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Petrobras Clarifications about the Divestment Process of the Enchova and Pampo Clusters

Rio de Janeiro, July 25, 2018 – Petróleo Brasileiro S.A. – Petrobras in relation to the news published in the media about the shallow water disinvestment project in the Enchova and Pampo Clusters, located in Rio de Janeiro state, clarifies that this is a competitive process that follows the company’s Disinvestment Methodology, in line with the provisions of the special procedure for the sale of the rights to exploration, development and production of petroleum, natural gas and other fluid hydrocarbons, provided for in Decree 9.355/2018.

To this effect, a Material Fact and Press Releases were disclosed on 7/28/2017, 10/4/2017 and 2/27/2018, respectively informing the disclosure of the opportunity (teaser), the beginning of the non-binding phase and the beginning of the binding phase of this project.

Petrobras reports that the company Ouro Preto Óleo e Gás submitted the best proposal in the binding phase of the disinvestment process, and therefore was invited to participate in the negotiation of contracts, although no agreement of exclusivity has been signed.

It should be noted that, pursuant to the Methodology and the Decree, the start of negotiations with the first-placed entity is a defined step in divestment projects, as is the possibility of successive negotiations with the remaining tenderers, in compliance with their classification order, in addition to any new rounds of binding proposals, if applicable.

It is important to highlight that at this moment there is no decision regarding the final terms and conditions related to this disinvestment process.

Facts deemed relevant will be timely disclosed to the market.

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