ANP Notice on Participation in Lula Field

(Petrobras, 1.Apr.2017) – Petrobras announced that, on March 30, 2017, Consortium BM-S-11 received a notice of violation issued by the National Petroleum, Natural Gas and Biofuels Agency (ANP), relating to the Lula Field in the Santos Basin pre-salt, for the amount of R$2.6 billion. This notice is due to the variance in applying oil prices used to calculate the governmental share from May 2013 to December 2016. The consortium will contest the ANP notice and, if necessary, adopt all judicial measures to defend its interests.

Consortium members understand that they have acted according to the legislation which has been in force since 2000. The change in the interpretation of the rules applicable to the concession contract by the regulatory agency directly affects the economic and technical assumptions that support investment decisions.

Consortium BM-S-11 is formed by Petrobras (65% WI), as operator, in partnership with BG E&P Brasil – a subsidiary company of Royal Dutch Shell plc (25% WI) – and Petrogal Brasil (10% WI).

Consortium BM-S-11 will contest the notice.

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