Petrobras and Total Initiate Sale of Interest in Brazil Block BM-P-2 in the Pelotas Basin

Updated 1 year 5 months ago

Petrobras has started the opportunity disclosure stage, referring to the sale of its interest in the concession BM-P-2, located in the Pelotas Basin, in the state of Rio Grande do Sul. Petrobras and Total are partners in this concession and each has a 50% stake, with Petrobras as the operator. It will be a joint divestment, between 30% and 65% of participating interest. The main subsequent stages of the project will be reported to the market in due course.

This announcement is in accordance with Petrobras' divestment guidelines and with the provisions of the special procedure for assignment of rights to exploration, development, and production of oil, natural gas and other fluid hydrocarbons, provided for in Decree 9,355/2018. The BM-P-2 concession is located in the Pelotas Basin in water depths between 1,000 and 2,000 m and was acquired by Petrobras (100% interest) in 2004 in ANP's sixth bidding round. Total became a partner with the acquisition of a 50% stake in 2013.