Offshore Activity

Petrobras – ANP’s notice on government participation in Lula Field

Rio de Janeiro, March 31st, 2017 – Petróleo Brasileiro S.A. – Petrobras informs that Consortium BM-S-11 received, on March 30th, 2017, a notice issued by the National Petroleum, Natural Gas and Biofuels Agency – ANP, regarding Lula Field, Santos Basin pre-salt, in the amount of R$ 2.6 billion.

This assessment is due to divergence in the oil prices applied to calculate government participation from May 2013 to December 2016.

Consortium members understand that they acted according to the legislation in force since 2000. The change in the interpretation of the rules applied to the concession contract by the regulatory agency directly affects the economic and technical assumptions that supported the investment decisions. Thus, the consortium will contest ANP’s notice and, if necessary, will adopt all legal measures in defense of its interests.

Consortium BM-S-11 is formed by Petrobras (65%), as operator, in partnership with BG E&P Brasil – a subsidiary company of Royal Dutch Shell plc (25%) – and Petrogal Brasil (10%).

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