Petrobras: We have started the sale of assets in Nigeria

We have started the sale of assets in Nigeria

We are at the teaser stage for the opportunity regarding the process of divesting 100 percent of our interest in Petrobras Oil & Gas B.V. (POGBV), a joint venture formed by us (50%), BTG Pactual E&P B.V. (40%), and Helios Investment Partners (10%). We are leading the sales process.

POGBV holds stakes in two world-class deepwater blocks in Nigeria, where the Akpo and Agbami production fields, the Egina field, which is in its development phase and where production is scheduled to begin in late 2018, and the Preowei discovery, which is currently under evaluation, are located. The giant Akpo and Egina fields are operated by Total, while the Agbami field is operated by Chevron.

The appropriation of POGBV’s net reserves totals approximately 204 million barrels. Current production there stands at 48,000 barrels per day, and it is expected to reach about 75,000 barrels per day until 2019.

The teaser, which features the main information on the opportunity, as well as the objective criteria for the selection of potential process participants, is available at Petrobras’ website:

The main subsequent steps of our divestment project will be disclosed as follows:

· Beginning of the non-binding stage (when applicable);
· Beginning of the binding stage;
· Granting of exclusivity for negotiation (when applicable);
· Approval of the transaction by the senior management (Executive Board and Board of Directors) and signature of the contracts;
· Closing of the transaction.

This disclosure is in line with Petrobras’ system used for divestitures, which was reviewed and approved by the company’s Executive Board and is aligned with the guidelines set forth by the Federal Court of Auditors (TCU).