Offshore Activity

Petrobras – Clarification on the Review Process of the Transfer of Rights Agreement

Rio de Janeiro, November 4, 2016 – Petróleo Brasileiro S.A. –  Petrobras, regarding the news published today in the press on the possible amount due to Petrobras as a result of the review process of the Transfer of Rights Agreement, hereby clarifies that the review process concerning the representatives of Petrobras and of the Federal Government (Ministry of Mines and Energy, Ministry of Finance and National Agency of Oil, Natural Gas and Biofuels – ANP) is still under progress. This process began with the declaration of commerciality of the contracted areas, which took place between December 2013 and December 2014.

The amounts shall be agreed from the reports by independent certifiers, hired by Petrobras and by ANP, as established in the agreement.

To date, there are no definitions on the outcome of the review neither on the compensation method. Only after the conclusion of both the certification work and the issue of the respective reports, Petrobras and the Government’s representatives will start the negotiations concerning the amount of the agreement and the payment method.

Facts deemed relevant on this subject will be timely communicated to the market.

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