As filed with the Securities and Exchange Commission
on December 20, 2024
Registration No. 333-
UNITED
STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM F-3
REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OF 1933
| Petróleo Brasileiro S.A.—Petrobras |
Petrobras Global Finance B.V. |
(Exact name of Registrant
as specified in its charter) |
(Exact name of Registrant
as specified in its charter) |
| |
|
Brazilian Petroleum
Corporation—Petrobras |
Not Applicable |
(Translation of Registrant’s
name into English) |
(Translation of Registrant’s
name into English) |
| |
|
| The Federative Republic of Brazil |
The Netherlands |
(State or other jurisdiction of
incorporation or organization) |
(State or other jurisdiction of incorporation or organization) |
| |
|
| Not Applicable |
Not Applicable |
| (I.R.S. Employer Identification Number) |
(I.R.S. Employer Identification Number) |
| |
|
Avenida Henrique Valadares, 28
20231-030 – Rio de Janeiro – RJ, Brazil
+55 (21) 3224-1510/9947 |
Weena 798C, 23rd floor, Room A
3014 DA Rotterdam
The Netherlands
+31 (0) 10 206-7000 |
(Address and telephone number of Registrant’s
principal executive offices) |
(Address and telephone number of Registrant’s
principal executive offices) |
Petrobras America
Inc.
10350 Richmond Ave.,
Suite 1400
Houston, Texas 77042
(713) 808-2000
(Name, address and telephone number of agent for
service)
Copy to:
Francesca L. Odell, Esq.
Manuel Silva, Esq.
Cleary Gottlieb Steen & Hamilton LLP
One Liberty Plaza
New York, New York 10006
(212) 225-2000
Approximate date of commencement of proposed sale to the public:
From time to time after this registration statement becomes effective.
If only securities being registered on this Form are to be offered
pursuant to dividend or interest reinvestment plans, please check the following box: ¨
If any of the securities being registered on this Form are to
be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box: x
If this Form is filed to register additional securities for an
offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering: ¨
If this Form is a post-effective amendment filed pursuant to Rule 462(c) under
the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration
statement for the same offering: ¨
If this Form is a registration statement pursuant to General Instruction
I.C. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule 462(e) under
the Securities Act, check the following box: x
If this Form is a post-effective amendment to a registration statement
filed pursuant to General Instruction I.C. filed to register additional securities or additional classes of securities pursuant to Rule 413(b) under
the Securities Act, check the following box: ¨
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933.
Emerging growth company: ¨
If an emerging growth company that prepares its financial statements
in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards† provided pursuant to Section 7(a)(2)(B) of the Securities Act ¨
† The term “new or revised financial accounting standard”
refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.
P R O S P E C T U S
Petróleo Brasileiro S.A. – Petrobras
Debt Securities, Warrants,
Preferred Shares,
Preferred Shares represented by American Depositary
Shares,
Common Shares,
Common Shares represented by American Depositary
Shares,
Mandatory Convertible Securities and
Guaranties
Petrobras Global Finance B.V.
Debt Securities, accompanied by Guaranties
of Petrobras and
Debt Warrants, accompanied by Guaranties of
Petrobras
Petróleo Brasileiro S.A. – Petrobras
may from time to time offer debt securities, warrants, preferred shares, common shares, mandatory convertible securities and guaranties,
and Petrobras Global Finance B.V. may issue debt securities accompanied by guaranties of Petrobras and debt warrants accompanied by guaranties
of Petrobras. Additionally, the selling shareholders to be named in the applicable supplements to this prospectus and their respective
transferees, distributees, pledgees, donees, assignees or other successors may from time to time offer preferred shares and common shares
of Petrobras. This prospectus describes some of the general terms that may apply to these securities and the general manner in which they
may be offered. When we or the selling shareholders offer securities, the specific terms of the securities, including the offering price,
and the specific manner in which they may be offered, will be described in supplements to this prospectus.
Investing in our securities involves risks. See
the “Risk Factors” section set forth in our most recent annual report on Form 20-F, which is incorporated by reference
herein, and, if any, in the relevant prospectus supplement.
Neither the U.S. Securities and Exchange Commission
nor any state securities commission has approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus.
Any representation to the contrary is a criminal offense.
December 20, 2024
Table of Contents
| EX-4.3: |
PETROBRAS INDENTURE |
| EX-4.4: |
PGF INDENTURE |
| EX-5.1: |
OPINION OF MR. LUIZ CRISTIANO OLIVEIRA DE ANDRADE |
| EX-5.2: |
OPINION OF HEUSSEN B.V. |
| EX-5.3: |
OPINION OF CLEARY GOTTLIEB STEEN & HAMILTON LLP |
| EX-15.1: |
LETTER OF KPMG AUDITORES INDEPENDENTES LTDA. |
| EX-23.1: |
CONSENT OF KPMG AUDITORES INDEPENDENTES LTDA. |
| EX-23.2: |
CONSENT OF DEGOLYER AND MACNAUGHTON |
| EX-25.1: |
FORM T-1 STATEMENT OF ELIGIBILITY FOR PETROBRAS AND PGF |
ABOUT THIS PROSPECTUS
In this prospectus, unless the context otherwise
requires, references to “Petrobras” mean Petróleo Brasileiro S.A. and its consolidated subsidiaries taken as a whole
and references to “PGF” mean Petrobras Global Finance B.V. Terms such as “we”, “us” and “our”
generally refer to Petróleo Brasileiro S.A. and Petrobras Global Finance B.V., unless the context requires otherwise.
This prospectus is part of a registration statement
that we filed with the United States Securities and Exchange Commission (which we refer to as the SEC) as a “well-known seasoned
issuer” (“WKSI”) as defined in Rule 405 under the U.S. Securities Act of 1933, as amended (the “Securities
Act”), utilizing a “shelf” registration process.
Under this shelf process, Petrobras may sell any
combination of debt securities, warrants, preferred shares, common shares and securities mandatorily convertible into its preferred or
common shares, PGF may sell debt securities accompanied by guaranties of Petrobras and debt warrants accompanied by guaranties of Petrobras
in one or more offerings, and any selling shareholder may sell preferred shares and common shares of Petrobras. Any preferred shares or
common shares of Petrobras, in one or more offerings, may be offered in the form of American depositary shares (which we refer to as “ADSs”)
evidenced by American depositary receipts (which we refer to as “ADRs”).
This prospectus only provides a general description
of the securities that we or any selling shareholder may offer. Each time we or any selling shareholder offer securities, we will prepare
a prospectus supplement containing specific information about the particular offering, including, as applicable, the identity of the selling
shareholders, and the terms of those securities. We may also add, update or change other information contained in this prospectus by means
of a prospectus supplement or by incorporating by reference information we file with the SEC. The registration statement that we filed
with the SEC includes exhibits that provide more detail on the matters discussed in this prospectus. Before you invest in any securities
offered by this prospectus, you should read this prospectus, any related prospectus supplement and the related exhibits filed with the
SEC, together with the additional information described under the headings “Where You Can Find More Information” and “Incorporation
of Certain Documents by Reference.”
FORWARD-LOOKING STATEMENTS
Some of the information contained or incorporated
by reference in this prospectus are forward-looking statements within the meaning of Section 27A of the Securities Act, and Section 21E
of the Securities Exchange Act of 1934, as amended, or Exchange Act, that are not based on historical facts and are not assurances of
future results. The forward-looking statements contained in this prospectus, which address our expected business and financial performance,
among other matters, contain words such as “believe,” “expect,” “estimate,” “anticipate,”
“intend,” “plan,” “aim,” “will,” “may,” “should,” “could,”
“would,” “likely,” “potential” 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 have made forward-looking statements that address,
among other things:
| · | Petrobras’ marketing and expansion strategy; |
| · | Petrobras’ exploration and production activities, including drilling; |
| · | Petrobras’ activities related to refining, import, export, transportation of oil, natural gas and
oil products, petrochemicals, power generation, biofuels and other sources of renewable energy; |
| · | Petrobras’ commitment with respect to ESG practices and low carbon and environmental sustainability; |
| · | Petrobras’ projected and targeted capital expenditures, commitments and revenues; |
| · | Petrobras’ liquidity and sources of funding; |
| · | Petrobras’ pricing strategy and development of additional revenue sources; and |
| · | the impact, including cost, of acquisitions and divestments. |
Our forward-looking statements are not guarantees
of future performance and are subject to assumptions that may prove incorrect and to risks and uncertainties that are difficult to predict.
Our 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:
| · | Petrobras’ ability to obtain financing; |
| · | general economic and business conditions, including crude oil and other commodity prices, refining margins
and prevailing exchange rates; |
| · | global economic conditions; |
| · | Petrobras’ ability to find, acquire or gain access to additional reserves and to develop Petrobras’
current reserves successfully; |
| · | uncertainties inherent in making estimates of our oil and gas reserves, including recently discovered
oil and gas reserves; |
| · | technical difficulties in the operation of our equipment and the provision of our services; |
| · | changes in, or failure to comply with, laws or regulations, including with respect to fraudulent activity,
corruption and bribery; |
| · | receipt of governmental approvals and licenses; |
| · | international and Brazilian political, economic and social developments, including the role of the Brazilian
government, as our controlling shareholder, in our business; |
| · | natural disasters, accidents, military operations, acts of sabotage, wars or embargoes; |
| · | global health crises, such as the COVID-19 pandemic; |
| · | the impact of expanded regional or global conflict, including the ongoing conflict between Russia and
Ukraine and the conflict in the Middle East; |
| · | the cost and availability of adequate insurance coverage; |
| · | Petrobras’ ability to successfully implement asset sales under our portfolio management program; |
| · | Petrobras’ ability to successfully implement its Business Plan 2025-2029 (“Business Plan”),
whether that Business Plan remains in place, and the direction of any subsequent business plan; |
| · | Petrobras’ ability to successfully implement its Strategic Plan 2050 (“Strategic Plan”),
whether that Strategic Plan remains in place, and the direction of any subsequent strategic plan; |
| · | the outcome of ongoing corruption investigations and any new facts or information that may arise in relation
to the Lava Jato investigation; |
| · | the effectiveness of Petrobras’ risk management policies and procedures, including operational risk; |
| · | potential changes to the composition of Petrobras’ board of directors and our management team; and |
| · | litigation, such as class actions or enforcement or other proceedings brought by governmental and regulatory
agencies. |
For additional information on factors that could
cause our actual results to differ from expectations reflected in forward-looking statements, please see “Risk Factors” as
set forth in our most recent annual report on Form 20-F, which is incorporated by reference herein, and in any prospectus supplement.
All forward-looking statements attributed to us
or a person acting on our behalf are qualified in their entirety by this cautionary statement, and you should not place undue reliance
on any forward-looking statement included in this prospectus. 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.
PETROBRAS
Petrobras is one of the world’s largest integrated
oil and gas companies, engaging in a broad range of oil and gas activities. Petrobras is a sociedade de economia mista, organized
and existing under the laws of Brazil. For the years ended December 31, 2023 and 2022, Petrobras had sales revenues of U.S.$102,409
million and U.S.$124,474 million, respectively, gross profit of U.S.$53,974 million and U.S.$64,988 million, respectively, and net income
attributable to shareholders of Petrobras of U.S.$ 24,884 million and U.S.$36,623 million, respectively. In 2023, Petrobras’ average
domestic daily oil and Natural Gas Liquids (“NGL”) production was 2,231 million bbl/d.
Petrobras currently divides its activities into the following
segments of operations:
| · | Exploration and Production (“E&P”): this segment covers the activities of exploration, development and production
of crude oil, NGL and natural gas in Brazil and abroad, for the primary purpose of supplying our domestic refineries. The E&P segment
also operates through partnerships with other companies, including holding interests in non-Brazilian companies in this segment; |
| · | Refining, Transportation and Marketing: this segment covers the activities of refining, logistics, transport, acquisition and
exports of crude oil, as well as trading of oil products, in Brazil and abroad. This segment also includes the petrochemical operations
(which includes holding interests in petrochemical companies in Brazil), and fertilizer production; and |
| · | Gas and Low Carbon Energies: this segment covers the activities of logistics and trading of natural gas and electricity, transportation
and trading of liquefied natural gas (“LNG”), generation of electricity by means of thermoelectric power plants, as well as
natural gas processing. It also includes renewable energy businesses, low carbon services (carbon capture, utilization and storage) and
the production of biodiesel and its co-products. |
Additionally, Petrobras has a Corporate and Other Businesses
classification that includes general corporate matters, in addition to distribution business. Corporate items mainly include those
related to corporate financial management, trade and other receivables, allowance for credit losses, gains (losses) with derivatives
(except those with commodity derivatives included in their respective segments), corporate overhead and other expenses, including
actuarial expenses related to pension and health care plans for beneficiaries. Other Businesses comprise the distribution of oil
products abroad (throughout South America). In 2021, the results of other businesses included the equity interest in our associate
Vibra Energia (formerly Petrobras Distribuidora) until July 2021 when we sold the remaining interest in this company. For
further information regarding Petrobras’ business segments, see Note 13 to Petrobras’ audited consolidated financial
statements included in the Petrobras Annual Report on Form 20-F
for the year ended December 31, 2023 (the "2023 Form 20-F") incorporated by reference herein.
