Petróleo Brasileiro S A Petrobras : Petrobras discloses binding phase in E&P assets

Petrobras discloses binding phase in E&P assets

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Rio de Janeiro, December 3, 2019 - Petróleo Brasileiro S.A. - Petrobras, following up on the release dated on 09/30/2019 and 10/15/2019, reports on the beginning of the binding phase regarding the sale of its interests in eight onshore exploratory blocks located in the Recôncavo Basin.

Qualified parties for this phase will receive process letters with instructions on the divestment process, including guidelines for due diligence and submission of binding proposals.

This disclosure complies with Petrobras' divestment guidelines and is aligned with the provisions of the special procedure for assignment of rights on exploration, development and production of oil, natural gas and other fluid hydrocarbons, provided for in Decree 9,355/2018.

This transaction is in line with the portfolio optimization and the improvement of the company's capital allocation, aiming at generating value for our shareholders.

About the exploratory blocks

The eight onshore exploration blocks comprise the concessions REC-T-32_R12,REC-T-40_R12,REC-T-50_R12,REC-T-51_R12,REC-T-52_R12,REC-T-60_R12,REC-T-61_R12 and REC-T- 70_R12. The blocks are located in an area with deployed infrastructure and a proven oil system, close to fields in production. Petrobras holds 100% interest in these eight concessions. Offers must be submitted by block.

www.petrobras.com.br/ri

For more information:

PETRÓLEO BRASILEIRO S.A. - PETROBRAS | Investors Relations email: [e-mail]/[e-mail] Av. República do Chile, 65 - 1803 - 20031-912 - Rio de Janeiro, RJ. Tel.: [phone]/9947 | 0800-282-1540

This document may contain forecasts within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Trading Act of 1934, as amended (Trading Act) that reflect the expectations of the Company's officers. The terms: "anticipates", "believes", "expects", "predicts", "intends", "plans", "projects", "aims", "should," and similar terms, aim to identify such forecasts, which evidently involve risks or uncertainties, predicted or not by the Company. Therefore, future results of the Company's operations may differ from current expectations, and the reader should not rely solely on the information included herein.