Petrobras reports that it has signed on November 1st the Amendment to the Transfer of Rights Agreement.

The signing of the Amendment occurred prior to the Transfer of Rights surplus bidding round, after reaching the budget solution for the payment by the Federal Government to Petrobras and after meeting other conditions established by the company''s Board of Directors.

The amendment provides for the reimbursement to Petrobras of US$ 9.058 billion (nine billion and fifty-eight million dollars), which converted to Real according to the rules of the Transfer of Rights Agreement and updated by the Selic rate until September 30, 2019, reach a total amount of around R$ 34.1 billion (thirty-four billion and one hundred million reais). The amount of the reimbursement will be adjusted by the Selic rate until its effective settlement, which will occur together with the receipt - by the federal government - of an amount equal to or higher than the signing bonus of the Transfer of Rights surplus bidding round or until December 27, 2020, whichever happens first.

“It was a great victory. Petrobras and the government, united by a single objective, that of setting Brazil in the way of prosperity, managed, in a short time, to make our dream come true. Brazil deserves congratulations”, declared president Roberto Castello Branco in the signing ceremony of the additive term, held in the ANP headquarters, Rio de Janeiro. “Finally we will have the auction of the onerous cession’s surplus, which will be the biggest oil auction in the world, with world-class actives”, added the executive.