PBR.A Petroleo Brasileiro ADR

Oil and natural gas production in January

Rio de Janeiro, February 15, 2017 – Petróleo Brasileiro S.A. – Petrobras informs
that its total oil and natural gas production in January was 2.86 million
barrels of oil equivalent per day (boed), of which 2.74 million boed were
produced in Brazil and 0.12 million boed abroad.

The average oil production in the country was 2.23 million barrels per day
(bpd), 3% lower than December, 2016. This result was mainly due to the scheduled
stoppage of platform P-40, located in the Marlim Sul field, and to maintenance
in one of the producing wells in FPSO Cidade de Anchieta, located in Parque das
Baleias, both in Campos Basin.

In January, the natural gas production in Brazil, excluding the liquefied
volume, was 81.4 million m³/d, in line with the production of December, 2016.



Pre-salt production reaches new daily and monthly records

In January, oil production operated by Petrobras (wholly-owned and partner
shares) at the pre-salt layer achieved two new records, namely, the
1.28-million-bpd monthly production record and the 1.34-million-barrel daily
production record achieved on Jan. 4. It is also worth noting that oil and
natural gas production operated by Petrobras reached a new record of 1.59
million boed.

Those results are mainly due to production increase in the new wells
interconnected to the FPSOs Cidade de Caraguatatuba (in the Lapa field); Cidade
de Saquarema, Cidade de Mangaratiba, and Cidade de Itaguaí (located in the Lula
field); and Cidade de São Paulo (in the Sapinhoá field); all in Santos Basin.
Another highlight was the higher operating performance at platform P-58, located
in Parque das Baleias, in Campos Basin.



Oil and gas production abroad

In January, oil production in fields abroad reached 69 thousand bpd, a volume
13% higher than in the previous month. This increase was particularly due to
resumed operations in the Agbami field, in Nigeria, after a scheduled stoppage
that took place in December.

Natural gas production was 8.6 million m³/d, 16% lower than the volume produced
in the previous month. This decrease occurred mostly because of the demand
reduction for the gas from Bolivia.


_________________________________________________________________________________
www.petrobras.com.br/ir
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 press release may contain 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 not based on historical
facts and are not assurances of future results. No assurance can be given that
the transactions described herein will be consummated or as to the ultimate
terms of any such transactions. All forward-looking statements are expressly
qualified in their entirety by this cautionary statement, and you should not
place reliance on any forward-looking statement contained in this press release.
Petrobras undertakes 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, 2015, and
the Company’s other filings with the U.S. Securities and Exchange Commission.