Petrobras 3Q19 Production and Sales Highlights

October 17, 2019 –

We posted a solid operating performance in 3Q19, delivering significant growth in
oil, NGL and natural gas production, which reached 2,878 kboed, 9.3% higher than 2Q19, led by the 17.0% increase in pre-salt production, which reached 1,367 kboed, representing 60.4% of oil production in Brazil. Pre-salt’s performance
is due to the ramp-up of the 6 platforms that started up in 2018 and 2019 (P-74, P-75, P-76 and P-77 in Buzios field and P-67 and P- 69 in Lula field), which contributed 441 kbpd in 3Q19. Adding up the contribution of FPSO Cidade Campos dos Goytacazes in Tartaruga Verde field, in the post-salt, we totaled 555 kbpd, which represents an increase of c. 48%
over 2Q19, with the start-up of nine producing wells. It is also worth mentioning that platforms P-69 and P-76, in Lula and Búzios fields, reached the production capacity of 150 kbpd with a ramp-up time of 10.3 and 7.7 months (a record in the pre-salt), respectively.
In 3Q19, production reached a new monthly record of 3.0 MMboed, in addition to a new daily record of 3.1 MMboed, both reached in August. The operated production reached the monthly record of 3.7 MMboed in the same month. With these results we maintain the trajectory to reach the annual production target, of 2.7 MMboed, with a variation of 2.5% up or down.

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