Petrobras announces that it has started the opportunity disclosure stage ( teaser), 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.

This transaction is in line with the portfolio optimization and the improvement of the company’s capital allocation, aiming at generating value for our shareholders.

About the exploratory blocks

The BM-P-2 Concession is located in the Pelotas Basin deep waters , in water depths between 1,000 m and 2,000 m, and was acquired by Petrobras (100% interest) in 2004 in the 6th Bidding Round of the National Agency of Petroleum, Natural Gas and Biofuels (ANP). Total became a partner with the acquisition of a 50% stake in 2013.

Currently, the concession contemplates the exploratory blocks P-M-1269, P-M-1271, P-M-1351 and P-M-1353 and is strategically positioned in relation to the 18th ANP Bidding Round, scheduled for 2021, in which blocks from the Pelotas Basin shall be selected. This concession presents a reduced exploratory commitment with the potential to prove significant volumes and establish a position in a new exploratory frontier.

About Petrobras

Petrobras has upwards of 100 production platforms, 16 refineries, 30,000 kilometers of pipelines and more than 6,000 service stations. Our proved reserves are around 14 billion barrels of oil, a figure expected to double in the next few years. With the discovery of oil and gas in the pre-salt region, Brazil may become the world's fourth biggest oil producer in 2030.

We have built a track record of overcoming challenges since 1953, when the company was created. The main one was developing technology to explore and produce oil in deep and ultra-deep waters, where upwards of 90% of our reserves are nestled. With innovation and daringness, we are now the Brazilian company that makes the applies for the most patents in Brazil and abroad.

About Total

Total is a major energy player, which produces and markets fuels, natural gas and low-carbon electricity. Our 100,000 employees are committed to better energy that is safer, more affordable, cleaner and accessible to as many people as possible. Active in more than 130 countries, our ambition is to become the responsible energy major.