Petrobras on equalizations in Lula, Atapu and Sépia

May 13, 2020

Petróleo Brasileiro S.A. – Petrobras, regarding the press releases disclosed on March 18, 2019 and September 11, 2019, which announced the approval of Production Individualization Agreements (AIP) of the Lula, Atapu and Sépia joint reservoirs, in Rio de Janeiro, informs that it executedm Expenses and Volume Equalization Agreements (AEGV) with the respective consortium members.

The approval of the AIPs by the National Agency of Petroleum, Natural Gas and Biofuels (ANP) resulted in the definition of the proportional shares of each company in the joint reservoirs, which requires a rebalancing between the revenues and expenses incurred by each party since the beginning of the concession and onerous transfer of rights agreements. The table below presents Petrobras’ share in the respective agreements and in the joint reservoir.

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