Petrobras on Letter from the Ministry of Mines and Energy

Source: 5/19/2023, Location: South America

Petrobras informs that it has received Official Letter No. 386/2023/GM-MME, through which the Ministry of Mines and Energy ("MME") requests that Petrobras, within its rules of governance and in compliance with strict legality, reiterate the request for licensing of the activity with the Brazilian Institute of Environment and Natural Resources ("IBAMA"), making all necessary efforts to meet the conditions and prove the adequacy of the project for the safe and sustainable exploration of the area.

The MME points out that, besides the strategic importance of sustainable exploration of the equatorial margin, considering the aspects related to energy security and maintenance of the country's self- sufficiency in oil, the issue is fundamental from the social point of view, since it proposes to leverage the development of some of the states with the lowest HDI in the country, through the collection of government takes and the creation of jobs and income for its population.

Finally, the MME requests to evaluate the possibility, within the strictest legality, observing the rules of governance and the interests of the Company, of keeping the rig and the resources destined to the well mobilized, for an additional time that will allow the discussions with IBAMA to advance for the licensing of this important activity in the scope of the exploration and production policy for oil and natural gas in the country.

As communicated on May 18, 2023, Petrobras remains committed to the development of the Brazilian Equatorial Margin, recognizing the importance of new frontiers to ensure the country's energy security and the resources needed for a fair and sustainable energy transition and reinforces that it met all the requirements foreseen in the licensing process.

Petrobras will analyze the MME requests, from a legal standpoint and within its governance rules, so that its competent internal instances may evaluate potential legal and economic risks arising from the request.

Material facts will be timely disclosed to the market.

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