Offshore Activity

Petrobras – Legal Decision on the Transfer of Rights Process in Shallow Water Concessions

Rio de Janeiro, May 24, 2017 – Petróleo Brasileiro S.A. – Petrobras, further to the material fact disclosed on 1/23/2017, reports that it was formally notified today of the decision by the 3rd Federal District Court of Sergipe to dismiss without prejudice the popular interest suit to suspend the process of transfer of oil and natural gas exploration, development, and production rights for a set of shallow water fields, located in the states of Ceará and Sergipe.

The dismissal results from a petition filed by Petrobras based on the decision issued by the Federal Court of Accounts (TCU), which authorizes the advance of the company’s divestment program, ordering the application of a revised methodology to divestment projects, per material fact disclosed on 3/15/2017.

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