Petrobras Clarification on the Divestment Program

Rio de Janeiro, December 20, 2018 – Petróleo Brasileiro S.A. – Petrobras, in relation to the news published in the media on the injunction rendered on December 19, 2018 by Minister Marco Aurélio Mello, in a declaratory action of unconstitutionality (ADI No. 5942) proposed before the Federal Supreme Court, understands that this decision does not affect its divestment processes involving the assignment of Exploration & Production (E&P) rights started before May 2018, as expressed in art. 91, paragraph 3 of Law 13303/2016.

Regarding the future processes for assignment of rights in E&P, Petrobras clarifies that it is studying alternatives to proceed with its divestment program, in accordance with current legislation and with respect to the limits of the injunction. Therefore, the company will suspend the announcement of opportunities related to new E&P divestment projects.

Petrobras reinforces the importance of the Partnerships and Divestments Program to reduce its level of indebtedness and generate value through active portfolio management, in line with its Strategic Plan and 2019-2023 Business and Management Plan.

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