Petrobras is the operator of the Papa-Terra oil field, with a 62,5% stake, in partnership with Chevron, which owns the remaining 37,5%.

The Brazilian state oil company Petrobras informed yesterday afternoon, Tuesday (24/11), that the asset manager Starboard Asset Ltd offered US$90 million for its Papa-Terra oil field, located in the Campos Basin. Petrobras draws up a revitalization plan for the Campos Basin and guarantees the survival of offshore operations in Macaé

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According to Petrobras, Starboard's offer of approximately US$ 90 million was the highest, but it was still not possible to say whether both companies would reach a final agreement. “considering firm and contingent payments, and there is no deadline for the end of negotiations.”

“There is no forecast for disclosure to the market, according to the Systematic of Divestments. The signing of the contracts referring to this divestment is subject to the success of the negotiations and the obtaining of the necessary corporate approvals”, adds the company.

"Thus, it is not possible to anticipate at this time whether the operation will be completed and, if so, what will be the final amount to be paid", concludes the statement.

“Thus, on that date, negotiations began with Starboard Asset Ltda (Starboard), a fund manager that has a relevant stake in 3R OG Petroleum.”

In the statement, Petrobras says that the stage of receiving binding offers was completed on September 29, 2020 and reinforces its commitment to the broad transparency of its divestment projects and portfolio management where the subsequent stages will be disclosed to the stock market. according to the state-owned company's Divestment System.

Petrobras is the operator of the Papa-Terra oil field, with a 62,5% stake, in partnership with Chevron, which holds the remaining 37,5%. 100% of the project is for sale.

On the sale of the Papa-Terra oil field – Petrobras

• Starboard Asset Offered $90 Million
• Petrobras is the operator of Papa-Terra, with a 62,5% stake
• Chevron holds the remaining 37,5%
• PSO P-63 started production in 2013
• P-61, the only Tension Leg Wellhead Platform (TLWP) type installed in the country, started production in 2015
• Failed to reach initially projected production levels
• Petrobras estimates good possibilities for expanding production

The Papa-Terra field, in the Campos Basin, has a concession contract signed with ANP until 2032. Round Zero area, not committed to local content.