Petrobras and Statoil sign contracts related to the Strategic Partnership

Rio de Janeiro, December 18, 2017 - Petróleo Brasileiro S.A. - Petrobras reports
that it has signed today, with the Norwegian company Statoil, the contracts
related to the assets of the strategic partnership, in continuity with the Heads
of Agreement (“HoA”) signed and disclosed on 9/29/2017.

The main signed contracts are:

(i)	Strategic Alliance Agreement ("SAA") - agreement describing all documents
related to the strategic partnership, covering all negotiated initiatives.

(ii)	Sale and Purchase Agreement ("SPA") - sale of 25% of Petrobras’ interest in
the Roncador field to Statoil, for the total value of US$ 2.9 billion, of which
US$ 2.35 billion will be paid at the closing of the transaction and US$ 550
million as contingent payment related to investments in projects to increase the
recovery factor of the field. Therefore, future investments in this field will
be executed in a 2:1 ratio, with Statoil assuming an additional 25%, limited to
US$ 550 million, over its acquired stake. Petrobras will continue as operator of
the field, holding 75% interest.

(iii)	Strategic Technical Alliance Agreement ("STAA") - strategic agreement for
technical cooperation aiming at maximizing the value of the asset and focusing
on increasing the recoverable oil volume (recovery factor), including the
extension of the useful life of the field;

(iv)	Gas Term Sheet - option for Statoil to hire a certain processing capacity
of natural gas at the Cabiúnas Terminal (TECAB) for the development of the
BM-C-33 area, where the companies already are partners and Statoil is the
operator.

The transaction is still subject to the fulfillment of all the precedent
conditions defined in the SPA, including the approval of the Administrative
Council of Economic Defense (CADE) and the National Agency of Petroleum, Natural
Gas and Biofuels (ANP).

The strategic partnership with Statoil is based on the alignment of the
strategic interests of the two companies and the potential for generating value
for the parties, due to their knowledge and expertise in the deep water and
natural gas exploration and production segments. Statoil has recognized
experience in optimizing mature fields offshore, focusing both on the
maximization of recovery factors and the extension of the useful life of such
fields. It has an outstanding performance in the natural gas segment, as the
second largest supplier of gas to the European market with wide experience and
knowledge in logistics, marketing and sector regulation.

Currently, Petrobras and Statoil are partners in 13 areas either in exploration
or production phase, 10 of which located in Brazil and 3 abroad.

The companies have maintained technological cooperation agreements since 2004,
with significant results in the area of reservoirs, particularly with 4D seismic
technologies. Statoil's experience and best practices in the application of this
technology in the North Sea fields, which have featured declining production
since the 90’s, were important for Petrobras in the deployment of 4D seismic in
Marlim and other fields in the Campos Basin.







Below are details related to the assets that are part of the agreements:

Roncador field

The Roncador field, located in the north area of the Campos Basin, at about 125
km of Cabo de São Tomé, at a water depth ranging from 1,500 to 1,900 meters, was
discovered in October 1996, with the drilling of the well 1-RJS-436A. It has
approximately 400 km² in area, where four production units have been installed:
P-52, P-54, P-55 e P-62. The production in this field in november 2017 was
approximately 240 thousand barrels of oil per day and 40 thousand barrels of oil
equivalent (boe) per day of associated gas. Roncador field has approximately 10
billion boe in place and an expected remaining recoverable volume of more than 1
billion boe. The ambition is to increase the recovery factor, through this
partnership with Statoil, by at least 5%, which may bring an additional volume
of approximately 500 million boe.

Production collection systems of the field consist of satellite wells linked
directly to the stationary production units through flexible ducts. Oil
production offloading is performed by a pipeline connecting P-52 and P-55 to the
autonomous repumping platform (PRA-1), which relays the oil production to an FSO
platform. Shuttle vessels perform oil production offloading from the platforms.
Gas production is offloaded through both flexible and rigid pipelines to the
Namorado 1 platform (PNA-1) or to the Garoupa 1 platform (PGP-1), where it is
mixed with the gas exported from the Campos Basin and travels ashore.

The Cabiúnas Terminal (TECAB)

Located at a privileged geographical position, in the city of Macaé, in Northern
Rio de Janeiro State, the Cabiúnas Terminal (TECAB), operated by Transpetro, is
undergoing a new expansion process to meet the demands of the pre-salt layer.
The unit, which is today the largest natural gas processing hub in Brazil, will
have its capacity expanded to handle up to 25 million m³/day of natural gas -
equivalent to the daily consumption of seven cities the size of Rio de Janeiro -
and around 70 thousand bpd of natural gas condensate. Of this total capacity, 13
million m3/day are destined to the pre-salt of the Santos Basin and 12 million
m3/day continue serving the Campos Basin.

The transaction is part of the Partnership and Divestment Program for the
2017-2018 biennium and is aligned to Petrobras’ Business and Management Plan,
seeking to prioritize the development of production in deep waters, acting
primarily through strategic partnerships, bringing together technical and
technological skills. In addition, it contributes to the mitigation of risks,
strengthening of corporate governance and improvement to the company’s
financing, through risk mitigation, cash inflow and release of investments.


_______________________________________________________________________________________
www.petrobras.com.br/ir
Contacts:
PETRÓLEO BRASILEIRO S.A. – PETROBRAS | Investor Relations Department | e-mail:
petroinvest@petrobras.com.br
Av. República do Chile, 65 – 10th floor, 1002 – B – 20031-912 – Rio de Janeiro,
RJ | Phone: 55 (21) 3224-1510 / 3224-9947

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