Closing of BM-S-8 Exploration Block Sale Operation

Rio de Janeiro, November 22, 2016 – Petróleo Brasileiro S.A. – Petrobras reports that the sale operation of the company’s stake in the exploration block BM-S-8 to Statoil Brasil Óleo e Gás LTDA, announced on July 29, 2016, was closed today.

The deal was settled upon payment, made today by Statoil, of USD 1.25 billion, representing 50% of the total operation value, after compliance with all previous conditions set forth in the agreement, as the approval of the National Petroleum, Natural Gas and Biofuels Agency (ANP) and the Administrative Council for Economic Protection (CADE). The remaining amount will be paid through installments contingent upon subsequent events, such as the signing of the Production Individualization Agreement (unitization).

The operation, carried out through a bidding process, forms an important part of Petrobras’ 2015-2016 Divestment Plan.

Block BM-S-8 is located in the Santos Basin. Its operation will be led by Statoil with a 66% stake, in partnership with Petrogal Brasil S.A. (14%), Queiroz Galvão Exploração e Produção S.A. (10%) and Barra Energia do Brasil Petróleo e Gás LTDA. (10%).

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