Petrobras, following up on the releases disclosed on 17/04/2024, informs that it has signed, on Thursday (4/25), contracts for the assignment of its entire stake in the Cherne and Bagre fields, located in shallow waters in the Campos Basin, to Perenco Petróleo e Gás do Brasil Ltda (Perenco). Production from the two fields was interrupted in March 2020 and the respective platforms have been mothballed ever since.

The amount to be received by Petrobras from the transaction is US$ 10 million, of which US$ 1 million have been paid on today’s date and the remainder at the closing of the transaction, subject to the adjustments provided for in the contract.

The transfer of these fields by Petrobras to Perenco offers the prospect of production being resumed by the new operator, making it a more advantageous alternative for Petrobras compared to the option of decommissioning the facilities and relinquishment of the concessions to the ANP. At the same time, this transaction will allow Petrobras to direct its investments in the E&P segment towards assets that are more in line with the company's strategy, which involves, among other factors, the increasing decarbonization of operations.

There will be no loss or transfer of any Petrobras employees as a result of the transfer of the assets, since the majority of individuals associated to the assets have already been relocated to other company activities. The workforce required to maintain the mothballed assets until closing, will be subsequently integrated into other Petrobras operations after the asset transfer is completed.

This disclosure is in accordance with Petrobras' internal rules and applicable legislation.

About Cherne and Bagre fields

The Cherne and Bagre fields were acquired through the National Petroleum, Natural Gas and Biofuels Agency's (ANP) Zero Bid Round. The fields are located in the Campos Basin, 73 km off the coast of the state of Rio de Janeiro, in water depths ranging from 108 to 150 m. Until production ceased in March 2020, the Cherne and Bagre fields produced through the PCH-1 and PCH-2 platforms, which are currently mothballing. In May 2022, the process for returning the Cherne and Bagre concessions was initiated with the ANP, and Petrobras began planning for the decommissioning of the production facilities associated with these fields.

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 Perenco

Perenco Petróleo e Gás do Brasil Ltda is a subsidiary of Perenco S.A., one of the largest independent oil and gas companies, with operations in 14 countries. In Brazil, Perenco has been operating the Carapeba, Pargo and Vermelho fields, located in shallow waters in the Campos Basin, since 2019.