Petrobras’ principal executive office is
located at Av. Henrique Valadares, 28 – 20231-030 – Rio de Janeiro RJ, Brazil, its telephone number is +55 (21) 3224-1510/9947,
and Petrobras’ website is www.petrobras.com.br. The information on Petrobras’ website, which might be accessible through
a hyperlink resulting from this URL, is not and shall not be deemed to be incorporated into this prospectus.
PGF
PGF is a wholly-owned finance subsidiary of Petrobras,
incorporated under the laws of the Netherlands as a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid)
on August 2, 2012. PGF is an indirect subsidiary of Petrobras, and all of PGF’s shares are held by Petrobras’ Dutch subsidiary
Petrobras International Braspetro B.V. PGF’s business is to raise financing to fund the operations of companies within the Petrobras
group, including by issuing debt securities in the international capital markets. PGF does not currently have any operations, revenues
or assets other than those related to the issuance, administration and repayment of its debt securities. All debt securities issued by
PGF are fully and unconditionally guaranteed by Petrobras. PGF was incorporated for an indefinite period of time.
Petrobras uses PGF as its main vehicle to issue
securities in the international capital markets. PGF’s first offering of notes fully and unconditionally guaranteed by Petrobras
occurred in September 2012. In December 2014, PGF assumed the obligations of Petrobras’ former finance subsidiary Petrobras
International Finance Company S.A. (“PifCo”) under all then outstanding notes originally issued by PifCo, which continue to
benefit from Petrobras’ full and unconditional guaranty.
PGF’s registered office
is located at Weena 798C, 23rd floor, 3014 DA Rotterdam, the Netherlands, and our telephone number is +31 (0) 10 206-7000.
USE OF PROCEEDS
Unless otherwise disclosed in connection with a
particular offering of securities, we intend to use the net proceeds from the sale of any securities for general corporate purposes.
Petrobras will not receive any proceeds from the
sale of its preferred shares or common shares by any selling shareholder.
THE SECURITIES
Petrobras may from time to time offer under this
prospectus, separately or together:
| · | senior or subordinated debt securities, including debt securities that may be convertible into Petrobras’
common shares or preferred shares, which may be in the form of ADSs and evidenced by ADRs; |
| · | securities that are mandatorily convertible into preferred or common shares (or ADSs representing Petrobras’
preferred or common shares); |
| · | common shares, which may be represented by ADSs; |
| · | preferred shares, which may be represented by ADSs; |
| · | warrants to purchase common shares, which may be represented by ADSs; |
| · | warrants to purchase preferred shares, which may be represented by ADSs; |
| · | warrants to purchase debt securities; and |
| · | guaranties accompanying debt securities, including debt warrants, of PGF. |
PGF may from time to time offer under this prospectus:
| · | senior or subordinated debt securities, accompanied by full and unconditional guaranties of Petrobras;
and |
| · | warrants to purchase debt securities, accompanied by full and unconditional guaranties of Petrobras. |
The selling shareholders to be named in the applicable
prospectus supplement may from time to time offer under this prospectus, separately or together:
| · | common shares, which may be represented by ADSs; and |
| · | preferred shares, which may be represented by ADSs. |
LEGAL OWNERSHIP
In this prospectus and in any prospectus supplement,
when we refer to the “holders” of securities as being entitled to specified rights or payments, we mean only the actual legal
holders of the securities. While you will be the holder if you hold a security registered in your name, more often than not the registered
holder will actually be either a broker, bank, other financial institution or, in the case of a global security, a depositary. Our obligations,
as well as the obligations of the trustee, any warrant agent, any transfer agent, any registrar, any depositary and any third parties
employed by us or the other entities listed above, run only to persons who are registered as holders of our securities, except as may
be specifically provided for in a contract governing the securities. For example, once we make payment to the registered holder, we have
no further responsibility for the payment even if that registered holder is legally required to pass the payment along to you as a street
name customer but does not do so.
If we choose to issue, or the selling shareholders
choose to sell, preferred shares or common shares, they may be evidenced by ADRs and you will hold them indirectly through ADSs. The underlying
preferred shares or common shares will be directly held by a depositary. See “Description of Shares and American Depositary Shares.”
Your rights and obligations will be determined by reference to the terms of the relevant deposit agreement.
Street Name and Other Indirect Holders
Holding securities in accounts at banks or brokers
is called holding in “street name.” If you hold our securities in street name, we will recognize only the bank or broker,
or the financial institution that the bank or broker uses to hold the securities, as a holder. These intermediary banks, brokers, other
financial institutions and depositaries pass along principal, interest, dividends and other payments, if any, on the securities, either
because they agree to do so in their customer agreements or because they are legally required to do so. This means that if you are an
indirect holder, you will need to coordinate with the institution through which you hold your interest in a security in order to determine
how the provisions involving holders described in this prospectus and any prospectus supplement will actually apply to you. For example,
if the debt security in which you hold a beneficial interest in street name can be repaid at the option of the holder, you cannot redeem
it yourself by following the procedures described in the prospectus supplement relating to that security. Instead, you would need to cause
the institution through which you hold your interest to take those actions on your behalf. Your institution may have procedures and deadlines
different from or additional to those described in the applicable prospectus supplement.
If you hold our securities in street name or through
other indirect means, you should check with the institution through which you hold your interest in a security to find out, among other
things:
| · | how it handles payments and notices with respect to the debt securities; |
| · | whether it imposes fees or charges; |
| · | how it handles voting, if applicable; |
| · | how and when you should notify it to exercise on your behalf any rights or options that may exist under the debt securities; |
| · | whether and how you can instruct it to send you securities registered in your own name so you can be a direct holder as described
below; and |
| · | how it would pursue rights under the debt securities if there were a default or other event triggering the need for holders to act
to protect their interests. |
Global Securities
A global security is a special type of indirectly
held security. If we choose to issue our debt securities, in whole or in part, in the form of global securities, the ultimate beneficial
owners can only be indirect holders. We do this by requiring that the global security be registered in the name of a financial institution
we select and by requiring that the debt securities included in the global security not be transferred to the name of any other direct
holder unless the special circumstances described below occur. The financial institution that acts as the sole direct holder of the global
security is called the “depositary.” Any person wishing to own a security issued in global form must do so indirectly through
an account with a broker, bank or other financial institution that in turn has an account with the depositary. The relevant prospectus
supplement will indicate whether the securities will be issued only as global securities.
As an indirect holder, your rights relating to
a global security will be governed by the account rules of your financial institution and of the depositary, as well as general laws
relating to securities transfers. We will not recognize you as a holder of the debt securities and instead deal only with the depositary
that holds the global security.
You should be aware that if our debt securities
are issued only in the form of global securities:
| · | you cannot have the securities registered in your own name; |
| · | you cannot receive physical certificates for your interest in the securities; |
| · | you will be a street name holder and must look to your own bank or broker for payments on the debt securities and protection of your
legal rights relating to the debt securities; |
| · | you may not be able to sell interests in the debt securities to some insurance companies and other institutions that are required
by law to own their securities in the form of physical certificates; |
| · | the depositary’s policies will govern payments, dividends, transfers, exchange and other matters relating to your interest in
the global security. We, the trustee, any warrant agent, any transfer agent and any registrar have no responsibility for any aspect of
the depositary’s actions or for its records of ownership interests in the global security. We, the trustee, any warrant agent, any
transfer agent and any registrar also do not supervise the depositary in any way; and |
| · | the depositary will require that interests in a global security be purchased or sold within its system using same-day funds for settlement. |
In a few special situations described below, a
global security representing our debt securities will terminate and interests in it will be exchanged for physical certificates representing
the securities. After that exchange, the choice of whether to hold securities directly or in street name will be up to you. You must consult
your bank or broker to find out how to have your interests in the securities transferred to your name, so that you will be a direct holder.
Unless we specify otherwise in the prospectus supplement,
the special situations for termination of a global security representing our debt securities are:
| · | when the depositary notifies us that it is unwilling or unable to continue as depositary for such global security or the depositary
ceases to be a clearing agent registered under the Exchange Act, at a time when such depositary is required to be so registered in order
to act as depositary, and, in each case, we do not or cannot appoint a successor depositary within 90 days; |
| · | when we notify the trustee that we wish to terminate the global security; or |
| · | when an event of default on debt securities has occurred and has not been cured. (Defaults are discussed later under “Description
of Debt Securities—Events of Default.”) |
The prospectus supplement may also list additional
situations for terminating a global security that would apply to the particular series of securities covered by the prospectus supplement.
When a global security terminates, the depositary (and not us, the trustee, any warrant agent, any transfer agent or any registrar) is
responsible for deciding the names of the institutions that will be the initial direct holders.
In the remainder of this document, “you”
means direct holders and not street name or other indirect holders of securities. Indirect holders should read the previous subsection
starting on page 9 entitled “Street Name and Other Indirect Holders.”
DESCRIPTION OF DEBT SECURITIES
The following briefly summarizes the material
provisions of the debt securities and the Petrobras or PGF indenture that will govern the debt securities, other than pricing and related
terms disclosed in the applicable prospectus supplement. You should read the more detailed provisions of the applicable indenture, including
the defined terms, for provisions that may be important to you. You should also read the particular terms of a series of debt securities,
which will be described in more detail in the applicable prospectus supplement. This summary is subject to, and qualified in its entirety
by reference to, the provisions of such indenture, the debt securities and the prospectus supplement relating to each series of debt securities.
Indenture
Any debt securities that we issue will be governed
by a document called an indenture. The indenture is a contract entered into between any one of us and a trustee, currently The Bank of
New York Mellon. The trustee has two main roles:
| · | first, the trustee can enforce your rights against us if we default, although there are some limitations
on the extent to which the trustee acts on your behalf that are described under “Default and Related Matters—Events of Default—Remedies
if an Event of Default Occurs”; and |
| · | second, the trustee performs administrative duties for us, such as sending interest payments to you, transferring
your debt securities to a new buyer if you sell and sending notices to you. |
Each of the Petrobras and PGF indentures and their
associated documents contain the full legal text of the matters described in this section. We have agreed that New York law governs the
indentures and the debt securities. We have filed a copy of the Petrobras and PGF indentures with the SEC as exhibits to our registration
statement. We have consented to the non-exclusive jurisdiction of any court of the State of New York or any U.S. federal court sitting
in the Borough of Manhattan, The City of New York, New York, United States and any appellate court from any thereof.
Types of Debt Securities
Together or separately, we may issue as many distinct
series of debt securities under our indentures as are authorized by the corporate bodies that are required under applicable law and our
corporate organizational documents to authorize the issuance of debt securities. Specific issuances of debt securities will also be governed
by a supplemental indenture, an officer’s certificate or a document evidencing the authorization of any such corporate body. This
section summarizes material terms of the debt securities that are common to all series and to each of the Petrobras and PGF indentures,
unless otherwise indicated in this section and in the prospectus supplement relating to a particular series.
Because this section is a summary, it does not
describe every aspect of the debt securities. This summary is subject to and qualified in its entirety by reference to all the provisions
of the indentures, including the definition of various terms used in the indentures. For example, we describe the meanings for only the
more important terms that have been given special meanings in the indentures. We also include references in parentheses to some sections
of the indentures. Whenever we refer to particular sections or defined terms of our indentures in this prospectus or in any prospectus
supplement, those sections or defined terms are incorporated by reference herein or in such prospectus supplement.
