Petrobras and CNPC form a Comprehensive Strategic Alliance

Rio de Janeiro, July 4, 2017 – Petrobras’ and CNPC inform that today Mr. Pedro Parente, Petrobras’s CEO, and Mr. Wang Dongjin, Vice President of CNPC and CEO of PetroChina, signed a Memorandum of Understanding (MoU) in Beijing to structure a strategic partnership.

Pursuant to this MoU, the companies agree to jointly evaluate opportunities in Brazil and abroad in key areas of mutual interest, benefiting from their skills and experiences in all segments of the oil and gas supply chain, including potential financing structuring.

For Petrobras, the achievement of partnerships is an important strategy of the 2017-2021 Business and Management Plan. Strategic partnerships have the potential benefits of sharing risks, increasing investment capacity in the oil and gas supply chain, technological exchanges, and the enhancement of corporate governance.

For CNPC, the partnership with Petrobras reinforces its interest in investing and increasing its activities in Brazil.

Petrobras and CNPC:

Since 2013, Petrobras and CNPC are partners in the Libra area, the first contract under the production sharing agreement regime, located in the Santos Basin pre-salt layer.

About Petrobras:
Petrobras is an integrated energy company focused on oil and gas, recognized as a leader in deep and ultradeep water exploration and production, operating mainly in Brazil. Petrobras currently produces 2.8 million barrels of oil equivalent per day and has a crude distillation capacity of 2.4million barrels per day. The values of the company are driven by respect for life; people and the environment; ethics and transparency; market driven; overcoming and confidence; and results.

About CNPC:
CNPC is China’s largest integrated O&G corporation, with activities in the upstream, midstream, downstream, marketing and trading, provision of oil services, engineering, construction, and equipment manufacture sectors. CNPC is present in more than 70 countries.

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