PBR.A Petroleo Brasileiro ADR

Petrobras Oil & Gas B.V. divestment:
Start of the non-binding phase


Rio de Janeiro, November 17, 2017 – Petróleo Brasileiro S.A. – Petrobras,
further to the Material Fact disclosed on 11/7/2017, informs the start of the
non-binding phase related to the divestment process of 100% equity interest of
Petrobras Oil & Gas B.V. (“POGBV”).

At this stage of the project, stakeholders who have signed the Confidentiality
Agreement ("CA") will receive a descriptive memorandum containing more detailed
information about POGBV and will have access to the virtual data room, besides
instructions about the divestment process, including guidelines for the
preparation and submission of non-binding proposals.

In addition, the company reports that the deadline for signing the CAs provided
in the opportunity discloser (Teaser) to access the technical, legal and
financial information related to the divestment process will be December 22,
2017.

Thus, the access to the information related to POGBV will be granted for a
minimum period of 30 days to all interested parties who have signed the CA.

The disclosure to the market herein is in compliance with Petrobras' divestment
methodology and is aligned with the guidelines of the Federal Accounting Court
(TCU – Tribunal de Contas da União).


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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.