Libra Consortium signs contract for FPSO for Mero Field

Rio de Janeiro, December 18, 2017 - Petróleo Brasileiro SA - Petrobras, the
Libra Consortium operator, announces that it signed, on November 14th, a
contract with the Modec group to charter a FPSO platform (a Floating Production
Storage and Offloading unit), the first definitive production system of Mero
Field, which will be used in the Mero Pilot project. The project includes the
interconnection of up to 17 wells to the platform and the start of the
production is planned for 2021.

The FPSO will have a daily operational capacity rate up to 180,000 barrels of
oil (bpd) and 12 million cubic meters per day of gas and will be installed in a
water depth of 2,100 meters, in Mero Field, located in the northwestern area of
the Libra block, about 180 km off the coast of Rio de Janeiro, in the pre-salt
of the Santos basin.

The unit will be operated by Modec, the company responsible for the
construction, and chartered for 22 years. Part of the construction will be
carried out in Brazil, aligned with Petrobras’ experience with other charters
already performed.

Until now, 12 wells were drilled in Libra block. Because of its extension, high
production potential, good quality of its oil and high commercial value, Libra
opens a new business opportunity to the offshore industry.

The production on the Libra block started on November 26, this year, with the
beginning of operation of Pioneiro de Libra FPSO, dedicated to Extended Well
Tests and Early Production Systems. The consortium has declared commerciality of
the oil accumulation located in the northwestern portion of the block on
November 30, as disclosed to the market. With the declaration of commerciality,
the northwestern portion of Libra officially became a field and was named Mero
Field.

Libra Consortium is led by Petrobras – with a 40% interest – in partnership with
Shell (20%); Total (20%), CNPC (10%) and CNOOC Limited (10%). The consortium
also has the participation of the state-owned company Pré-Sal Petróleo SA (PPSA)
as manager of the Production Sharing Agreement.


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www.petrobras.com.br/ir
Contacts:
PETRÓLEO BRASILEIRO S.A. – PETROBRAS | Investor Relations Department | e-mail:
petroinvest@petrobras.com.br
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RJ | Phone: 55 (21) 3224-1510 / 3224-9947

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