06-05-2020

Due to current economic crisis and Covid-19 pandemic, the Board of Directors of the Petroleum Agency (“ANP”) decided, at Petrobras’ request, through the Resolution No. 223/2020, to extend to December 31, 2020, the deadline for negotiations for the assignment of onshore and shallow water fields which are part of Petrobras’ divestment program.

The purpose of this decision is to mitigate the deadlock in negotiations between Petrobras and potential buyers that presented binding offers for the acquisition of onshore and shallow water assets, some of which in post-signing and pre-closing phase.

Such deadlock was aggravated by the fact that potential buyers resorted to financing and mezzanine structures to purchase the assets offered under the Petrobras Divestment Program.
Many of those structures are no longer available in the market due to the lack of liquidity for projects whose curve has as its starting point the Brent price around $25.00/barrel.

The ANP decision benefits the following clusters:

Cluster Fields
1. Carapanaúba/
Cupiúba
Carapanaúba; and Cupiúba
2. Ceará Mar Curimã; Espada; Atum; and Xaréu
3. Cricaré Biguá; Cacimbas; Campo Grande; Córrego Cedro Norte; Córrego Cedro Norte Sul; Córrego das Pedras; Córrego Dourado; Fazenda Cedro; Fazenda Cedro Norte; Fazenda Queimadas; Fazenda São Jorge; Guriri; Inhambu; Jacutinga; Lagoa Bonita; Lagoa Suruaca; Mariricu; Mariricu Norte; Rio Itaúnas; Rio Preto; Rio Preto Oeste; Rio Preto Sul; Rio São Mateus; São Mateus; São Mateus Leste; Seriema; and Tabuiaiá
4. Fazenda Belém Fazenda Belém; and Icapuí
5. Garoupa Anequim; Bagre; Cherne; Congro; Corvina; Malhado; Namorado; Parati; Garoupa; Garoupinha; and Viola
6. Merluza Lagosta; and Merluza
7. Miranga Miranga; Fazenda Onça; Riacho São Pedro; Jacuípe; Rio Pipiri; Biriba, Miranga Norte; Apraiús; and Sussuarana
8. Peroá/Cangoá Peroá; and Cangoá
9. Recôncavo Aratu; Cambacica; Candeias; Cexis; Dom João; Dom João Mar; Guanambi; Ilha da Bimbarra; Mapele; Massui; Pariri; São Domingos; Socorro; and Socorro Extensão.
10. Remanso Brejinho; Canabrava; Cassarongongo; Fazenda Belém; Gomo; Mata de São João; Norte de Fazenda Caruaçu; Remanso; Rio dos Ovos; Rio Subauma; São Pedro; and Sesmaria
11. Rio Grande do Norte Mar Ubarana; Cioba; Oeste de Ubarana; Agulha; Pescada and Arabaiana
12. Rio Ventura Água Grande; Bonsucesso, Fazenda Alto das Pedras; Pedrinhas; Pojuca; Rio Pojuca; Tapiranga; e Tapiranga Norte
13. Sergipe Terra 1 Angelim; Aguilhada; Aruari; Brejo Grande; Ilha Pequena; and Atalaia Sul
14. Sergipe Terra 2 Sirizinho; Castanhal; and Mato Grosso
15. Sergipe Terra 3 Riachuelo
 

Our team is available for any further information.