owned company.

Petrobras is the operator with an 80% stake in the oil block, in a consortium with Repsol Sinopec Brasil, which holds the remaining 20%.

About the Petrobras BM-S-51 oil block concession

The BM-S-51 concession was acquired in the 7th Bidding Round for Blocks carried out by the National Petroleum Agency – ANP in 2005 and is in the 1st Exploration Period, with the remaining commitment to drill a well to comply with the Minimum Exploration Program.