Petroleo Brasileiro Petrobras : Petrobras and Equinor conclude strategic partnership agreements in the Roncador field, providing new investments to increase the recovery factor of the field

Rio de Janeiro, June 15, 2018 - Petróleo Brasileiro S.A.- Petrobras informs that yesterday it concluded the sale of 25% of its interest in the Roncador field to Equinor (formerly Statoil), achieving an important milestone in the strategic partnership between the two companies, as disclosed on 12/18/2017. Petrobras remains the operator of the field, with a 75% interest.

In the context of the Strategic Partnership, the 'Strategic Technical Alliance Agreement' ('STAA') and the 'Gas Term Sheet' (Equinor option to use the Cabiúnas Terminal) were also signed on 12/18/2017.

The cash consideration received yesterday by Petrobras was US$ 2.0 billion, including price adjustments at the closing of the transaction, in addition to the US$ 117.5 million received as an advance on the agreement signing date. Additionally, Equinor will make contingent payments related to investments in projects to increase the recovery factor of this field, on a 2:1 ratio (Equinor will pay, besides its 25% stake, an additional 25% of Petrobras'stake), limited to US$ 550 million.

All the conditions precedent to the conclusion of this transaction have been fulfilled, including approval by the National Petroleum Agency (ANP) and by the Administrative Council of Economic Defense (CADE), as well as the negotiation of contracts for the use of production facilities and of the purchase of associated gas by Petrobras.

This operation materializes the Strategic Partnership between Petrobras and Equinor, allowing the companies to combine their experiences to optimize production and increase the recovery factor and reserves of the Roncador Field, which will be leveraged by the STAA.

The Strategic Partnership with Equinor is based on an alignment of strategic interests of the two companies and on the potential of generating value for the parties, considering their knowledge and experience in deep waters exploration and production and natural gas segments. Equinor has recognized expertise in optimizing mature fields with a focus on maximizing recovery factors as well as extending the useful life of these fields. For the Roncador field, the objective is to increase the recovery factor by at least 5%, which can bring an additional volume of approximately 500 million boe.

Strategic Partnerships are an important part of Petrobras' 2018-2022 Business and Management Plan, contributing to risk mitigation, strengthening of corporate governance, sharing of information, experiences and technologies, as well as improving the company's fundability through cash inflows and release of investments.

It should be noted that, with the closing of this operation, the total amount of cash inflow in 2018 through the Partnerships and Divestments Program totals US$ 5.0 billion.