Sale of Azulão Field

Rio de Janeiro, November 22, 2017 – Petróleo Brasileiro S.A. – Petrobras,
further to the Material Fact of 05/15/2017 and Press Release of 06/19/2017,
informs that it has signed, today, with the company ENEVA SA, through its
subsidiary Parnaíba Gás Natural SA, the contract for the assignment of the
totality of its participation in the Azulão Field (Concession BA-3), located in
the state of Amazonas.

The total amount of the operation is US$ 54.5 million and will be paid on the
closing date of the deal.

The transaction is part of the 2017-2018 Partnerships and Divestments Program
and is in line with Petrobras' portfolio management policy, which prioritizes
investments in assets with greater potential for short-term operational
generation and greater possibility of capital optimization and economies of
scale.

The completion of this deal is subject to the fulfillment of usual precedent
conditions, including approval by the National Petroleum, Natural Gas and
Biofuels Agency (ANP) and by the Administrative Council for Economic Defense
(CADE).

The disclosure to the market herein is in compliance with Petrobras' divestment
methodology and is aligned with the guidelines of the Federal Accounting Court
(TCU – Tribunal de Contas da União).

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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 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, 2016, and
the Company’s other filings with the U.S. Securities and Exchange Commission.