We may issue the debt securities at par, at a premium
or as original issue discount securities, which are debt securities that are offered and sold at a substantial discount to their stated
principal amount. We may also issue the debt securities as indexed securities or securities denominated in currencies other than the U.S.
dollar, currency units or composite currencies, as described in more detail in the prospectus supplement relating to any such debt securities.
We will describe the U.S. federal income tax consequences and any other special considerations applicable to original issue discount,
indexed or foreign currency debt securities in the applicable prospectus supplement(s).
In addition, the material financial, legal and
other terms particular to a series of debt securities will be described in the prospectus supplement(s) relating to that series.
Those terms may vary from the terms described here. Accordingly, this summary also is subject to and qualified by reference to the description
of the terms of the series described in the applicable prospectus supplement(s).
The prospectus supplement relating to a series
of debt securities will describe the following terms of the series:
| · | the title of the debt securities of the series; |
| · | any limit on the aggregate principal amount of the debt securities of the series (including any provision for the future offering
of additional debt securities of the series beyond any such limit); |
| · | whether the debt securities will be issued in registered form; |
| · | whether the debt securities will be accompanied by a guaranty or other credit enhancements, including letters of credit, political
risk insurance or other similar instruments; |
| · | the date or dates on which the debt securities of the series will mature and any other date or dates on which we will pay the principal
of the debt securities of the series; |
| · | the annual rate or rates, which may be fixed or variable, at which the debt securities will bear interest, if any, and the date or
dates from which that interest will accrue; |
| · | the date or dates on which any interest on the debt securities of the series will be payable and the regular record date or dates
we will use to determine who is entitled to receive interest payments; |
| · | the place or places where the principal and any premium and interest in respect of the debt securities of the series will be payable; |
| · | any period or periods during which, and the price or prices at which, we will have the option to redeem or repurchase the debt securities
of the series and the other material terms and provisions applicable to our redemption or repurchase rights; |
| · | whether the debt securities will be senior or subordinated securities; |
| · | whether the debt securities will be our secured or unsecured obligations; |
| · | any obligation we will have to redeem or repurchase the debt securities of the series, including any sinking fund or analogous provision,
the period or periods during which, and the price or prices at which, we would be required to redeem or repurchase the debt securities
of the series and the other material terms and provisions applicable to our redemption or repurchase obligations; |
| · | if other than U.S.$1,000 or an even multiple of U.S.$1,000, the denominations in which the series of debt securities will be issuable; |
| · | if other than U.S. dollars, the currency in which the debt securities of the series will be denominated or in which the principal
of or any premium or interest on the debt securities of the series will be payable; |
| · | if we or you have a right to choose the currency, currency unit or composite currency in which payments on any of the debt securities
of the series will be made, the currency, currency unit or composite currency that we or you may elect, the period during which we or
you must make the election and the other material terms applicable to the right to make such elections; |
| · | if other than the full principal amount, the portion of the principal amount of the debt securities of the series that will be payable
upon a declaration of acceleration of the maturity of the debt securities of the series; |
| · | any index or other special method we will use to determine the amount of principal or any premium or interest on the debt securities
of the series; |
| · | the applicability of the provisions described under “Defeasance and Discharge”; |
| · | if we issue the debt securities of the series in whole or part in the form of global securities as described under “Legal Ownership—Global
Securities”, the name of the depositary with respect to the debt securities of the series, and the circumstances under which the
global securities may be registered in the name of a person other than the depositary or its nominee if other than those described under
“Legal Ownership—Global Securities”; |
| · | whether the debt securities will be convertible or exchangeable at your option or at our option into equity securities, and, if so,
the terms and conditions of conversion or exchange; |
| · | any covenants to which we will be subject with respect to the debt securities of the series; and |
| · | any other special features of the debt securities of the series that are not inconsistent with the provisions of the indentures. |
In addition, the prospectus supplement will state
whether we will list the debt securities of the series on any stock exchange(s) and, if so, which one(s).
Additional Mechanics
Form, Exchange and Transfer
The debt securities will be issued, unless otherwise
indicated in the applicable prospectus supplement, in minimum denominations of U.S.$1,000 and denominations that are even multiples of
U.S.$1,000, and in global registered form. (Petrobras Section 3.02; PGF Section 3.02)
You may have your debt securities broken into more
debt securities of smaller denominations or combined into fewer debt securities of larger denominations, as long as the total principal
amount is not changed. This is called an exchange. (Petrobras Section 3.05; PGF Section 3.05)
You may exchange or transfer your registered debt
securities at the office of the trustee. The trustee will maintain an office in New York, New York. The trustee acts as our agent for
registering debt securities in the names of holders and transferring registered debt securities. We may change this appointment to another
entity or perform the service ourselves. The entity performing the role of maintaining the list of registered holders is called the “security
registrar.” It will also register transfers of the registered debt securities. (Petrobras Section 3.05; PGF Section 3.05)
You will not be required to pay a service charge
to transfer or exchange debt securities, but you may be required to pay any tax or other governmental charge associated with the exchange
or transfer. The transfer or exchange of a registered debt security will only be made if the security registrar is satisfied with your
proof of ownership.
If we designate additional transfer agents, they
will be named in the prospectus supplement. We may cancel the designation of any particular transfer agent. We may also approve a change
in the office through which any transfer agent acts. (Petrobras Section 10.02; PGF Section 10.03)
If the debt securities are redeemable and we redeem
less than all of the debt securities of a particular series, we may block the transfer or exchange of debt securities in order to freeze
the list of holders to prepare the mailing during the period beginning 15 days before the day we mail the notice of redemption and ending
on the day of that mailing. We may also refuse to register transfers or exchanges of debt securities selected for redemption. However,
we will continue to permit transfers and exchanges of the unredeemed portion of any debt security being partially redeemed. (Petrobras
Section 3.05; PGF Section 3.05)
Payment and Paying Agents
If your debt securities are in registered form,
we will pay interest to you if you are a direct holder listed in the trustee’s records at the close of business on a particular
day in advance of each due date for interest, even if you no longer own the security on the interest due date. That particular day, usually
about a day in advance of the interest due date, is called the “regular record date” and will be stated in the prospectus
supplement. (Petrobras Section 3.07; PGF Section 3.07)
We will pay interest, principal, additional amounts
and any other money due on the registered debt securities at the corporate trust office of the trustee in New York City (which is currently
located at 240 Greenwich Street, 7E, New York, New York 10286, Attention: Global Trust Services – Americas). You must make arrangements
to have your payments picked up at or wired from that office. We may also choose to pay interest by mailing checks. Interest on global
securities will be paid to the holder thereof by wire transfer of same-day funds.
Holders buying and selling debt securities must
work out between themselves how to compensate for the fact that we will pay all the interest for an interest period to, in the case of
registered debt securities, the one who is the registered holder on the regular record date. The most common manner is to adjust the sales
price of the debt securities to pro-rate interest fairly between the buyer and seller. This pro-rated interest amount is called “accrued
interest.”
Street name and other indirect holders
should consult their banks or brokers for information on how they will receive payments.
We may also arrange for additional payment offices,
and may cancel or change these offices, including our use of the trustee’s corporate trust office. These offices are called “paying
agents.” We may appoint paying agents outside the United States for a specific issuance of securities. We may also choose to act
as our own paying agent. We must notify you of changes in the paying agents for the debt securities of any series that you hold. (Petrobras
Section 10.02; PGF Section 10.03)
Notices
We and the trustee will send notices only to direct
holders, using their addresses as listed in the registrar’s records. (Petrobras Section 1.06; PGF Section 1.06)
Regardless of who acts as paying agent, all money
that we pay to a paying agent that remains unclaimed at the end of two years after the amount is due to direct holders will be repaid
to us. After that two-year period, direct holders may look only to us for payment and not to the trustee, any other paying agent or anyone
else. (Petrobras Section 10.03, PGF Section 10.08)
Special Situations
Mergers and Similar Events
Under the indentures, except as described below,
we are generally permitted to consolidate, spin off, or merge with another entity. We are also permitted to sell or lease substantially
all of our assets to another entity or to buy or lease substantially all of the assets of another entity. No vote by holders of debt securities
approving any of these actions is required, unless as part of the transaction we make changes to the indentures requiring your approval,
as described later under “—Modification and Waiver.” We may take these actions as part of a transaction involving outside
third parties or as part of an internal corporate reorganization. We may take these actions even if they result in:
| · | a lower credit rating being assigned to the debt securities; or |
| · | additional amounts becoming payable in respect of withholding tax, and the debt securities thus being subject to redemption at our
option, as described later under “—Optional Tax Redemption.” |
We have no obligation under the indentures to seek
to avoid these results, or any other legal or financial effects that are disadvantageous to you, in connection with a merger, spin off,
consolidation or sale or lease of assets that is permitted under the indenture.
Petrobras
Petrobras may merge into or consolidate with or
convey, transfer or lease its property to another entity, provided that it may not take any of these actions unless all the following
conditions are met:
| · | If Petrobras merges out of existence or sell or lease its assets, the other entity must unconditionally assume its obligations on
the debt securities, including the obligation to pay the additional amounts described under “Payment of Additional Amounts.”
This assumption may be by way of a full and unconditional guaranty in the case of a sale or lease of substantially all of its assets. |
| · | Petrobras must indemnify you against any tax, assessment or governmental charge or other cost resulting from the transaction. This
indemnification obligation only arises if the other entity is organized under the laws of a country other than the United States, a state
thereof or Brazil. |
| · | Petrobras must not be in default on the debt securities immediately prior to such action and such action must not cause a default.
For purposes of this no-default test, a default would include an event of default that has occurred and not been cured, as described later
under “Default and Related Matters—Events of Default” A default for this purpose would also include any event that would
be an event of default if the requirements for notice of default or existence of defaults for a specified period of time were disregarded. |
| · | The entity to which Petrobras sells or leases such assets guaranties our obligations or the entity into which it merges or consolidates
with must execute a supplement to the indenture, known as a supplemental indenture. In the supplemental indenture, the entity must promise
to be bound by every obligation in the indenture. Furthermore, in this case, the trustee must receive an opinion of counsel stating that
the entity’s guaranties are valid, that certain registration requirements applicable to the guaranties have been fulfilled and that
the supplemental indenture complies with the Trust Indenture Act of 1939. The entity that guarantees our obligations must also deliver
certain certificates and other documents to the trustee. |
| · | Petrobras must deliver to the trustee an officers’ certificate and an opinion of counsel, each stating that the transaction
complies with the terms of the indenture and that all conditions precedent provided for in the indenture and relating to the transaction
have been complied with. |
| · | Petrobras must satisfy any other requirements specified in the prospectus supplement. (Petrobras Section 8.01) |
PGF
PGF will not, in one or a series of transactions,
consolidate or amalgamate with or merge into any corporation or convey, lease, spin off or transfer substantially all of its properties,
assets or revenues to any person or entity (other than a direct or indirect subsidiary of Petrobras) or permit any person (other than
a direct or indirect subsidiary of PGF) to merge with or into it, unless such consolidation, amalgamation, merger, lease, spin off or
transfer of assets does not violate any provision of Dutch financial regulatory laws, and:
| · | either PGF is the continuing entity or the person (the “successor company”) formed by the consolidation or into which
PGF is merged or that acquired (through a transfer of assets, a spin-off or otherwise) or leased the property or assets of PGF will assume
(jointly and severally with PGF unless PGF will have ceased to exist as a result of that merger, consolidation or amalgamation), by a
supplemental indenture, all of PGF’s obligations under the indenture and the debt securities of a series; |
| · | the successor company (jointly and severally with PGF unless PGF will have ceased to exist as part of the merger, consolidation or
amalgamation) agrees to indemnify each holder against any tax, assessment or governmental charge thereafter imposed on the holder solely
as a consequence of the consolidation, merger, conveyance, spin-off, transfer or lease with respect to the payment of principal of, or
interest on, the securities of a series; |
| · | immediately after giving effect to the transaction, no event of default, and no default has occurred and is continuing; |
| · | PGF has delivered to the trustee a directors’ certificate and an opinion of counsel, each stating that the transaction and the
supplemental indenture relating to the transaction comply with the terms of the indenture, and that all conditions precedent provided
for in the indenture and relating to the transaction have been complied with; and |
| · | PGF has delivered notice of any such transaction to the trustee. |
Notwithstanding anything to the contrary in the
foregoing, so long as no default or event of default under the indenture or the securities of a series will have occurred and be continuing
at the time of the proposed transaction or would result from the transaction:
| · | PGF may merge, amalgamate or consolidate with or into, or convey, transfer, spin off, lease or otherwise dispose of all or substantially
all of its properties, assets or revenues to a direct or indirect subsidiary of PGF or Petrobras in cases when PGF is the surviving entity
in the transaction and the transaction would not have a material adverse effect on PGF and its subsidiaries taken as a whole, it being
understood that if PGF is not the surviving entity, PGF will be required to comply with the requirements set forth in the previous paragraph;
or |
| · | any direct or indirect subsidiary of PGF may merge or consolidate with or into, or convey, transfer, spin off, lease or otherwise
dispose of assets to, any person (other than PGF or any of its subsidiaries or affiliates) in cases when the transaction would not have
a material adverse effect on PGF and its subsidiaries taken as a whole; or |
| · | any direct or indirect subsidiary of PGF may merge or consolidate with or into, or convey, transfer, lease or otherwise dispose of
assets to, any other direct or indirect subsidiary of PGF or Petrobras; or |
| · | any direct or indirect subsidiary of PGF may liquidate or dissolve if PGF determines in good faith that the liquidation or dissolution
is in the best interests of Petrobras, and would not result in a material adverse effect on PGF and its subsidiaries taken as a whole
and if the liquidation or dissolution is part of a corporate reorganization of PGF or Petrobras. |
It is possible that the U.S. Internal Revenue Service
may deem a merger or other similar transaction to cause for U.S. federal income tax purposes an exchange of debt securities for new securities
by the holders of the debt securities. This could result in the recognition of taxable gain or loss for U.S. federal income tax purposes
and possible other adverse tax consequences.
