Clarifications on the Libra Pilot Project

Rio de Janeiro, March 23, 2017 – Petróleo Brasileiro S.A. – Petrobras and its
partners are committed to implementing the production sharing agreement (PSA)
for the Libra area, executed in 2013 and for which Libra Pilot, the first
definitive production system, scheduled for late 2020, is an important
milestone.

Petrobras and its partners have, since 2015, carried out bids with different
levels of local content to gather competitive proposals aligned with
international metrics and to assist ANP on discussions about the feasible level
of local content for those items that make up the Libra Pilot system project.

According to the contract, ANP has the possibility to ease compliance with local
content percentage in the procurement of goods and services if such percentage
leads to excessive terms and prices by granting a Waiver, which has already been
requested by the consortium.

The consortium estimates that, by comparing the local content level required in
the contract against the level it deems feasible, in the case that ANP decides
not to grant the Waiver and the project is nevertheless implemented, the
contractual fine value for the portion of required local content not met could
reach US$ 630 million.

The consortium is sparing no efforts to facilitate the implementation of the
Libra Pilot Project at the highest possible level of local content within
competitive deadlines, quality, and prices.



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Contacts:
PETRÓLEO BRASILEIRO S.A. – PETROBRAS | Investor Relations Department I e-mail:
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RJ | Phone: 55 (21) 3224-1510 / 3224-9947

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