Sale of Tartaruga Verde and Module III of Espadarte Fields:Opportunity Disclosure - Teaser


Rio de Janeiro, April 03, 2018 – Petróleo Brasileiro S.A. – Petrobras informs that it has started the opportunity disclosure stage (“Teaser”) related to the sale of its 50% non-operated working interest in Tartaruga Verde field (BM-C-36 Concession) and Module III of Espadarte field, both deep water offshore exploration and production assets located in the Campos Basin.

Tartaruga Verde Field

Petrobras has a 100% working interest in Tartaruga Verde field.  One of the reservoir field extends beyond the BM-C-36 concession limit and has a Production Individualization Agreement (AIP) signed with PPSA.

The first oil is expected for the second quarter of 2018, and it must reach a peak of production above 100 thousand barrels per day in 2019, with all the production being drained by the FPSO Cidade de Campos dos Goytacazes.

Module III of Espadarte field

Petrobras has a 100% working interest in Module III of Espadarte field. The development of the production of this module will be carried out by interconnecting a well to the same FPSO allocated in Tartaruga Verde field.

The first oil is expected for the first quarter of 2021, with peak production reaching 10.5 thousand barrels per day.

The Teaser containing key information about the opportunities, as well as the objective criteria for the selection of prospective purchasers, is available on Petrobras’ website:

Besides the Teaser, the main subsequent phases of each divestment project will be disclosed, as detailed below:

•    Start of the non-binding phase (if applicable);
•    Start of the binding phase;
•    Concession of exclusive negotiation (if applicable);
•    Transaction approval by Senior Management (Executive Board and Board of Directors) and signature of contracts;
•    Closing.

The disclosure to the market herein is in compliance with Petrobras' divestment methodology and is aligned with the guidelines of the Federal Accounting Court (TCU).

This material is being provided pursuant to Brazilian regulatory requirements, does not constitute an offering, under the U.S. securities laws, and is not a solicitation, invitation or offer to buy or sell any securities. The information on our website, which is accessible through hyperlink resulting from this URL, is not and shall not be deemed part of this report on Form 6-K.