Participation in the ANP’s 13th Bidding Round for Exploratory Blocks

Source: www.gulfoilandgas.com 10/7/2015, Location: South America

Petrobras hereby announces that it has not presented any proposals for the blocks offered during the 13th Exploratory Block Bidding Round of the National Petroleum, Natural Gas and Biofuel Agency (ANP), which took place. Petrobras’ decision not to take part was based on a deep technical and economic analysis of the blocks on offer and the current state of its oil and gas reserves.

Petrobras has built up a solid exploratory portfolio thanks to its participation in the previous 12 Exploratory Block Bidding Rounds, allowing it to open new frontiers and make important discoveries. It also has a marked presence in the 10 sedimentary basins offered in the 13th Round. It is therefore in a situation that allows it, at the moment, to opt not to incorporate new prospects into its exploratory asset portfolio.

As provided for the 2015-2019 Business and Management Plan, Petrobras is prioritizing the development of its portfolio of exploration and production assets, with a focus on capital discipline and profitability. These measures are part of Petrobras in leverage reduction strategy and value creation for shareholders.

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