On April 17, 2024, Petroleo Brasileiro SA Petrobras (Petrobras) announced the approval by its Executive Board of the sale of its entire stake in the Cherne and Bagre fields to Perenco Petróleo e Gás do Brasil Ltda. These fields, located in the Campos Basin in shallow waters off the coast of Rio de Janeiro, have been mothballed since production was halted in March 2020. Petrobras will receive US$ 10 million from the sale, with US$ 1 million paid upon contract signing and the remainder at transaction closing, subject to contractual adjustments. The sale to Perenco is seen as beneficial for Petrobras, offering the possibility of production resumption by the new operator, as opposed to decommissioning and relinquishing the concessions. This move aligns with...Show More

On April 17, 2024, Petroleo Brasileiro SA Petrobras (Petrobras) announced the approval by its Executive Board of the sale of its entire stake in the Cherne and Bagre fields to Perenco Petróleo e Gás do Brasil Ltda. These fields, located in the Campos Basin in shallow waters off the coast of Rio de Janeiro, have been mothballed since production was halted in March 2020. Petrobras will receive US$ 10 million from the sale, with US$ 1 million paid upon contract signing and the remainder at transaction closing, subject to contractual adjustments. The sale to Perenco is seen as beneficial for Petrobras, offering the possibility of production resumption by the new operator, as opposed to decommissioning and relinquishing the concessions. This move aligns with Petrobras' strategy to focus on assets that support the company's decarbonization efforts. No Petrobras employees will be affected by the asset transfer, as those associated with the assets have been reassigned within the company. The transaction is consistent with Petrobras' internal policies and legal requirements, and further details will be disclosed to the market in due course.