We have completed the sale of exploratory block BM-S-8

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This Tuesday, we completed the sale transaction for our stakes in exploratory block BM-S-8 to Statoil Brazil Oil and Gas LTDA, as announced on July 29, 2016.

The transaction was completed with Statoil’s payment, made today, of $1.25 billion, corresponding to half of the total amount of the transaction, after all contract conditions had been met, such as approval by the Administrative Council for Economic Defense (CADE) and the National Petroleum Agency (ANP). The remaining amount will be paid through contingent installments related to subsequent events, such as, for example, the signing of the Production Individualization Agreement (unitization).

This transaction, conducted through a competitive process, is an important part of our 2015-2016 Divestment Plan.

BM-S-8 is in the Santos Basin, and will now be operated by Statoil, with a 66 percent stake, in partnership with Petrogal Brasil S.A. (14%), Queiroz Galvão Exploração e Produção S.A. (10%), and Barra Energia do Brasil Petróleo e Gás LTDA (10%).


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