Petrobras, following up on the releases disclosed on 09/29/2021 and 10/04/2021, informs that it has signed a contract with its partner CNOOC Petroleum Brasil Ltda. (CNOOC) for the assignment of 5% of its interest in the Production Sharing Contract of the Transfer of Rights Surplus, for the Búzios field, in the Santos Basin pre-salt area.

The agreement is the result of the option to purchase an additional share, exercised by CPBL on 09/29/2021.

The amount, related to CPBL's portion, to be received in cash by Petrobras at the closing of the operation will be US$ 2.12 billion and was calculated with a base date of 09/01/2021 and with an exchange rate of R$5.07/US$. This amount refers to the compensation and reimbursement of the signature bonus of CPBL's additional participation. The aforementioned value will still be subject to the usual adjustments in this type of contract between the base date and the closing date.

The effectiveness of this transaction is subject to the approvals of the Administrative Council for Economic Defense (CADE), the National Agency of Petroleum, Natural Gas and Biofuels (ANP) and the Ministry of Mines and Energy (MME).

After the transaction becomes effective, Petrobras will hold an 85% stake in the Production Sharing Contract of the Transfer of Rights Surplus of the Búzios field, while CPBL will hold 10% and CNODC Brasil Petróleo e Gás Ltda., 5%. The stakes in the Búzios Shared Deposit, including the portions of the Transfer of Rights Agreement and of the BS-500 Concession Agreement (100% Petrobras) will be 88.99% Petrobras', 7.34% CPBL's and 3.67% CNODC's.

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 CNOOC

CNOOC Limited ( SEHK: 00883, TSX: CNU), incorporated in the Hong Kong Special Administration Region (“Hong Kong”) in August 1999, was listed on the New York Stock Exchange (“NYSE”) (code: CEO) and The Stock Exchange of Hong Kong Limited (code: 00883) on 27 and 28 February 2001, respectively. The Company was admitted as a constituent stock of the Hang Seng Index in July 2001. The Company was listed on the Toronto Stock Exchange (code: CNU) on 18 September 2013.