Petrobras and Statoil advance on a strategic partnership to optimize the
recovery of mature offshore fields


Rio de Janeiro, September 29, 2017 – Petróleo Brasileiro S.A. – Petrobras
informs that it signed today the Heads of Agreement (HoA) with the Norwegian
company Statoil, in continuity to the Memorandum of Understanding signed in
8/30/2016, through which the companies committed themselves to assessing
cooperation opportunities aligned with their business strategies.

Under this agreement, the two companies reaffirm the intention to work in
partnership to increase reserves in deep water mature fields, with initial focus
on the post-salt area of Campos Basin. The HoA defines the general principles of
the Technical Cooperation Agreement, aimed at increasing the oil production and
the recovery factor of the fields involved in the partnership.

In addition, the two companies, which already are partners in ten blocks in
exploration phase in Brazil, intend to optimize the use of natural gas,
including the area of BM-C-33, in which Statoil is the operator. As such, the
HoA also covers the general principles for sharing gas infrastructure in Campos
Basin.

It is worth mentioning that Petrobras and Statoil are highly aligned in their
strategic goals, and will make joint efforts to ensure that all contracts
related to this strategic partnership are appreciated by the instances of
approval and signed by the end of this year.









______________________________________________________________________________
www.petrobras.com.br/ir
Contacts:
PETRÓLEO BRASILEIRO S.A. – PETROBRAS | Investor Relations Department | 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,”
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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.