PetroRio Jaguar Petróleo Ltda. agreed to acquire 90% stake in Albacora Leste concession from Petróleo Brasileiro S.A. - Petrobras (BOVESPA:PETR4) for $2.2 billion on April 27, 2022. PetroRio Jaguar Petróleo Ltda. signed a contract to acquire 90% stake in Albacora Leste concession from Petróleo Brasileiro S.A. - Petrobras on April 28, 2022. The total amount of the sale is up to $2.20 billion, of which (a) $292.7 million will be paid on the contract execution date; (b) $1.658 billion at the closing of the transaction and (c) up to $250 million in contingent payments, depending on future Brent quotations. The Board of Directors of Petrobras approved the deal. The amounts do not consider adjustments due until the closing of the transaction, which is subject to compliance with certain precedent conditions, such as the non-exercise of the right of first refusal by the current consortium member Repsol Sinopec Brasil, the approval by the Administrative Council for Economic Defense (CADE) and by the National Agency of Petroleum, Natural Gas and Biofuels (ANP). The transaction is unconditionally approved by Brazil's competition watchdog CADE. On September 8, 2022, Executive Board approved the end of the competitive process for the sale of the Albacora concession, which will be maintained in its entirety in Petrobras' portfolio, as it was not possible to converge on conditions that would reflect the valuation of the asset for Petrobras. Thus, the company will continue with the Albacora revitalization project, The decision to end the Albacora sale process does not affect the ongoing divestment of the Albacora East field, whose sale contract was signed with PetroRio S.A. on April 28, 2022 & Petrobras remains committed to closing this transaction. As of November 23, 2022, the transaction is approved by Brazil's national oil and gas agency ANP.

Scotia Capital (USA) Inc. acted as financial advisor to Petróleo Brasileiro and Morgan Stanley acted as financial advisor to Petro Rio.