Petrobras announces divestment of Cherne and Bagre fields

Petrobras, following up on the disclosures made on April 17, 2024, and April 25, 2024, announces that it has concluded today the transfer of its entire participation (100%) in the Cherne and Bagre fields, located in shallow waters in the Campos Basin, to Perenco Petróleo e Gás do Brasil Ltda (“Perenco”).

The Cherne and Bagre fields had their production halted in March 2020, and their respective production facilities have been mothballed since then. The transfer of these fields to Perenco includes compensation adjustments to be paid by Petrobras related to the asset’s integrity and brings the prospect of resuming production by the new operator, offering an alternative to their decommissioning by Petrobras.

Petrobras’ own employees involved in the operation of these assets will be relocated to other operations within the company.

This disclosure is in accordance with Petrobras’ internal regulations and applicable legislation.

About the Cherne and Bagre fields

The Cherne and Bagre fields were acquired through the Zero Round of the National Agency of Petroleum, Natural Gas and Biofuels (ANP). The fields are located in the Campos Basin, 73 km offshore from the state of Rio de Janeiro, in water depths ranging from 108 to 150 meters. Until production was halted in March 2020, the Cherne and Bagre fields produced through the PCH-1 and PCH-2 platforms, which are currently mothballed.

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 13 countries. In Brazil, Perenco has been operating the Carapeba, Pargo and Vermelho fields since 2019, which make up the Pargo Pole, located in shallow waters in the Campos Basin.