Regarding the information published in the press that Petrobras would be resuming activities on land fields that would have been hibernated, the company clarifies that there was no decision to hibernate fields on land. In this way, the information that Petrobras' management “went back and suspended” the hibernation of such fields is false. There is no turning back on a decision that was not originally made.

The hibernation decision, announced to the market on 3/26, covers only 62 field platforms in shallow waters, in the Campos, Sergipe, Potiguar and Ceará basins. These platforms do not have the economic conditions to operate with low oil prices. It is also important to note that 80% of these platforms are not inhabited and that no Petrobras worker was fired due to hibernation. All employees were relocated to other areas of the company.

Petrobras currently operates 168 onshore fields, whose oil production amounted to 114,000 barrels per day in the first quarter of 2020. Of this total, 14 fields had their production temporarily interrupted due to low oil prices and to ensure the safety of workers in the face of the Covid-19 pandemic. However, it is not about hibernation. The paralyzed production corresponds to about 200 barrels per day in Petrobras' oil production, that is, 0.01% of the company's total production.

There is a difference between hibernating an asset and temporarily stopping production. Hibernation does not foresee a return to production in the short term and, for that, it requires a series of equipment conditioning procedures so that the unit is safely stopped for a long period of time. The procedures for temporary interruption, on the other hand, leave the unit prepared for a more immediate return to production, if it is feasible to do so. In both cases, production is interrupted and maintenance and conservation activities are maintained in order to maintain the safety and integrity of the facilities.

Petrobras continues to permanently evaluate the economic results of its assets, which have to prove profitable in the face of a new scenario of low oil prices. It is these economic results that determine the decision to interrupt the production of the fields, and therefore, there may be additional interruptions, if they prove necessary. The company's cash protection measures adopted to date seek to preserve the company's sustainability in what is the worst crisis in the oil industry in a hundred years. Petrobras' actions are in line with what the entire global oil industry is doing to overcome the impacts of this crisis.