Rio de Janeiro, October 30, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby responds to BM&FBovespa Official Letter 3251/2015-SAE which requested the following clarification:

BM&FBOVESPA OFFICIAL LETTER 3251/2015-SAE

“An article published on October 29, 2015 in the newspaper O Estado de São Paulo features the following information, among other matters:

1.     Petrobras is seeking cost reduction in the investment and operation of the Libra Field, in the pre-salt layer of the Santos Bay, to the point of the project being profitable even with the oil barrel traded at US$30.

2.     So far, the Brazilian oil company managed to cut down by 13% its expenses with acquisition of equipment and services in the entire area of exploration and production, and not only in the pre-salt layer.

This information does not seem to be present in the documents forwarded by the company through the Empresas.NET system. If this is not so, please state the document(s) and the pages in which this information can be found and the date and time said document(s) were sent.

It should be emphasized that that the company must disclose periodic, eventual and other information of interest to the market through the Empresas.NET system, thereby ensuring its ample and immediate dissemination and the equitable treatment of its investors and other market participants.

We request clarification, until 9:00 a.m. of October 30, 2015, on the content of the above-mentioned news article, with its veracity confirmed or not, as well as any other information deemed as material.”

Clarification

As disclosed in its 2015-2019 Business and Management Plan and Material Fact of October 5, 2015, Petrobras, in order to preserve its fundamental objectives of deleverage and value generation to shareholders, adjusted its investment and manageable operating expenses forecasts.

Petrobras has being implementing optimization measures and productivity gains in order to reduce expenses (costs and total expenses), reduction in input acquisition costs and greater efficiency in the management of contracted services.

In the area of exploration and production, Petrobras, among other initiatives, is renegotiating the agreements with its suppliers, on which has reached 13% reduction average.

The Company is pursuing with success cost reductions for their projects of exploration and production, which includes the field of Libra. One such example is the reduction in drilling and completion time of wells in the pre-salt. There is no minimum price for a barrel of oil “to the point of the project being profitable,” as mentioned in the report.