This Tuesday, Petrobras completed the sale transaction for our stakes in exploratory block BM-S-8 to Statoil Brazil Oil and Gas LTDA, as announced on July 29, 2016.

The transaction was completed with Statoil’s payment, made today, of $1.25 billion, corresponding to half of the total amount of the transaction, after all contract conditions had been met, such as approval by the Administrative Council for Economic Defense (CADE) and the National Petroleum Agency (ANP). The remaining amount will be paid through contingent installments related to subsequent events, such as, for example, the signing of the Production Individualization Agreement (unitization).

This transaction, conducted through a competitive process, is an important part of our 2015-2016 Divestment Plan.

BM-S-8 is in the Santos Basin, and will now be operated by Statoil, with a 66 percent stake, in partnership with Petrogal Brasil S.A. (14%), Queiroz Galvão Exploração e Produção S.A. (10%), and Barra Energia do Brasil Petróleo e Gás LTDA (10%).

About Petrobras

We have upwards of 100 production platforms, 16 refineries, 30,000 kilometers of pipelines and more than 6,000 service stations. Our proved reserves are around 14 billion barrels of oil, a figure expected to double in the next few years. With the discovery of oil and gas in the pre-salt region, Brazil may become the world's fourth biggest oil producer in 2030.

We have built a track record of overcoming challenges since 1953, when the company was created. The main one was developing technology to explore and produce oil in deep and ultra-deep waters, where upwards of 90% of our reserves are nestled. With innovation and daringness, we are now the Brazilian company that makes the applies for the most patents in Brazil and abroad.

About Statoil

Statoil ASA (OSE: STL, NYSE: STO) is an international energy company with operations in 36 countries. Building on 40 years of experience from oil and gas production on the Norwegian continental shelf, we are committed to accommodating the world's energy needs in a responsible manner, applying technology and creating innovative business solutions. We are headquartered in Stavanger, Norway, with approximately 23,000 employees worldwide, and are listed on the Oslo and New York stock exchanges.