ANP's notice on government participation in Lula Field


Rio de Janeiro, March 31st, 2017 – Petróleo Brasileiro S.A. – Petrobras informs
that Consortium BM-S-11 received, on March 30th, 2017, a notice issued by the
National Petroleum, Natural Gas and Biofuels Agency - ANP, regarding Lula Field,
Santos Basin pre-salt, in the amount of R$ 2.6 billion.

This assessment is due to divergence in the oil prices applied to calculate
government participation from May 2013 to December 2016.

Consortium members understand that they acted according to the legislation in
force since 2000. The change in the interpretation of the rules applied to the
concession contract by the regulatory agency directly affects the economic and
technical assumptions that supported the investment decisions. Thus, the
consortium will contest ANP's notice and, if necessary, will adopt all legal
measures in defense of its interests.

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





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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, 2015, and
the Company’s other filings with the U.S. Securities and Exchange Commission.