Modification and Waiver
There are three types of changes we can make to
the indenture and the debt securities.
Changes Requiring Your Approval. First,
there are changes that cannot be made to your debt securities without your specific approval. These are the following types of changes:
| · | change the stated maturity of the principal, interest or premium on a debt security; |
| · | reduce any amounts due on a debt security; |
| · | change any obligation to pay the additional amounts described under “Payment of Additional Amounts”; |
| · | reduce the amount of principal payable upon acceleration of the maturity of a debt security following
a default; |
| · | change the place or currency of payment on a debt security; |
| · | impair any of the conversion or exchange rights of your debt security; |
| · | impair your right to sue for payment, conversion or exchange; |
| · | reduce the percentage of holders of debt securities whose consent is needed to modify or amend the indenture; |
| · | reduce the percentage of holders of debt securities whose consent is needed to waive compliance with various
provisions of the indenture or to waive specified defaults; and |
| · | modify any other aspect of the provisions dealing with modification and waiver of the indenture. (Petrobras
Section 9.02; PGF Section 9.02) |
Changes Requiring a Majority Vote. The
second type of change to the indenture and the debt securities is the kind that requires a vote of approval by the holders of debt securities
that together represent a majority of the outstanding principal amount of the particular series affected. Most changes fall into this
category, except for changes described below under “Changes Not Requiring Approval.”. For example, this vote would be required
for us to obtain a waiver of all or part of any covenants described in an applicable prospectus supplement or a waiver of a past default.
However, we cannot obtain a waiver of a payment default or any other aspect of the indenture or the debt securities listed in the first
category described previously beginning above under “Changes Requiring Your Approval” unless we obtain your individual consent
to the waiver. (Petrobras Sections 5.13 and 9.02; PGF Section 9.02)
Changes Not Requiring Approval. The
third type of change does not require any vote by holders of debt securities. This type is limited to curing any ambiguity, defect or
inconsistency, making changes to conform the provisions contained in the indenture to the description of the notes and the guarantee contained
in this prospectus or an applicable prospectus supplement and making changes that do not adversely affect the rights of holders of the
debt securities in any material respect, such as adding covenants, additional events of default or successor trustees. (Petrobras Section 9.01;
PGF Section 9.01)
Further Details Concerning Voting.
When taking a vote, we will use the following rules to decide how much principal amount to attribute to a security:
| · | For original issue discount securities, we will use the principal amount that would be due and payable
on the voting date if the maturity of the debt securities were accelerated to that date because of a default. |
| · | Debt securities that we, any of our affiliates and any other obligor under the debt securities acquire
or hold will not be counted as outstanding when determining voting rights. |
| · | For debt securities whose principal amount is not known (for example, because it is based on an index),
we will use a special rule for that security described in the prospectus supplement for that security. |
| · | For debt securities denominated in one or more foreign currencies, currency units or composite currencies,
we will use the U.S. dollar equivalent as of the date on which such debt securities were originally issued. |
Debt securities will not be considered outstanding,
and therefore will not be eligible to vote, if we have deposited or set aside in trust for you money for their payment or redemption.
Debt securities will also not be eligible to vote if they have been fully defeased as described under “Defeasance and Discharge.”
(Petrobras Section 14.02; PGF Section 14.02)
We will generally be entitled to set any day as
a record date for the purpose of determining the holders of outstanding debt securities that are entitled to vote or take other action
under the indenture. In limited circumstances, the trustee will be entitled to set a record date for action by holders. If we or the trustee
set a record date for a vote or other action to be taken by holders of a particular series, that vote or action may be taken only by persons
who are holders of outstanding debt securities of that series on the record date and must be taken within 180 days following the record
date or another period that we or, if it sets the record date, the trustee may specify. We may shorten or lengthen (but not beyond 180
days) this period from time to time. (Petrobras Section 1.04; PGF Section 1.04)
Street name and other indirect holders
should consult their banks or brokers for information on how approval may be granted or denied if we seek to change the indenture or the
debt securities or request a waiver.
Redemption and Repayment
Unless otherwise indicated in the applicable prospectus
supplement, your debt security will not be entitled to the benefit of any sinking fund; that is, we will not deposit money on a regular
basis into any separate custodial account to repay your debt securities. In addition, other than as set forth in “Optional Tax Redemption”
below, we will not be entitled to redeem your debt security before its stated maturity unless the applicable prospectus supplement specifies
a redemption commencement date. You will not be entitled to require us to buy your debt security from you, before its stated maturity,
unless the applicable prospectus supplement specifies one or more repayment dates.
If the applicable prospectus supplement specifies
a redemption commencement date or a repayment date, it will also specify one or more redemption prices or repayment prices, which may
be expressed as a percentage of the principal amount of your debt security or by reference to one or more formulae used to determine the
redemption price(s). It may also specify one or more redemption periods during which the redemption prices relating to a redemption of
debt securities during those periods will apply.
If the applicable prospectus supplement specifies
a redemption commencement date, we may redeem your debt security at our option at any time on or after that date. If we redeem your debt
security, we will do so at the specified redemption price, together with interest accrued to, but excluding, the redemption date. If different
prices are specified for different redemption periods, the price we pay will be the price that applies to the redemption period during
which your debt security is redeemed. If less than all of the debt securities are redeemed, the trustee will choose the debt securities
to be redeemed by lot, or of any method deemed fair and appropriate to the trustee, pro rata, subject to the current rules and procedures
of the applicable depositary. (Petrobras Section 11.03; PGF Section 11.03)
If the applicable prospectus supplement specifies
a repayment date, your debt security will be repayable by us at your option on the specified repayment date(s) at the specified repayment
price(s), together with interest accrued and any additional amounts to, but excluding, the repayment date. (Petrobras Section 11.04;
PGF Section 11.04)
In the event that we exercise an option to redeem
any debt security, we will give to the trustee and the holder written notice of the principal amount of the debt security to be redeemed,
not less than 30 days nor more than 60 days before the applicable redemption date. Such notice may at our option be subject to the satisfaction
of one or more conditions precedent, and it may be rescinded or the applicable redemption date delayed in the event that any or all such
conditions shall not have been satisfied by the applicable redemption date. Any conditions precedent shall be described in such notice.
We will give the notice in the manner described above under “Additional Mechanics—Notices.”
If a debt security represented by a global security
is subject to repayment at the holder’s option, the depositary or its nominee, as the holder, will be the only person that can exercise
the right to repayment. Any indirect holders who own beneficial interests in the global security and wish to exercise a repayment right
must give proper and timely instructions to their banks or brokers through which they hold their interests, requesting that they notify
the depositary to exercise the repayment right on their behalf. Different firms have different deadlines for accepting instructions from
their customers, and you should take care to act promptly enough to ensure that your request is given effect by the depositary before
the applicable deadline for exercise.
Street name and other indirect holders
should contact their banks or brokers for information about how to exercise a repayment right in a timely manner.
In the event that the option of the holder to elect
repayment as described above is deemed to be a “tender offer” within the meaning of Rule 14e-1 under the Exchange Act,
we will comply with Rule 14e-1 as then in effect to the extent it is applicable to us and the transaction.
Subject to any restrictions that will be described
in the prospectus supplement, we or our affiliates may purchase debt securities from investors who are willing to sell from time to time,
either in the open market at prevailing prices or in private transactions at negotiated prices. Debt securities that we or they purchase
may, in our discretion, be held, resold or canceled.
Optional Tax Redemption
Unless otherwise indicated in a prospectus supplement,
we may have the option to redeem, in whole but not in part, the debt securities where, as a result of a change in, execution of or amendment
to any laws or treaties or the official application or interpretation of any laws or treaties, we would be required to pay additional
amounts as described later under “Payment of Additional Amounts.” This applies only in the case of changes, executions or
amendments that occur on or after the date specified in the prospectus supplement for the applicable series of debt securities and in
the jurisdiction where we are incorporated or organized. If succeeded by another entity, the applicable jurisdiction will be the jurisdiction
in which such successor entity is incorporated or organized, and the applicable date will be the date the entity became a successor. (Petrobras
Section 11.08; PGF Section 11.08)
If the debt securities are redeemed, the redemption
price for debt securities (other than original issue discount debt securities) will be equal to the principal amount of the debt securities
being redeemed plus accrued interest and any additional amounts due on the date fixed for redemption. The redemption price for original
issue discount debt securities will be specified in the prospectus supplement for such securities. Furthermore, we must give you between
30 and 60 days’ notice before redeeming the debt securities.
Conversion
Your debt securities may be convertible into or
exchangeable for shares of Petrobras’ capital stock at your option or at our option, which may be represented by ADSs, or other
securities if the applicable prospectus supplement so provides. If your debt securities are convertible or exchangeable, the prospectus
supplement will include provisions as to whether conversion or exchange is at your option or at our option. The prospectus supplement
would also include provisions regarding the adjustment of the number of securities to be received by you upon conversion or exchange.
Payment of Additional Amounts
Except as provided below and under the applicable
prospectus supplement, PGF or Petrobras, as applicable, will make all payments of amounts due under the debt securities and the indenture
and each other document entered into in connection with the debt securities and the indenture without withholding or deducting any present
or future taxes, levies, deductions or other governmental charges of any nature imposed by Brazil, the jurisdiction of PGF’s incorporation
(currently the Netherlands) or any jurisdiction in which PGF appoints a paying agent under the indenture, or any political subdivision
of such jurisdictions (the “taxing jurisdictions”). If PGF or Petrobras, as applicable, is required by law to withhold or
deduct any taxes, levies, deductions or other governmental charges, PGF or Petrobras, as applicable, will make such deduction or withholding,
make payment of the amount so withheld to the appropriate governmental authority and pay the holders any additional amounts necessary
to ensure that they receive the same amount as they would have received without such withholding or deduction. For the avoidance of doubt,
the foregoing obligations shall extend to payments under the guaranty. In the case of payments by Petrobras, in order for a holder to
be entitled to receive the additional amount, the holder must not be a resident of Brazil.
All references to principal, premium, if any, and
interest in respect of the debt securities will be deemed to refer to any additional amounts which may be payable as set forth in the
indenture or in the debt securities.
