Petroleo Brasileiro Petrobras : Petrobras and Statoil expand partnership in order to improve the recovery factor of mature fields and strengthen exploratory activities through joint participation in future bids

Rio de Janeiro, August 30, 2016 - Petróleo Brasileiro S.A. - Petrobras and the Norwegian company Statoil signed a memorandum of understanding today in which they undertook to evaluate opportunities for cooperation in line with their business strategies.

The companies will seek to form partnerships in mature offshore fields, combining their technical abilities to improve the oil recovery factors of these assets, located in the Campos and Santos Basins.

The memorandum also states that the companies will join forces to create proposals for their joint participation in future bids for exploratory areas, thereby extending their current partnership in Brazil and abroad, as well as adding value through the use of new technologies for increasing oil recovery and streamlining operational activities.
Currently, Petrobras and Statoil have formed consortiums in 13 blocks in the exploration or production phase, ten of which in Brazil and three abroad.

Finally, the two companies, which are well-positioned in current and future natural gas production in Brazil, plan to work together to make the best possible use of the gas, including its infrastructure and monetization, as well as possible joint investments in transportation and processing and the possible attraction of new partners.

Although the memorandum signed today has no binding clauses, it does indicate the two companies' intention of working together for a two-year period in order to implement these projects. The amounts involved will depend on the negotiations which will take place following the signature of the document.