Petrobras informs about the auction of the Transfer of Rights excess volumes

Rio de Janeiro, April 24, 2019 – Petróleo Brasileiro S.A. – Petrobras following up on the release dated 04/09/2019, informs that, on 04/18/2019, the Resolution of the National Council of Energy Policy (CNPE) No. 6 was published, setting forth the parameters for the bidding of the Transfer of Rights Agreement excess volumes under the Production Sharing regime, being notified that it should express interest in exercising its pre-emption right in the auction areas within 30 days after the publication of the resolution.

On 04/23/2019, the Ministry of Mines and Energy Ordinance No. 213 was published, defining the criteria for calculating the compensation owed by the bid winner to Petrobras, due to the deferral of its cash flow, as set forth in Resolution CNPE No. 2, of 02/28/2019.

Petrobras is also awaiting the definition of the measure that will allow the Federal Government to pay the compensation, in the amount of US$ 9.058 billion, calculated on the reference date, as a result of the review of the Transfer of Rights Agreement, to submit the matter to the competent bodies for approval.

The Company will analyze the published criteria to carry out its evaluation regarding the exercise of pre-emption right in the Transfer of Rights surplus auction.

Regarding the revision of the Transfer of Rights Agreement, since it is a Related Party transaction involving the Union, such operation must be submitted to the prior evaluation of the Minority Shareholders Committee and the Statutory Audit Committee and approved by the Board of Directors, by, at least two-thirds of the members present

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