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Brazil: Petrobras announces start of binding phase for assets in the Parana Basin

04 Aug 2021

Photo - see caption

Petrobras, following up on the release disclosed on July 01, 2021, has announced the beginning of the binding phase regarding the sale of 100% of its interest in the PAR-T-175-R14, PAR-T-198-R12, and PAR-T-218-R12 Concessions, located onshore in the Paraná Basin.

Potential buyers qualified for this phase will receive a process letter with detailed instructions on the divestment process, including guidelines for due diligence and the submission of binding proposals. 

This disclosure complies with the Petrobras' internal rules 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.

This transaction is in line with the company's portfolio optimization strategy and capital allocation improvement, increasingly concentrating its resources in world-class assets in deep and ultra-deep waters, where Petrobras has shown a great competitive differential over the years.

About the Concessions

The PAR-T-198-R12 and PAR-T-218-R12 Concessions, located in the far west of the state of São Paulo, were acquired in the 12th ANP Bidding Round in 2013 and are currently in the 1st Exploratory Period and with Minimum Exploratory Program (MEP) commitments already fully met. Petrobras is the operator of the field with 100% stake.

The PAR-T-175-R14 Concession, located in the eastern portion of the State of Mato Grosso do Sul, was acquired in the 14th ANP Bidding Round in 2017 and has a Single Exploratory Period of 6 years. Petrobras is the operator of the field with 100% stake.

Photo - see caption

Click here for Paraná Basin teaser

Original article link

Source: Petrobras

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