Petrobras Secures 26 Offshore Concession Agreements in Brazil

Petrobras has successfully secured 26 concession contracts under the 4^th Permanent Concession Offer Cycle, achieved through a partnership with Shell. These contracts were awarded during a public session conducted by the National Agency of Petroleum, Natural Gas and Biofuels (ANP) in December 2023. In this arrangement, Petrobras will act as the operator of the new concessions, holding a 70% interest in the consortium, while Shell will maintain a 30% stake.

The concession agreements pertain to a series of exploration and production blocks located in the Pelotas Basin. Specifically, the contracts cover blocks identified as P-M-1277, P-M-1279, P-M-1281, P-M-1361, P-M-1363, P-M-1441, P-M-1443, P-M-1357, P-M-1359, P-M-1439, P-M-1516, P-M-1518, P-M-1595, P-M-1597, P-M-1793, P-M-1795, P-M-1838, P-M-1840, P-M-1520, P-M-1522, P-M-1599, P-M-1674, P-M-1676, P-M-1678, P-M-1743, and P-M-1799. In addition to these, Petrobras has also acquired three more blocks, though contracts for these additional blocks will be finalized at a later date in accordance with the ANP's timetable.

Petrobras underlined the strategic importance of these new contracts in terms of expanding its operational portfolio and enhancing its role as a principal operator of oil fields in deep and ultra-deep water environments. This move aligns with the company's ongoing strategy to diversify its asset base and consolidate its leadership position within the industry. The acquisition of these blocks is expected to bolster Petrobras' capabilities in managing complex offshore projects and support its long-term growth objectives in the competitive global energy market.

Petrobras is a publicly traded company specializing in the oil, natural gas, and energy sectors. With decades of experience in exploring and producing resources from Brazilian basins, particularly in deep and ultra-deep waters, Petrobras has established itself as a global leader in the industry. The company’s operations extend beyond mere extraction, involving a comprehensive process of transporting oil and gas to refineries and treatment facilities. To ensure optimal performance, Petrobras continuously upgrades its equipment and facilities. The company prioritizes operating efficiently with minimal costs and a low carbon footprint, underscoring its commitment to sustainable development and supporting societal transitions toward more sustainable energy practices. Petrobras is a government-controlled private entity, overseen by the Federal Government. As of February 29, 2024, the Federal Government directly held 50.26% of the company's common shares and 28.67% of its total share capital. In Brazil, Petrobras shares can be traded on B3, the Brazilian stock exchange. Common shares are listed under the code PETR3, while preferred shares are listed under PETR4. Petrobras has three business units dedicated to biofuels and employs over 40,400 people.