New well in Libra confirms the presence of good quality oil

Rio de Janeiro, March 21, 2016 – Petróleo Brasileiro S.A. – Petrobras informs that the Libra Consortium has concluded the drilling and the evaluation of the well 3-BRSA-1322-RJS (3-RJS-741), located in the block northwest area, in the Santos Basin pre-salt, confirming the discovery of good quality oil (28º API) in reservoirs with excellent productivity.

The well found the biggest oil column discovered by the Consortium in Libra so far, with 301 meters of thickness. Data collected confirmed that the reservoir characteristics and the oil quality are similar to those found in the other wells in the same northwest area, which may indicate that the reservoirs are interconnected.

The well, informally known as NW5, lies 8 km northeast of the discovery well, 2-ANP-2A-RJS, and 200 km off the Rio de Janeiro state coast and is part of the Discovery Evaluation Plan commitment, approved by the National Oil, Natural Gas and Biofuels Agency (ANP) on February 26^th, 2016.

To date, six wells have been drilled in Libra (five by the Consortium) and the seventh well (3-RJS-742), also in the northwest area of the Libra structure, is being drilled.

The Libra Consortium is composed of Petrobras (operator, with 40% WI), Shell (20%), Total (20%), CNPC (10%) and CNOOC (10%), and the Production Sharing Contract manager is Pré-Sal Petróleo S.A. (PPSA).

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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

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