Extension of concession contracts for the Marlim and Voador fields

Rio de Janeiro, May 17, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby announces that signed today with the National Petroleum Agency (ANP) the extension of the concession contracts for the Marlim and Voador fields, until 2052. The extension of the fields’ Production Phase was in line with Resolution 2/2016 issued by the National Energy Policy Council (CNPE), which authorized the Agency to extend the concession agreements entered into in Round Zero, in 1998. The contracts were originally due to expire in 2025.

The purpose of Petrobras with this extension is to ensure the maximum utilization of the existing reserves with revitalization projects in these fields that provide for the installation of two new platforms, together with expanded water injection and fluid processing capacity and the drilling of ten new wells.

In March, the Marlim and Voador fields produced 150,000 barrels of oil and 2 million cubic meters of gas per day.

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Contacts:

PETRÓLEO BRASILEIRO S.A. – PETROBRAS | Investor Relations Department I 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

FORWARD-LOOKING STATEMENTS

This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are subject to risks and uncertainties. The forward-looking statements, which address the Company’s expected business and financial performance, among other matters, contain words such as “believe,” “expect,” “estimate,” “anticipate,” “optimistic,” “intend,” “plan,” “aim,” “will,” “may,” “should,” “could,” “would,” “likely,” and similar expressions. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. There is no assurance that the expected events, trends or results will actually occur. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or future events or for any other reason.

The Company’s actual results could differ materially from those expressed or forecast in any forward-looking statements as a result of a variety of assumptions and factors. These factors include, but are not limited to, the following: (i) failure to comply with laws or regulations, including fraudulent activity, corruption, and bribery; (ii) the outcome of ongoing corruption investigations and any new facts or information that may arise in relation to the “Lava Jato Operation”; (iii) the effectiveness of the Company’s risk management policies and procedures, including operational risk; and (iv) litigation, such as class actions or proceedings brought by governmental and regulatory agencies.  A description of other factors can be found in the Company’s Annual Report on Form 20-F for the year ended December 31, 2014, and the Company’s other filings with the U.S. Securities and Exchange Commission.