PGF or Petrobras, as applicable, will not, however,
pay any additional amounts in connection with any tax, levy, deduction or other governmental charge that is imposed due to any of the
following (“excluded additional amounts”):
| · | the holder has a connection with the taxing jurisdiction other than merely holding the debt securities or receiving principal or interest
payments on the debt securities (such as citizenship, nationality, residence, domicile, or existence of a business, a permanent establishment,
a dependent agent, a place of business or a place of management, present or deemed present within the taxing jurisdiction); |
| · | any tax imposed on, or measured by, net income; |
| · | the holder fails to comply with any certification, identification or other reporting requirements concerning its nationality, residence,
identity or connection with the taxing jurisdiction, if such compliance is required by applicable law, regulation, administrative practice
or treaty as a precondition to exemption from all or a part of the tax, levy, deduction or other governmental charge; |
| · | the holder fails to present (where presentation is required) its debt securities within 30 calendar days after PGF or Petrobras, as
applicable, has made available to the holder a payment under the debt securities and the indenture, provided that PGF or Petrobras,
as applicable, will pay additional amounts which a holder would have been entitled to had the debt securities owned by such holder been
presented on any day (including the last day) within such 30 calendar day period; |
| · | any estate, inheritance, gift, value added, Financial Transactions Tax (“FTT”), use or sales taxes or any similar taxes,
assessments or other governmental charges; |
| · | where the holder would have been able to avoid the tax, levy, deduction or other governmental charge by taking reasonable measures
available to such holder; or |
| · | any combination of the above. |
PGF or Petrobras, as applicable, shall promptly
pay when due any present or future stamp, court or documentary taxes or any other excise or property taxes, charges or similar levies
that are imposed by a taxing jurisdiction from any payment under the debt securities or under any other document or instrument referred
to in the indenture or from the execution, delivery, enforcement or registration of the debt securities or any other document or instrument
referred to in the indenture. PGF or Petrobras, as applicable, shall indemnify and make whole the holders of the debt securities for any
present or future stamp, court or documentary taxes or any other excise or property taxes, charges or similar levies payable by PGF or
Petrobras as provided in this paragraph paid by such holder.
All payments in respect of the debt securities
will be made subject to any withholding or deduction required pursuant to Section 1471(b) of the Internal Revenue Code of 1986,
as amended (the “Code”), or otherwise imposed pursuant to Sections 1471 through 1474 of the Code, any regulations thereunder
or official interpretations thereof or any law implementing an intergovernmental approach thereto (collectively, “FATCA”),
and PGF or Petrobras, as applicable, will not be required to pay any additional amounts on account of any such deduction or withholding
required.
Restrictive Covenants
Petrobras
The Petrobras indenture does not contain any covenants
restricting the ability of Petrobras to make payments, incur indebtedness, dispose of assets, enter into sale and leaseback transactions,
issue and sell capital stock, enter into transactions with affiliates, create or incur liens on Petrobras’ property or engage in
business other than its present business. Restrictive covenants, if any, with respect to any securities of Petrobras will be contained
in the applicable supplemental indenture and described in the applicable prospectus supplement with respect to those securities. (Petrobras
Section 10)
PGF
Unless otherwise specified in the applicable prospectus
supplement, PGF will be subject to the following covenants with respect to its debt securities:
Payment of Principal and Interest
PGF will duly and punctually pay the principal
of and any premium and interest and other amounts (including any additional amounts in the event withholding and other taxes are imposed
in Brazil or the jurisdiction of incorporation of PGF) on the debt securities of a series in accordance with such securities and the indenture.
(PGF Section 10.01)
Maintenance of Corporate Existence
PGF will maintain its corporate existence and take
all reasonable actions to maintain all rights, privileges and the like necessary or desirable in the normal conduct of business, activities
or operations, unless PGF’s board of directors determines that maintaining such rights and privileges is no longer desirable in
the conduct of PGF’s business and is not disadvantageous in any material respect to holders. (PGF Section 10.02)
Maintenance of Office or Agency
So long as debt securities of a series are outstanding,
PGF will maintain in the Borough of Manhattan, the City of New York, an office or agency where notices to and demands upon it in respect
of the indenture and the debt securities of a series may be served. PGF will not change the designation of the office without prior written
notice to the trustee and designating a replacement office in the same general location. If at any time PGF shall fail to maintain any
required office or agency or shall fail to furnish the trustee with the address thereof, all presentations, surrenders, notices and demands
may be served at the trustee’s corporate trust office and PGF has appointed the trustee as its agent to receive all such presentations,
surrenders, notices and demands. (PGF Section 10.03)
Ranking
PGF will ensure that its debt securities will at
all times constitute its general senior, unsecured and unsubordinated obligations and will rank pari passu, without any preferences
among themselves, with all of its other present and future unsecured and unsubordinated obligations (other than obligations preferred
by statute or by operation of law). (PGF Section 10.04)
Statement by Managing Directors as to Default
PGF (and each other obligor on the debt securities
of any series) will deliver to the trustee, within 90 calendar days after the end of its fiscal year, a directors’ certificate,
stating whether or not to the best knowledge of its signers thereof there is an event of default in connection with the performance and
observance of any of the terms, provisions and conditions of the indenture or the debt securities of any series and, if there is such
an event of default by PGF (or any obligor), specifying all such events of default and their nature and status of which the signers may
have knowledge. (PGF Section 10.05)
Provision of Financial Statements and Reports
In the event that PGF files any financial statements
or reports with the SEC or publishes or otherwise makes such statements or reports publicly available in the Netherlands, the United States
or elsewhere, PGF will furnish, a copy of the statements or reports to the trustee within 15 calendar days of the date of filing or the
date the information is published or otherwise made publicly available. As long as the financial statements or reports are publicly available
and accessible electronically by the trustee, the filing or electronic publication of such financial statements or reports complies with
PGF’s obligation to deliver such statements and reports to the trustee. The trustee does not have an obligation to determine if
and when PGF's financial statements or reports are publicly available and accessible electronically.
Along with each such financial statement or report,
if any, PGF will provide a directors’ certificate stating (i) that a review of PGF’s activities has been made during
the period covered by such financial statements with a view to determining whether PGF has kept, observed, performed and fulfilled its
covenants and agreements under this indenture; and (ii) that no event of default, has occurred during that period or, if one or more
have actually occurred, specifying all those events and what actions have been taken and will be taken with respect to that event of default.
Delivery of these reports, information and documents
to the trustee is for informational purposes only and the trustee’s receipt of any of those will not constitute constructive notice
of any information contained in them or determinable from information contained in them, including PGF’s compliance with any of
its covenants under the indenture (as to which the trustee is entitled to rely exclusively on directors’ certificates). (PGF
Section 10.06)
Appointment to Fill a Vacancy in Office of
Trustee
PGF, whenever necessary to avoid or fill a vacancy
in the office of trustee, will appoint a successor trustee in the manner provided in the indenture so that there will at all times be
a trustee with respect to the debt securities of any series. (PGF Section 10.07)
Payments and Paying Agents
PGF will, prior to 3:00 p.m., New York City time,
on the business day preceding any payment date of the principal of or interest on the debt securities of any series or other amounts (including
additional amounts), deposit with the trustee a sum sufficient to pay such principal, interest or other amounts (including additional
amounts) so becoming due.
All payments on the debt securities of any series
will be subject in all cases to any applicable tax, fiscal or other laws and regulations in any jurisdictions, but without prejudice to
the provisions under “—Payment of Additional Amounts.” For the purposes of the preceding sentence, the phrase “applicable
tax, fiscal or other laws and regulations” will include any obligation on us to withhold or deduct from a payment pursuant to FATCA.
(PGF Section 10.08)
Negative Pledge
PGF will not create, incur or assume any lien,
other than a PGF Permitted Lien, on any of its assets to secure (i) any of its indebtedness for borrowed money or (ii) the indebtedness
for borrowed money of any other person, unless PGF contemporaneously creates or permits such lien to secure equally and ratably its obligations
under the debt securities of a series or PGF provides such other security for the debt securities of a series as is duly approved by a
resolution of the holders of such debt securities in accordance with the indenture. In addition, PGF will not allow any of its material
subsidiaries, if any, to create or permit any lien, other than a PGF Permitted Lien, on any of its assets to secure (i) any of its
indebtedness for borrowed money; (ii) any of the material subsidiary’s indebtedness for borrowed money or (iii) the indebtedness
for borrowed money of any other person, unless PGF contemporaneously creates or permits such lien to secure equally and ratably its obligations
under the debt securities of any series to which the covenant applies or PGF or such material subsidiary provides such other security
for the debt securities of a series as is duly approved by a resolution of the holders of such debt securities in accordance with the
indenture. (PGF Section 10.11)
As used above, the following terms have the meanings
set forth below:
“indebtedness” means any obligation
(whether present or future, actual or contingent and including any guaranty) for the payment or repayment of money which has been borrowed
or raised (including money raised by acceptances and all leases which, under IFRS, would be a capital lease obligation).
A “guaranty” means an obligation of a person to pay the
indebtedness of another person including, without limitation:
| · | an obligation to pay or purchase such indebtedness; |
| · | an obligation to lend money or to purchase or subscribe for shares or other securities or to purchase assets or services in order
to provide funds for the payment of such indebtedness; |
| · | an indemnity against the consequences of a default in the payment of such indebtedness; or |
| · | any other agreement to be responsible for such indebtedness. |
A “lien” means any mortgage, pledge,
lien, hypothecation, security interest or other charge or encumbrance on any property or asset including, without limitation, any equivalent
created or arising under applicable law.
A “PGF permitted lien” with respect
to any series of debt securities issued means any:
| (a) | lien arising by operation of law, such as merchants’, maritime or other similar liens arising in PGF’s ordinary course
of business or that of any subsidiary or lien in respect of taxes, assessments or other governmental charges that are not yet delinquent
or that are being contested in good faith by appropriate proceedings; |
| (b) | lien arising from PGF’s obligations under performance bonds or surety bonds and appeal bonds or similar obligations incurred
in the ordinary course of business and consistent with PGF’s past practice; |
| (c) | lien arising in the ordinary course of business in connection with indebtedness maturing not more than one year after the date on
which that indebtedness was originally incurred and which is related to the financing of export, import or other trade transactions; |
| (d) | lien granted upon or with respect to any assets hereafter acquired by PGF or any subsidiary to secure the acquisition costs of those
assets or to secure indebtedness incurred solely for the purpose of financing the acquisition of those assets, including any lien existing
at the time of the acquisition of those assets, so long as the maximum amount so secured does not exceed the aggregate acquisition costs
of all such assets or the aggregate indebtedness incurred solely for the acquisition of those assets, as the case may be; |
| (e) | lien granted in connection with indebtedness of a wholly-owned subsidiary owing to PGF or another wholly-owned subsidiary; |
| (f) | lien existing on any asset or on any stock of any subsidiary prior to the acquisition thereof by PGF or any subsidiary, so long as
the lien is not created in anticipation of that acquisition; |
| (g) | lien existing as of the date of the issuance of debt securities of such series; |
| (h) | lien resulting from the indenture or the guaranty, if any, with respect to the debt securities of such series; |
| (i) | lien incurred in connection with the issuance of debt or similar securities of a type comparable to those already issued by PGF, on
amounts of cash or cash equivalents on deposit in any reserve or similar account to pay interest on those securities for a period of up
to 24 months as required by any rating agency as a condition to the rating agency rating those securities as investment grade; |
| (j) | lien granted or incurred to secure any extension, renewal, refinancing, refunding or exchange (or successive extensions, renewals,
refinancings, refundings or exchanges), in whole or in part, of or for any indebtedness secured by liens referred to in paragraphs (a) through
(i) above (but not paragraph (c)), so long as the lien does not extend to any other property, the principal amount of the indebtedness
secured by the lien is not increased, and in the case of paragraphs (a), (b) and (f), the obligees meet the requirements of the applicable
paragraph; and |
| (k) | lien in respect of indebtedness the principal amount of which in the aggregate, together with all other liens not otherwise qualifying
as PGF Permitted Liens pursuant to another part of this definition of PGF permitted liens, does not exceed 20% of PGF’s consolidated
total assets (as determined in accordance with IFRS) at any date as at which PGF’s balance sheet is prepared and published in accordance
with applicable law. |
A “wholly-owned subsidiary” means,
with respect to any corporate entity, any person of which 100% of the outstanding capital stock (other than qualifying shares, if any)
having by its terms ordinary voting power (not dependent on the happening of a contingency) to elect the board of directors (or equivalent
controlling governing body) of that person, is at the time owned or controlled directly or indirectly by that corporate entity, by one
or more wholly-owned subsidiaries of that corporate entity or by that corporate entity and one or more wholly-owned subsidiaries.
PGF may omit to comply with any term, provision
or condition set forth in certain covenants applicable to the debt securities of a series or any term, provision or condition of the indenture,
if before the time for the compliance the holders of at least a majority of the principal amount of the outstanding debt securities of
a series waive the compliance, but no waiver can operate except to the extent expressly waived, and, until a waiver becomes effective,
PGF’s obligations and the duties of the trustee in respect of any such term, provision or condition will remain in full force and
effect. (PGF Section 10.09)
Additional restrictive covenants with respect to
securities of PGF may be contained in the applicable supplemental indenture and described in the applicable prospectus supplement with
respect to those securities.
