UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
6-K
Report
of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of the
Securities
Exchange Act of 1934
For
the month of September, 2020
Commission
File Number 1-15106
PETRÓLEO
BRASILEIRO S.A. – PETROBRAS
(Exact
name of registrant as specified in its charter)
Brazilian
Petroleum Corporation – PETROBRAS
(Translation
of Registrant's name into English)
Avenida
República do Chile, 65
20031-912 – Rio de Janeiro, RJ
Federative Republic of Brazil
(Address
of principal executive office)
Indicate
by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form
20-F ___X___ Form 40-F _______
Indicate
by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information
to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes
_______ No___X____
Petrobras on E&P portfolio revision
—
Rio de Janeiro, September
14, 2020 – Petróleo Brasileiro S.A. – Petrobras reports on the revision of the Exploration & Production
(E&P) segment portfolio in face of the crisis caused by COVID-19. The revision aims to maximize the value of the E&P portfolio,
focusing on world-class assets in deep and ultra-deep waters.
The portfolio revision is
in line with the price assumptions disclosed in the first quarter results. In addition, the following guidelines were considered:
(a) focus on deleveraging, reaching the gross debt target of US$ 60 billion in 2022; (b) focus on resilience, prioritizing projects
with Brent price breakeven of not more than US$ 35/barrel and aligned to the company's strategy and; (c) revision of the entire
investment and divestment portfolios.
As a result of the portfolio
revision, Petrobras estimates a Capex for E&P of approximately US$ 40-50 billion for 2021-2025, as compared to the US$ 64 billion
announced in the 2020-2024 Strategic Plan. In addition to the effect of the devaluation of the Real, the following should be highlighted:
(a) optimization in exploratory investments, keeping the commitments agreed with the National Agency of Petroleum, Natural Gas
and Biofuels, (b) avoided Capex associated with divestments and (c) revision of the investment portfolio, considering optimizations,
postponements and cancellations.
E&P estimated investment 2021-2025
US$ billion
|
|
1 Impact of new exchange rate assumptions
2 Includes: period change, optimizations, postponements, cancellations,
R&D adjustment, risk factor (probabilistic analysis) and others
|
Búzios and the other
pre-salt assets will become even more important in the company's portfolio, representing 71% of the total E&P investment for
2021-2025, against 59% in the 2020-2024 Strategic Plan. Investments in these world-class assets, in which we are the natural owners,
are in line with our strategic pillars and are resilient to lower oil prices.
Estimated investment
E&P 2021-2025
|
|
|
As a result of the portfolio
revision, Petrobras has decided to include new assets in its divestment portfolio.
The potential impact on the
production curve, as well as the start-up schedule for the new platforms, will be announced at Petrobras day 2020, scheduled for
the end of November, after the conclusion and approval of the 2021-25 Strategic Plan.
Petrobras reaffirms its strategic
pillars and will continue its execution with the objective of creating sustainable value for its shareholders.
This report on Form 6-K shall be
deemed to be incorporated by reference into (i) the Offer to Purchase dated September 10, 2020, relating to the previously announced
tender offers by Petrobras Global Finance B.V., a wholly-owned subsidiary of Petróleo Brasileiro S.A. – Petrobras,
and (ii) the Registration Statement on Form F-4 No. 333-239714, filed with the Securities and Exchange Commission (“SEC”)
on July 6, 2020, as amended on July 28, 2020, and the related prospectus, filed with the SEC pursuant to Rule 424(b)(3) on August
17, 2020.
www.petrobras.com.br/ri
For more information:
PETRÓLEO BRASILEIRO S.A. – PETROBRAS
| Investors Relations
email: petroinvest@petrobras.com.br/acionistas@petrobras.com.br
Av. República do Chile, 65 – 1803
– 20031-912 – Rio de Janeiro, RJ.
Tel.: 55 (21) 3224-1510/9947 | 0800-282-1540
This document may contain forecasts
within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities
Trading Act of 1934, as amended (Trading Act) that reflect the expectations of the Company's officers. The terms: "anticipates",
"believes", "expects", "predicts", "intends", "plans", "projects",
"aims", "should," and similar terms, aim to identify such forecasts, which evidently involve risks or uncertainties,
predicted or not by the Company. Therefore, future results of the Company's operations may differ from current expectations, and
the reader should not rely solely on the information included herein.
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
Date: September 14, 2020
PETRÓLEO BRASILEIRO
S.A–PETROBRAS
By: /s/ Andrea Marques de Almeida
______________________________
Andrea
Marques de Almeida
Chief Financial Officer and
Investor Relations Officer
Petroleo Brasileiro ADR (NYSE:PBR)
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