Reduction of Significant Shareholding Interest

Rio de Janeiro, March 21, 2017 – Petróleo Brasileiro S.A. – Petrobras, in
compliance with article 12 of CVM Instruction no. 358, dated of 1/3/2002,
informs that it was notified by BlackRock, Inc. ("BlackRock") that the latter
has sold preferred shares issued by the company, and as of March 17, 2017 it
manages shareholding interest less than 5% of the preferred shares issued by
Petrobras, and no longer qualifies as holder of significant shareholding
interest in the capital stock of the company, as per the information below.

I. share interests held by BlackRock reached a combined 227,291,760 preferred
shares and 24,851,965 American Depositary Receipts (ADRs), which represent
preferred shares, to a total of 276,995,690 preferred shares, equivalent to
approximately 4.94% of total preferred shares issued by the company, and 65,300
cash-settlement derivative financial instruments referenced by preferred shares,
which represent approximately 0.001% of total preferred shares issued by the
company;

II. the purpose of the aforementioned share interests is strictly investment,
whereas there is no intention to alter shareholding control or the
administrative structure of Petrobras;

III. BlackRock celebrated no contracts or agreements governing the exercise of
voting rights or the purchase and sale of securities issued by Petrobras;

IV. BlackRock has registered headquarters at 55 East 52nd Street, New York City,
New York State, 10022-0002, United States of America.




_______________________________________________________________________________
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.