Defeasance and Discharge
The following discussion of full defeasance and
discharge and covenant defeasance and discharge will only be applicable to your series of debt securities if we choose to apply them to
that series, in which case we will state that in the prospectus supplement. (Petrobras Section 14.01; PGF Section 14.01)
Full Defeasance
If the applicable prospectus supplement states
that full defeasance will apply to a particular series of debt securities, we will be legally released from any payment and other obligations
on such debt securities, except for various obligations described below (called “full defeasance”), provided that we, in addition
to other actions, put in place the following arrangements for you to be repaid:
| · | We must irrevocably deposit in trust for your benefit and the benefit of all other direct holders of the debt securities of such series
a combination of money and non-callable U.S. government or U.S. government agency debt securities or bonds that, in the opinion of a firm
of nationally recognized independent public accountants, will generate enough cash without reinvestment to make interest, principal and
any other payments, including additional amounts, on such debt securities on their various due dates. |
| · | We must deliver to the trustee a legal opinion of our counsel, based upon a ruling by the U.S. Internal Revenue Service or upon a
change in applicable U.S. federal income tax law, confirming that under then current U.S. federal income tax law we may make the above
deposit without causing you to be taxed on such debt securities any differently than if we did not make the deposit and just repaid such
debt securities ourselves. |
If we ever did accomplish full defeasance as described
above, you would have to rely solely on the trust deposit for repayment on the debt securities. You could not look to us for repayment
in the unlikely event of any shortfall. Conversely, the trust deposit would most likely be protected from claims of our lenders and other
creditors if we ever become bankrupt or insolvent. However, even if we take these actions, a number of our obligations relating to the
debt securities will remain. These include the following obligations:
| · | to register the transfer and exchange of debt securities; |
| · | to replace mutilated, destroyed, lost or stolen debt securities; |
| · | to maintain paying agencies; |
| · | to hold money for payment in trust; and |
| · | to indemnify the trustee according to the terms of the indenture. |
Covenant Defeasance
If the applicable prospectus supplement states
that covenant defeasance will apply to a particular series of debt securities, we can make the same type of deposit described above and
be released from all or some of the restrictive covenants (if any) that apply to such debt securities. This is called “covenant
defeasance.” In that event, you would lose the protection of those restrictive covenants but would gain the protection of having
money and securities set aside in trust to repay the debt securities. In order to achieve covenant defeasance, we must do the following:
| · | We must irrevocably deposit in trust for your benefit and the benefit of all other direct holders of such debt securities a combination
of money and non-callable U.S. government or U.S. government agency debt securities or bonds that, in the opinion of a nationally recognized
firm of independent accountants, will generate enough cash without reinvestment to make interest, principal and any other payments, including
additional amounts, on such debt securities on their various due dates. |
| · | We must deliver to the trustee a legal opinion of our counsel confirming that under then current U.S. federal income tax law we may
make the above deposit without causing you to be taxed on such debt securities any differently than if we did not make the deposit and
just repaid the debt securities ourselves. |
If we accomplish covenant defeasance, the following
provisions of the indenture as it applies to the debt securities of a series and/or such debt securities would no longer apply:
| · | Any covenants applicable to the series of debt securities and described in the applicable prospectus supplement. |
| · | The events of default relating to breach of those covenants being defeased and acceleration of the maturity of other debt, described
later under “Default and Related Matters—Events of Default” |
If we accomplish covenant defeasance, you can still
look to us for repayment of the debt securities if there were a shortfall in the trust deposit. In fact, if any event of default occurred
(such as our bankruptcy) and the debt securities become immediately due and payable, there may be such a shortfall. Depending on the event
causing the default, you may not be able to obtain payment of the shortfall. (Petrobras Sections 14.03 and 14.04; PGF Section 14.04)
Default and Related Matters
Ranking
The applicable prospectus supplement will indicate
whether the debt securities are subordinated to any of our other debt obligations and whether they will be secured by any of our assets.
If they are not subordinated, they will rank equally with all our other unsecured and unsubordinated indebtedness. If they are not secured,
the securities will effectively be subordinate to our secured indebtedness.
Events of Default
You will have special rights if an event of default
occurs and is not cured, as described later in this subsection.
The term event of default means any of the following:
| · | We do not pay the principal on a debt security of a series within seven calendar days of its due date and, in the case of PGF, the
trustee has not received such amounts from Petrobras under a guaranty by the end of that seven-day period. |
| · | We do not pay interest or other amounts, including any additional amounts, on a debt security of a series within 30 calendar days
of its due date and, in the case of PGF, the trustee has not received such amounts from Petrobras under a guaranty by the end of that
30-day period. |
| · | We remain in breach of any covenant or any other term in respect of a debt security of a series issued under the indenture, or in
a supplemental indenture, or, if applicable, under a guaranty for 60 calendar days after we receive a notice of default stating that we
are in breach. The notice must be sent by either the trustee or holders of 25% of the principal amount of debt securities of the affected
series. |
| · | In the case of any convertible security of Petrobras, it remains in default in the conversion of any security of such series for 30
days after it receives a notice of default stating that it is in default. The notice must be sent by either the trustee or the holders
of 25% of the principal amount of debt securities of the affected series. |
| · | The maturity of any indebtedness of PGF, Petrobras or a material subsidiary in a total aggregate principal amount of U.S.$200,000,000
(or its equivalent in another currency) or more is accelerated in accordance with the terms of that indebtedness, it being understood
that prepayment or redemption by us or a material subsidiary of any indebtedness is not acceleration for this purpose. |
| · | In the case of Petrobras, if it is adjudicated or found bankrupt or insolvent or it is ordered by a court or pass a resolution to
dissolve. |
| · | PGF, Petrobras or any material subsidiary stops paying or is generally unable to pay its debts as they become due, except in the case
of a winding-up, dissolution or liquidation for the purpose of and followed by a consolidation, spin-off, merger, conveyance or transfer
duly approved by the debt security holders of a series. |
| · | If proceedings are initiated against PGF, Petrobras or any material subsidiary it under any applicable liquidation, insolvency,
composition, reorganization, winding up or any other similar laws, or under any other law for the relief of, or relating to,
debtors, and such proceeding is not dismissed or stayed within 90 calendar days. |
| · | An administrative or other receiver, manager or administrator, or any such or other similar official is appointed in relation to,
or a distress, execution, attachment, sequestration or other process is levied or put in force against, the whole or a substantial part
of our undertakings or assets of PGF, Petrobras or any material subsidiary and is not discharged or removed within 90 calendar days. |
| · | PGF, Petrobras or any material subsidiary voluntarily commence proceedings under any applicable liquidation, insolvency, composition,
reorganization or any other similar laws, or PGF, Petrobras or any material subsidiary enters into any composition or other similar arrangement
with its creditors under applicable Brazilian law (such as a recuperação judicial or extrajudicial, which is a type
of liquidation agreement). |
| · | PGF, Petrobras or any material subsidiary files an application for the appointment of an administrative or other receiver, manager
or administrator, or any such or other similar official, in relation to PGF, Petrobras or any material subsidiary, or PGF, Petrobras or
any material subsidiary takes legal action for a readjustment or deferment of any part of our indebtedness. |
| · | An effective resolution is passed, or any authorized action is taken by any court of competent jurisdiction, directing PGF’s,
Petrobras’ or any material subsidiary’s winding-up, dissolution or liquidation, except for the purpose of and followed by
a consolidation, merger, conveyance or transfer duly approved by the debt security holders of a series. |
| · | In the case of PGF, if any event occurs that under the laws of any relevant jurisdiction has substantially the same effect as the
events referred to in the six immediately preceding paragraphs. |
| · | The debt securities of a series, the relevant indenture or, in the case of PGF, the related Petrobras guaranty, cease to be in full
force and effect or binding and enforceable against PGF or Petrobras, or it becomes unlawful for PGF or Petrobras to perform any material
obligation under any of the foregoing documents to which it is a party. |
| · | PGF or Petrobras contests the enforceability of the debt securities of a series, the relevant indenture or the related guaranty, or
denies that it has liability under any of the foregoing documents to which it is a party. |
| · | In the case of PGF, if Petrobras fails to retain at least 51% direct or indirect ownership of the outstanding voting and economic
interests (equity or otherwise) of and in PGF. |
| · | Any other event of default described in the applicable prospectus supplement occurs. (Petrobras Section 5.01; PGF Section 5.01) |
For these purposes, “indebtedness”
means any obligation (whether present or future, actual or contingent and including, without limitation, any guaranty) for payment on
or repayment of money that has been borrowed or raised (including money raised by acceptances and all leases which, under IFRS, would
constitute a capital lease obligation).
An event of default for a particular series of
debt securities does not necessarily constitute an event of default for any other series of debt securities issued under the indenture,
although the default and acceleration of one series of debt securities may trigger a default and acceleration of another series of debt
securities.
Remedies if an Event of Default Occurs. If
an event of default has occurred and has not been cured, the trustee or the holders of 25% in principal amount of the debt securities
of the affected series may declare the entire principal amount of all the debt securities of that series to be due and immediately payable.
This is called a declaration of acceleration of maturity. If an event of default occurs because of certain events in bankruptcy, insolvency
or reorganization, or an equivalent proceeding under the applicable law, the principal amount of all the debt securities of that series
will be automatically accelerated without any action by the trustee, any holder or any other person. A declaration of acceleration of
maturity may be canceled by the holders of at least a majority in principal amount of the debt securities of the affected series. (Petrobras
Section 5.02; PGF Section 5.02)
Except in cases of default, where the trustee has
some special duties, the trustee is not required to take any action under the indenture at the request of any holders unless the holders
offer the trustee satisfactory security or indemnity from expenses and liability. (Petrobras Section 6.03; PGF Section 6.03)
If satisfactory indemnity is provided, the holders of a majority in principal amount of the outstanding debt securities of the relevant
series may direct the time, method and place of conducting any lawsuit or other formal legal action seeking any remedy available to the
trustee. These same holders may also direct the trustee in performing any other action under the indenture. (Petrobras Section 5.12;
PGF Section 5.12) Before you bypass the trustee and bring your own lawsuit or other formal legal action or take other steps to
enforce your rights or protect your interests relating to the debt securities, the following must occur:
| · | You must give the trustee written notice that an event of default has occurred and remains uncured. |
| · | The holders of 25% in principal amount of all outstanding debt securities of the relevant series must
make a written request that the trustee take action because of the default, and must offer satisfactory indemnity or security to the trustee
against the cost and other liabilities of taking that action. |
| · | The trustee must have not taken action for 60 days after receipt of the above notice and offer of indemnity
or security. |
| · | The holders of a majority in principal amount of all outstanding debt securities of the relevant series
must not have given the trustee a direction during the sixty-day period that is inconsistent with the above notice. (Petrobras Section 5.07;
PGF Section 5.07) |
However, you are entitled at any time to bring
a lawsuit for the payment of money due on your debt security on or after its due date and if your debt security is convertible or exchangeable
into another security to bring a lawsuit for the enforcement of your right to convert or exchange your debt security or to receive securities
upon conversion or exchange. (Petrobras Section 5.08; PGF Section 5.08)
Street name and other indirect holders
should consult their banks or brokers for information on how to give notice or direction to or make a request of the trustee and to make
or cancel a declaration of acceleration.
We will furnish to the trustee within 90 days after
the end of our fiscal year every year a written statement of certain of our officers that will either certify that, to the best of their
knowledge, we are in compliance with the indenture and the debt securities or specify any default. (Petrobras Section 10.05; PGF
Section 10.05)
Regarding the Trustee
We and some of our subsidiaries maintain banking
relations with the trustee in the ordinary course of our business.
If an event of default occurs, or an event occurs
that would be an event of default if the requirements for giving us default notice or our default having to exist for a specified period
of time were disregarded, the trustee may be considered to have a conflicting interest with respect to the debt securities or the indenture
for purposes of the Trust Indenture Act of 1939. In that case, the trustee may be required to resign as trustee under the applicable indenture
and we would be required to appoint a successor trustee.
