Petrobras : on receiving earnout from Sépia January 27, 2023

Petrobras on receiving earnout from Sépia

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Rio de Janeiro, January 27, 2023 - Petróleo Brasileiro S.A. - Petrobras informs that it received today, up front, the amount of R$ 1.3 billion, regarding the complement of the firm compensation (earnout) for fiscal year 2022, related to the Sépia block. The amount already includes the amount of the gross- up of taxes related to TotalEnergies' 28 %, Petronas'21 % and QP Brasil Ltda'21% stakes in Sépia block.

In the terms of the ordinance nº 08 of 04/19/2021 from the Ministry of Mines and Energy (MME) and of the public notice of the 2nd round of bidding for the Surplus of the Transfer of Rights under the Production Sharing regime, held on 12/17/2021, earnouts values were established for the Sépia and Atapu blocks, which will be due between 2022 and 2032, and payable as of the last business day of January of the following year, when the price of Brent oil reaches an annual average higher than US$ 40/bbl, limited to US$ 70/bbl.

Petrobras expects to receive the full payment related to the complement of the firm compensation (earnout) for fiscal year 2022, which is the responsibility of the partners in the Sépia and Atapu blocks, by January 31, 2023.

www.petrobras.com.br/ri

For more information:

PETRÓLEO BRASILEIRO S.A. - PETROBRAS | Investor Relations e-mail: [e-mail]/[e-mail] Av. Henrique Valadares, 28 - 19th floor - 20031-030 - 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.

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