PBR.A Petroleo Brasileiro ADR

Oil and natural gas production in October

Rio de Janeiro, November 17, 2015 – Petróleo Brasileiro S.A. – Petrobras announces that its average oil and natural gas production in October in Brazil and abroad reached 2.76 million barrels of oil equivalent per day (boed), 1.6% higher than the 2.72 million boed recorded in September.

Considering the volumes produced in Brazil only, oil and natural gas production averaged 2.57 million boed in October, 1.6% higher than in the previous month (2.53 million boed).

Oil and gas production in Brazil

Petrobras’ own production in Brazil totaled 2.10 million barrels of oil per day (bpd) in October, 2.1% higher than in September (2.06 million bpd).

This increase reflected the end of the scheduled maintenance stoppages in the large platforms in September.

Own natural gas production in Brazil, excluding liquefied gas, totaled 74.7 million m³/day in October, in line with September (75.0 million m³/day).

Pre-salt production remained above 1 million barrels of oil equivalent per day

Oil and gas production operated by Petrobras in the pre-salt layer remained above 1 million boed in October, with an average volume of 1.005 million boed, slightly lower (2.3%) than in September (1.028 million boed).   

Oil production operated by Petrobras in the pre-salt stood at 809,000 bpd, slightly less (2.3%) than in September (828,000 bpd).

Oil and gas production abroad

Petrobras produced 194,000 boed abroad, 3.4% more than the 188,000 boed produced in the previous month. This increase was chiefly due to the performance of the new wells in the Rio Neuquén field, in Argentina, and the conclusion of cleaning operations in the export gas pipeline in the Akpo field, in Nigeria.

Oil production averaged 99,000 bpd in October, 2.8% higher than the 97,000 bpd recorded in September, due to the aforementioned reasons.

Natural gas production abroad averaged 16.1 million m³/d, 4.1% up on the 15.5 million m³/d recorded in the previous month, due to the performance of the new wells in the Rio Neuquén field, in Argentina.

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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

FORWARD-LOOKING STATEMENTS

This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are subject to risks and uncertainties. The forward-looking statements, which address the Company’s expected business and financial performance, among other matters, contain words such as “believe,” “expect,” “estimate,” “anticipate,” “optimistic,” “intend,” “plan,” “aim,” “will,” “may,” “should,” “could,” “would,” “likely,” and similar expressions. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. There is no assurance that the expected events, trends or results will actually occur. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or future events or for any other reason.

The Company’s actual results could differ materially from those expressed or forecast in any forward-looking statements as a result of a variety of assumptions and factors. These factors include, but are not limited to, the following: (i) failure to comply with laws or regulations, including fraudulent activity, corruption, and bribery; (ii) the outcome of ongoing corruption investigations and any new facts or information that may arise in relation to the “Lava Jato Operation”; (iii) the effectiveness of the Company’s risk management policies and procedures, including operational risk; and (iv) litigation, such as class actions or proceedings brought by governmental and regulatory agencies.  A description of other factors can be found in the Company’s Annual Report on Form 20-F for the year ended December 31, 2014, and the Company’s other filings with the U.S. Securities and Exchange Commission.