DESCRIPTION OF MANDATORY CONVERTIBLE SECURITIES
Petrobras may issue mandatorily convertible securities
under which holders receive a specified number of its common shares or preferred shares at a future date or dates. The price per mandatory
convertible security and the number of common shares or preferred shares, as the case may be, that holders receive at maturity may be
fixed at the time mandatory convertible securities are issued or may be determined by reference to a specific formula set forth in the
mandatory convertible security. The mandatory convertible securities also may require Petrobras to make periodic payments to the holders
of the mandatory convertible securities, and such payments may be secured.
The applicable prospectus supplement will describe
the material terms of the mandatory convertible securities. Reference will be made in the applicable prospectus supplement to the mandatory
convertible securities, and, if applicable, collateral, depositary or custodial arrangements, relating to the mandatory convertible securities.
Material U.S. and Brazilian federal income tax considerations applicable to the holders of the mandatory convertible securities will also
be discussed in the applicable prospectus supplement.
DESCRIPTION OF WARRANTS
We may issue warrants to purchase our debt securities
and Petrobras may issue warrants to purchase preferred shares (which may be in the form of ADSs) or common shares (which may be in the
form of ADSs). Warrants may be issued independently or together with any securities and may be attached to or separate from those securities.
Each series of warrants will be issued under a separate warrant agreement to be entered into by us and a bank or trust company, as warrant
agent, all as will be set forth in the applicable prospectus supplement.
Debt Warrants
The following briefly summarizes the material terms
that will generally be included in a debt warrant agreement. However, we may include different terms in the debt warrant agreement for
any particular series of debt warrants and such other terms and all pricing and related terms will be disclosed in the applicable prospectus
supplement. You should read the particular terms of any debt warrants that are offered by us and the related debt warrant agreement which
will be described in more detail in the applicable prospectus supplement. The prospectus supplement will also state whether any of the
generalized provisions summarized below do not apply to the debt warrants being offered.
General
We may issue warrants for the purchase of our debt
securities. As explained below, each debt warrant will entitle its holder to purchase debt securities at an exercise price set forth in,
or to be determined as set forth in, the applicable prospectus supplement. Debt warrants may be issued separately or together with debt
securities.
The debt warrants are to be issued under debt warrant
agreements to be entered into by us and one or more banks or trust companies, as debt warrant agent, all as will be set forth in the applicable
prospectus supplement. At or around the time of an offering of debt warrants, a form of debt warrant agreement, including a form of debt
warrant certificate representing the debt warrants, reflecting the alternative provisions that may be included in the debt warrant agreements
to be entered into with respect to particular offerings of debt warrants, will be filed by amendment as an exhibit to the registration
statement of which this prospectus forms a part.
Terms of the Debt Warrants to Be Described In the Prospectus
Supplement
The particular terms of each issue of debt warrants,
the debt warrant agreement relating to such debt warrants and such debt warrant certificates representing debt warrants will be described
in the applicable prospectus supplement. This description will include:
| · | the initial offering price; |
| · | the currency, currency unit or composite currency in which the exercise price for the debt warrants is
payable; |
| · | the title, aggregate principal amount and terms of the debt securities that can be purchased upon exercise
of the debt warrants; |
| · | the title, aggregate principal amount and terms of any related debt securities with which the debt warrants
are issued and the number of the debt warrants issued with each debt security; |
| · | if applicable, whether and when the debt warrants and the related debt securities will be separately transferable; |
| · | the principal amount of debt securities that can be purchased upon exercise of each debt warrant and the
exercise price; |
| · | the date on or after which the debt warrants may be exercised and any date or dates on which this right
will expire in whole or in part; |
| · | if applicable, a discussion of material U.S. federal and Brazilian income tax, accounting or other considerations
applicable to the debt warrants; |
| · | whether the debt warrants will be issued in registered form, and, if registered, where they may be transferred
and registered; |
| · | the maximum or minimum number of debt warrants that you may exercise at any time; and |
| · | any other terms of the debt warrants. |
You may exchange your debt warrant certificates
for new debt warrant certificates of different denominations but they must be exercisable for the same aggregate principal amount of debt
securities. If your debt warrant certificates are in registered form, you may present them for registration of transfer at the corporate
trust office of the debt warrant agent or any other office indicated in the applicable prospectus supplement. Except as otherwise indicated
in a prospectus supplement, before the exercise of debt warrants, holders of debt warrants will not be entitled to payments of principal
or any premium or interest on the debt securities that can be purchased upon such exercise, or to enforce any of the covenants in the
indenture relating to the debt securities that may be purchased upon such exercise.
Exercise of Debt Warrants
Unless otherwise provided in the applicable prospectus
supplement, each debt warrant will entitle the holder to purchase a principal amount of debt securities for cash at an exercise price
in each case that will be set forth in, or to be determined as set forth in, the applicable prospectus supplement. Debt warrants may be
exercised at any time up to the close of business on the expiration date specified in the applicable prospectus supplement. After the
close of business on the expiration date or any later date to which we extend the expiration date, unexercised debt warrants will become
void.
Debt warrants may be exercised as set forth in
the prospectus supplement applicable to the particular debt warrants. Upon delivery of payment of the exercise price and the debt warrant
certificate properly completed and duly executed at the corporate trust office of the debt warrant agent or any other office indicated
in the applicable prospectus supplement, we will, as soon as practicable, forward the debt securities that can be purchased upon such
exercise of the debt warrants to the person entitled to them. If fewer than all of the debt warrants represented by the debt warrant certificate
are exercised, a new debt warrant certificate will be issued for the remaining unexercised debt warrants. Holders of debt warrants will
be required to pay any tax or governmental charge that may be imposed in connection with transferring the underlying debt securities in
connection with the exercise of the debt warrants.
Street name and other indirect holders
of debt warrants should consult their bank or brokers for information on how to exercise their debt warrants.
Modification and Waiver
There are three types of changes we can make to
the debt warrant agreement and the debt warrants of any series.
Changes Requiring Your Approval.
First, there are changes that cannot be made to your debt warrants or the debt warrant agreement under which they were issued without
your specific approval. These are the following types of changes:
| · | any increase in the exercise price; |
| · | any impairment of your ability to exercise the warrant; |
| · | any decrease in the principal amount of debt securities that can be purchased upon exercise of any debt
warrant; |
| · | any reduction of the period of time during which the debt warrants may be exercised; |
| · | any other change that materially and adversely affects the exercise rights of a holder of debt warrant
certificates or the debt securities that can be purchased upon such exercise; and |
| · | any reduction in the number of outstanding unexercised debt warrants whose consent is required for any
modification or amendment described under “Changes Requiring a Majority Vote.” |
Changes Requiring a Majority Vote. The
second type of change to the debt warrant agreement or debt warrants of any series is the kind that requires a vote of approval by the
holders of not less than a majority in number of the then outstanding unexercised debt warrants of that series. This category includes
all changes other than those listed above under “Changes Requiring Your Approval” or changes that would not adversely affect
holders of debt warrants or debt securities in any material respect.
Changes Not Requiring Approval. The
third type of change to the debt warrant agreement or debt warrants of any series does not require any vote or consent by the holders
of debt warrant certificates. This type is limited to curing any ambiguity, defect or inconsistency, making changes to conform the provisions
contained in the debt warrant agreement to the description of the debt warrants contained in this prospectus or an applicable prospectus
supplement and making changes that do not adversely affect the rights of holders of the debt warrant certificates in any material respect.
Street name and other indirect holders
of debt warrants should consult their bank or brokers for information on how approval may be granted or denied if we seek to change your
debt warrants or the debt warrant agreement under which they were issued or request a waiver.
Merger, Consolidation, Sale or Other Dispositions
Unless otherwise indicated in a prospectus supplement,
under the debt warrant agreement for each series of debt warrants, we may consolidate with, spin off or sell, convey or lease all or substantially
all of our assets to, or merge with or into, any other corporation or firm to the extent permitted by the indenture for the debt securities
that can be purchased upon exercise of such debt warrants. If we consolidate with or merge into, or sell, lease or otherwise dispose of
all or substantially all of our assets to, another corporation or firm, that corporation or firm must become legally responsible for our
obligations under the debt warrant agreements and debt warrants. If we sell or lease substantially all of our assets, one way the other
firm or company can become legally responsible for our obligations is by way of a full and unconditional guaranty of our obligations.
If the other company becomes legally responsible by a means other than a guaranty, we will be relieved from all such obligations.
Enforceability of Rights; Governing Law
The debt warrant agent will act solely as our agent
in connection with the issuance and exercise of debt warrants and will not assume any obligation or relationship of agency or trust for
or with any holder of a debt warrant certificate or any owner of a beneficial interest in debt warrants. The holders of debt warrant certificates,
without the consent of the debt warrant agent, the trustee, the holder of any debt securities issued upon exercise of debt warrants or
the holder of any other debt warrant certificates, may, on their own behalf and for their own benefit, enforce, and may institute and
maintain any suit, action or proceeding against us to enforce, or otherwise in respect of, their rights to exercise debt warrants evidenced
by their debt warrant certificates. Except as may otherwise be provided in the applicable prospectus supplement, each issue of debt warrants
and the related debt warrant agreement will be governed by the laws of the State of New York.
Additional Terms of the PGF Debt Warrants
Debt securities to be issued by PGF under the debt
warrants and the PGF debt warrant agreement will be guaranteed by Petrobras. See “Description of the Guaranties.”
Equity Warrants
The following briefly summarizes the material terms
that will generally be included in an equity warrant agreement. However, we may include different terms in the equity warrant agreement
for any particular series of equity warrants and such other terms and all pricing and related terms will be disclosed in the applicable
prospectus supplement. You should read the particular terms of any equity warrants that are offered by us and the related equity warrant
agreement which will be described in more detail in the applicable prospectus supplement. The prospectus supplement will also state whether
any of the general provisions summarized below do not apply to the equity warrants being offered.
General
Petrobras may issue warrants for the purchase of
its equity securities (i.e., our common shares and preferred shares, which may be in the form of ADSs). As explained below, each
equity warrant will entitle its holder to purchase equity securities at an exercise price set forth in, or to be determined as set forth
in, the applicable prospectus supplement. Equity warrants may be issued separately or together with equity securities.
Petrobras may issue equity warrants in connection
with preemptive rights of its shareholders in connection with any capital increase, and in those circumstances we may choose to issue
equity warrants in uncertificated form to the extent permitted by Brazilian law. In addition, if any equity warrants are offered in connection
with preemptive rights, Petrobras may exclude holders resident in the United States from that offering to the extent permitted by Brazilian
law. Equity warrants (other than equity warrants issued in connection with preemptive rights) are to be issued under equity warrant agreements
to be entered into by Petrobras and one or more banks or trust companies, as equity warrant agent, all as will be set forth in the applicable
prospectus supplement. At or around the time of an offering of equity warrants, a form of equity warrant agreement, including a form of
equity warrant certificate representing the equity warrants, reflecting the alternative provisions that may be included in the equity
warrant agreements to be entered into with respect to particular offerings of equity warrants, will be filed by amendment as an exhibit
to the registration statement of which this prospectus forms a part.
Terms of the Equity Warrants to Be Described in the Prospectus
Supplement
The particular terms of each issue of equity warrants,
the equity warrant agreement (if any) relating to such equity warrants and the equity warrant certificates (if any) representing such
equity warrants will be described in the applicable prospectus supplement. This description will include:
| · | the initial offering price; |
| · | the currency, currency unit or composite currency in which the exercise price for the equity warrants
is payable; |
| · | the designation and terms of the equity securities (i.e., preferred shares or common shares) that
can be purchased upon exercise of the equity warrants; |
| · | the total number of preferred shares or common shares that can be purchased upon exercise of each equity
warrant and the exercise price; |
| · | the date or dates on or after which the equity warrants may be exercised and any date or dates on which
this right will expire in whole or in part; |
| · | the designation and terms of any related preferred shares or common shares with which the equity warrants
are issued and the number of the equity warrants issued with each preferred share or common share; |
| · | if applicable, whether and when the equity warrants and the related preferred shares or common shares
will be separately transferable; |
| · | whether the equity warrants will be in registered form; |
| · | if applicable, a discussion of material U.S. federal and Brazilian income tax, accounting or other considerations
applicable to the equity warrants; and |
| · | any other terms of the equity warrants, including terms, procedures and limitations relating to the exchange
and exercise of the equity warrants. |
You may exchange your equity warrant certificates
for new equity warrant certificates of different denominations but they must be exercisable for the same aggregate principal amount of
equity securities. If your equity warrant certificates are in registered form, you may present them for registration of transfer and exercise
them at the corporate trust office of the equity warrant agent or any other office indicated in the applicable prospectus supplement.
