Petrobras and CNPC form a Comprehensive Strategic Alliance


Rio de Janeiro, July 4, 2017 – Petrobras' and CNPC inform that today Mr. Pedro
Parente, Petrobras’s CEO, and Mr. Wang Dongjin, Vice President of CNPC and CEO
of PetroChina, signed a Memorandum of Understanding (MoU) in Beijing to
structure a strategic partnership.

Pursuant to this MoU, the companies agree to jointly evaluate opportunities in
Brazil and abroad in key areas of mutual interest, benefiting from their skills
and experiences in all segments of the oil and gas supply chain, including
potential financing structuring.

For Petrobras, the achievement of partnerships is an important strategy of the
2017-2021 Business and Management Plan. Strategic partnerships have the
potential benefits of sharing risks, increasing investment capacity in the oil
and gas supply chain, technological exchanges, and the enhancement of corporate
governance.

For CNPC, the partnership with Petrobras reinforces its interest in investing
and increasing its activities in Brazil.

Petrobras and CNPC:
Since 2013, Petrobras and CNPC are partners in the Libra area, the first
contract under the production sharing agreement regime, located in the Santos
Basin pre-salt layer.

About Petrobras:
Petrobras is an integrated energy company focused on oil and gas, recognized as
a leader in deep and ultradeep water exploration and production, operating
mainly in Brazil. Petrobras currently produces 2.8 million barrels of oil
equivalent per day and has a crude distillation capacity of 2.4million barrels
per day. The values of the company are driven by respect for life; people and
the environment; ethics and transparency; market driven; overcoming and
confidence; and results.
www.petrobras.com.br

About CNPC:
CNPC is China’s largest integrated O&G corporation, with activities in the
upstream, midstream, downstream, marketing and trading, provision of oil
services, engineering, construction, and equipment manufacture sectors. CNPC is
present in more than 70 countries.
www.cnpc.com.cn


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www.petrobras.com.br/ir
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, 2016, and
the Company’s other filings with the U.S. Securities and Exchange Commission.