Petrobras announces that its Board of Directors, in a meeting held today, approved the sale of 100% of the shares issued by Petrobras Colombia Limited (PEC) to Perenco for US$ 380 million.

The Petrobras Colombia assets involved in the transaction include interests in 11 onshore exploration and production blocks with net average production of 6,530 boed (barrels of oil equivalent per day), besides the Colombia and Alto Magdalena oil pipelines, with a carry capacity of 14,950 bpd (barrels per day) and 9,180 bpd, respectively.

Completion of the deal is subject to the usual conditions, including approval by Colombia's National Hydrocarbons Agency – ANH.

Petrobras will continue to run its offshore exploratory blocks in Colombia, as well as its distribution business, and press ahead with its single-block onshore exploratory operation.

This deal represents another important step in Petrobras' Divestment Program (Prodesin), part of the 2013-2017 Business and Management Plan.