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Petrobras acquires 29 blocks in ANP's Permanent Offer auction

The company prioritized partnerships and diversifying its portfolio, adding a new exploratory frontier to existing production in the pre-salt

Published in 13/12/2023 at 13:58:20

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Petrobras was the big winner of the 4th Cycle of the Permanent Offer. The company acquired 29 blocks in the Pelotas Basin, under the concession regime, in an auction held today (Dec 13th) by the National Agency of Petroleum, Natural Gas and Biofuels (ANP). The company prioritized assets in offshore areas and operated in consortium with other companies.

Petrobras will be the operator in all the blocks acquired, three in a consortium with Shell (30%) and CNOOC (20%) and 26 in a consortium with Shell alone (30%). The new blocks are in the coastal area of Rio Grande do Sul.

The total amount of the signing bonus to be paid by the company is R$ 116 million. This amount represents less than 1% of the investments approved in the 2024-2028 Strategic Plan and was already foreseen in the Plan.

Strategy

Petrobras acted selectively in the auction, reflecting the strategy of recomposing its exploration portfolio through new frontiers with geological potential.

Currently, almost 80% of the company's production is concentrated in the pre-salt, which continues to be its main asset with a great economic and environmental competitive advantage, with the production of better-quality oil with lower greenhouse gas emissions.

In addition to the investments in the pre-salt and in the Brazilian Equatorial Margin, Petrobras seeks to ensure the sustainability of future oil and gas production, which will be developed in an integrated manner with other energy sources and will contribute to the energy transition process taking place in a fair, safe and sustainable manner. This 29 blocks add to the company's current portfolio of 47 blocks.

The acquisition of the 29 exploratory blocks will ensure the incorporation of more than 20 thousand km2 to the current portfolio of about 30 thousand km2 amounting to an increase of 67% of the exploratory area.

"New frontiers, such as the blocks acquired today, are essential for energy demand to be met. For this reason, we seek to replenish reserves and develop new exploratory frontiers that ensure that we meet energy demand during the energy transition with the lowest possible carbon footprint" said Petrobras CEO Jean Paul Prates.

"We are committed to developing these areas with the most advanced decarbonization technologies, with safety and social and environmental responsibility, as well recognized in all Petrobras operations," said Ana Paula Zettel, executive manager of Partnerships and E&P Processes at Petrobras.

Partnership

Petrobras participated in the auction through competitive consortia in line with its strategy of strengthening partnerships, sharing risks and combining technical and technological skills. The companies identified a good geological potential in these areas, which supported their competitive proposals.

Both Shell and CNOOC are already part of other partnerships with Petrobras in the E&P segment.

After the auction held today, there will be the qualification stage of the winning bidders and subsequent signing of the contracts.

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