Petrobras announces that it signed agreements with BP Energy do Brasil Ltda (BP) to take over BP's entire stakes in six blocks, located in ultra-deep water in northern Brazil, approximately 120 km from the state of Amapá, in a high-potential exploratory frontier on the Brazilian equatorial margin.

The six blocks in the agreements are: FZA-M-57, FZA-M-59, FZA-M-86, FZA-M-88, FZA-M-125 and FZAM-127, which were acquired by the consortia in the 11th Bidding Round of Blocks of the National Agency of Petroleum, Natural Gas and Biofuels (ANP), which occurred in 2013.

Blocks FZA-M-57, FZA-M-86, FZA-M-88, FZA-M-125 and FZA-M-127 are owned by Petrobras (30%), Total (40%) and BP (30%). Petrobras had already signed an agreement to assume the operation and the totality of Total's stakes in these contracts, still subject to ANP approval, as disclosed to the market on September 28, 2020. The FZA-M-59 block is owned by a consortium of Petrobras, with a 30% stake and operator, and BP (70%).

The agreement with BP will allow Petrobras to hold 100% interest in these six blocks. The completion of the transfer is still subject to regulatory approvals.

This transaction is in line with the 2021-2025 Strategic Plan, which foresees new exploratory fronts outside the Southeastern basins, and is part of the company's portfolio management process, prioritizing investments in world-class assets in deep and ultra-deep waters, aiming to maximize value for our shareholders.

About Petrobras

Petrobras has 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 bp

bp (NYSE:BP) is one of the world's largest oil and gas companies, serving millions of customers every day in more than 80 countries, and employing nearly 85,000 people. BP's business segments are oil and gas exploration & production, and refining & marketing. In alternative energies, BP has low- and no-carbon wind and biofuels businesses. Through these activities, BP provides fuel for transportation; energy for heat and light; services for motorists; and petrochemicals products for plastics, textiles and food packaging. It has strong positions in many of the world's hydrocarbons basins and strong market positions in key economies.