Divestment Project of Shallow Water Assets

Source: www.gulfoilandgas.com 1/23/2017, Location: South America

Petroleo Brasileiro S.A, Petrobras informs that a Regional Federal Court issued a decision on January 18, 2017 to grant suspensive effect to Petrobras' appeal in the divestment project regarding the transfer of rights in a set of shallow water fields, located in the states of Sergipe and Ceara, as announced on July 04, 2016.

With the favorable decision of the Court, Petrobras may continue with this divestment project. The company, however, will only be able to sign an agreement after the Brazilian Federal Accounting Court (TCU) merit decision regarding the required adjustments requested by this authority over Petrobrasí divestment process.

Petrobras reiterates that is working on improving its divestment processes with the purpose of adjusting them to TCU's determinations and expects to conclude this reformulation, in the shortest time possible, with the appreciation of that Court, without changing Petrobrasí divestments and partnerships targets included in the Strategic Plan/ 2017-2021 Business and Management Plan.

Other facts deemed relevant will be timely communicated to the market.

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