Unless otherwise indicated in a prospectus supplement, before the exercise of equity warrants, holders of equity warrants will not be
entitled to receive dividends or exercise voting rights with respect to the equity securities that can be purchased upon such exercise,
to receive notice as shareholders with respect to any meeting of shareholders for the election of our directors or any other matter, or
to exercise any rights whatsoever as a shareholder.
Unless the applicable prospectus supplement states
otherwise, the exercise price payable and the number of common shares or preferred shares that can be purchased upon the exercise of each
equity warrant (other than equity warrants issued in connection with preemptive rights) will be subject to adjustment in certain events,
including the issuance of a stock dividend to holders of common shares or preferred shares or a stock split, reverse stock split, combination,
subdivision or reclassification of common shares or preferred shares. Instead of adjusting the number of common shares or preferred shares
that can be purchased upon exercise of each equity warrant, we may elect to adjust the number of equity warrants. No adjustments in the
number of shares that can be purchased upon exercise of the equity warrants will be required until cumulative adjustments require an adjustment
of at least 1% of those shares. We may, at our option, reduce the exercise price at any time. We will not issue fractional shares or ADSs
upon exercise of equity warrants, but we will pay the cash value of any fractional shares otherwise issuable.
Notwithstanding the previous paragraph, if there
is a consolidation, merger or sale or conveyance of substantially all of our property, the holder of each outstanding equity warrant will
have the right to the kind and amount of shares and other securities and property (including cash) receivable by a holder of the number
of common shares or preferred shares into which that equity warrant was exercisable immediately prior to the consolidation, merger, sale
or conveyance.
Exercise of Equity Warrants
Unless otherwise provided in the applicable prospectus
supplement, each equity warrant will entitle the holder to purchase a number of equity securities for cash at an exercise price in each
case that will be set forth in, or to be determined as set forth in, the prospectus supplement. Equity warrants may be exercised at any
time up to the close of business on the expiration date specified in the applicable prospectus supplement. After the close of business
on the expiration date or any later date to which we extend the expiration date, unexercised equity warrants will become void. Equity
warrants for the purchase of preferred shares or common shares may be issued in the form of ADSs.
Equity warrants may be exercised as set forth in
the prospectus supplement applicable to the particular equity warrants. Upon delivery of payment of the exercise price, delivery of the
equity warrant certificate (if any) properly completed and duly executed at the corporate trust office of the equity warrant agent or
any other office indicated in the applicable prospectus supplement and satisfaction of any other applicable requirements specified in
the applicable prospectus supplement, we will, as soon as practicable, forward the equity securities that can be purchased upon such exercise
of the equity warrants to the person entitled to them. If fewer than all of the equity warrants represented by the equity warrant certificate
are exercised, a new equity warrant certificate will be issued for the remaining equity warrants. Holders of equity warrants will be required
to pay any tax or governmental charge that may be imposed in connection with transferring the underlying equity securities in connection
with the exercise of the equity warrants.
Street name and other indirect holders
of equity warrants should consult their bank or brokers for information on how to exercise their equity warrants.
Modification and Waiver
There are three types of changes we can make to
the equity warrant agreement and the equity warrants of any series.
Changes Requiring Your Approval.
First, there are changes that cannot be made to your equity warrants or the equity warrant agreement under which they were issued without
your specific approval. These are the following types of changes:
| · | any increase in the exercise price; |
| · | any impairment of your ability to exercise the warrant; |
| · | any decrease in the total number of preferred shares or common shares that can be purchased upon exercise
of any equity warrant; |
| · | any reduction of the period of time during which the equity warrants may be exercised; |
| · | any other change that materially and adversely affects the exercise rights of a holder of equity warrant
certificates or the equity securities that can be purchased upon such exercise; and |
| · | any reduction in the number of outstanding unexercised equity warrants whose consent is required for any
modification or amendment described under “—Changes Requiring a Majority Vote.” |
Changes Requiring a Majority Vote.
The second type of change to the equity warrant agreement or equity warrants of any series is the kind that requires a vote of approval
by the holders of not less than a majority in number of the then outstanding unexercised equity warrants of that series. This category
includes all changes other than those listed above under “—Changes Requiring Your Approval” or changes that would not
adversely affect holders of equity warrants in any material respect.
Changes Not Requiring Approval. The
third type of change to the equity warrant agreement or equity warrants of any series does not require any vote or consent by the holders
of equity warrant certificates. This type is limited to curing any ambiguity, defect or inconsistency, making changes to conform the provisions
contained in the equity warrant agreement to the description of the equity warrants contained in this prospectus or an applicable prospectus
supplement and making changes that do not adversely affect the rights of holders of the equity warrant certificates in any material respect.
| Street name and other indirect holders of equity warrants should consult their bank or brokers for information
on how approval may be granted or denied if we seek to change your equity warrants or the equity warrant agreement under which they
were issued or request a waiver. |
Merger, Consolidation, Sale or Other Dispositions
Unless otherwise indicated in a prospectus supplement,
under the equity warrant agreement for each series of equity warrants, we may consolidate with, or sell, convey or lease all or substantially
all of our assets to, or merge with or into, or spin off, any other corporation or firm to the extent permitted by the terms of the equity
securities that can be purchased upon exercise of such equity warrants. If we consolidate with or merge into, or sell, lease or otherwise
dispose of all or substantially all of our assets to, another corporation or firm, that corporation or firm must become legally responsible
for our obligations under the equity warrant agreements and equity warrants and we will be relieved from all such obligations.
Enforceability of Rights; Governing Law
The equity warrant agent will act solely as our
agent in connection with the issuance and exercise of equity warrants and will not assume any obligation or relationship of agency or
trust for or with any holder of an equity warrant certificate or any owner of a beneficial interest in equity warrants. The holders of
equity warrant certificates, without the consent of the equity warrant agent, the holder of any equity securities issued upon exercise
of equity warrants or the holder of any other equity warrant certificates, may, on their own behalf and for their own benefit, enforce,
and may institute and maintain any suit, action or proceeding against us to enforce, or otherwise in respect of, their rights to exercise
equity warrants evidenced by their equity warrant certificates. Except as may otherwise be provided in the applicable prospectus supplement,
each issue of equity warrants and the related equity warrant agreement will be governed by the laws of the State of New York.
DESCRIPTION OF THE GUARANTIES
The following description of the terms and provisions
of the guaranties summarizes the general terms that will apply to each guaranty that Petrobras will deliver in connection with an issuance
of debt securities or debt warrants by PGF. When PGF sells a series of its debt securities or debt warrants, Petrobras will execute and
deliver a full and unconditional guaranty of that series of debt securities or debt warrants for the benefit of the holders of that series
of debt securities or debt warrants. You should read the more detailed provisions of the applicable guaranty, including the defined terms,
for provisions that may be important to you. This summary is subject to, and qualified in its entirety by reference to, the provisions
of such guaranty.
Pursuant to any guaranty, Petrobras will agree,
from time to time upon the receipt of notice from the trustee that PGF has failed to make the required payments under a series of debt
securities and the PGF indenture or under the debt warrants and the PGF debt warrant agreement, to indemnify you for unpaid claims against
PGF, whether those claims are in respect of principal, interest or any other amounts. The amount to be paid by Petrobras under the guaranty
will be an amount equal to the amount of those claims plus interest and any applicable premium and additional amounts thereon from the
date PGF was otherwise obligated to make its payments under the PGF indenture to the date Petrobras actually makes payment under the guaranty.
Petrobras will be obligated to make these payments by the expiration of any applicable grace periods under the PGF indenture and the applicable
terms of the debt securities or debt warrants. Petrobras may have the right to defer its obligation under the guaranty to make payments
under certain circumstances described in the applicable prospectus supplement.
Only one guaranty will be issued by Petrobras in
connection with the issuance of a series of debt securities or debt warrants by PGF. Unless the applicable prospectus supplement states
otherwise, The Bank of New York Mellon will act as guaranty trustee under each guaranty.
A guaranty may include certain covenants and other
provisions relating to Petrobras. The description of the applicable guaranty in the prospectus supplement will summarize the material
provisions thereof and reference will be made to the guaranty.
DESCRIPTION OF SHARES AND AMERICAN DEPOSITARY
SHARES
Shares
For a description of Petrobras’ preferred
shares and common shares see “Shareholders’ Rights” and “Corporate Governance” in the 2023 Form 20-F,
incorporated herein by reference.
American Depositary Shares
Petrobras has listed on the New York Stock Exchange
American Depositary Shares, also referred to as ADSs, representing Petrobras’ preferred shares and ADSs representing Petrobras’
common shares. The terms of the preferred shares ADSs and the common share ADSs are substantially identical, except for the class of underlying
shares they represent. JPMorgan Chase Bank, N.A. (“JPMorgan”), as depositary, registers and delivers the ADSs pursuant to
the deposit agreement with respect to preferred shares ADS and the deposit agreement with respect to common shares ADS, in each case among
Petrobras, JPMorgan, as depositary, and holders from time to time of preferred shares ADSs and common shares ADSs, respectively (as amended
from time to time, the “deposit agreements”). Each ADS represents an ownership interest in two shares that are deposited with
the principal São Paulo office of Banco Bradesco S.A., as custodian for the depositary. In the future, each ADS may also represent
any securities, cash or other property deposited with the depositary but which they have not distributed directly to you. Unless certificated
ADRs are specifically requested by you, all ADSs will be issued on the books of the depositary in book-entry form and periodic statements
will be mailed to you which reflect your ownership interest in such ADSs. In this description, references to ADRs will include the statements
you will receive which reflect your ownership of ADSs. The depositary’s office is located at 383 Madison Avenue, Floor 11, New York,
New York 10179.
You may hold ADSs either directly or indirectly
through your broker or other financial institution. If you hold ADSs directly, by having an ADS registered in your name on the books of
the depositary, you are an ADR holder. This description assumes you are an ADR holder and hold your ADSs directly. If you have a beneficial
ownership interest in ADSs but hold the ADSs through your broker or financial institution nominee, you are a beneficial owner of ADSs
and must rely on the procedures of such broker or financial institution to assert the rights of an ADR holder described in this section.
You should consult with your broker or financial institution to find out what those procedures are. If you are a beneficial owner, you
will only be able to exercise any right or receive any benefit under the deposit agreements solely through the ADR holder which holds
the ADRs evidencing the ADSs owned by you, and the arrangements between you and such ADR holder may affect your ability to exercise any
rights you may have. For all purposes under the deposit agreements, an ADR holder is deemed to have all requisite authority to act on
behalf of any and all beneficial owners of the ADSs evidenced by the ADRs registered in such ADR holder’s name. The depositary’s
only notification obligations under the deposit agreements shall be to the ADR holders, and notice to an ADR holder shall be deemed, for
all purposes of the deposit agreements, to constitute notice to any and all beneficial owners of the ADSs evidenced by such ADR holder’s
ADRs.
As an ADR holder, Petrobras will not treat you
as a shareholder of Petrobras and you will not have any shareholder rights. Brazilian law governs shareholder rights. Because the depositary
or its nominee will be the shareholder of record for the shares represented by all outstanding ADSs, shareholder rights rest with such
record holder. Your rights are those of an ADR holder. Such rights derive from the terms of the deposit agreements. The obligations of
Petrobras, the depositary and its agents are also set out in the deposit agreements. Because the depositary or its nominee will actually
be the registered owner of the shares, you must rely on it to exercise the rights of a shareholder on your behalf.
The following is a summary of what we believe to
be the material terms of the deposit agreements. Notwithstanding this, because it is a summary, it may not contain all the information
that you may otherwise deem important. For more complete information, you should read the entire deposit agreements and the form of ADRs
which contain the complete terms of the ADSs. Copies of the deposit agreements are on file with the SEC and incorporated by reference
in this prospectus. See “Where You Can Find More Information.”
Share Dividends and Other Distributions
How will I receive dividends and other distributions
on the shares underlying my ADSs?
Petrobras may make various types of distributions
with respect to its shares. The depositary has agreed that, to the extent practicable, it will pay to you the cash dividends or other
distributions it or the custodian receives on shares or other deposited securities, after converting any cash received into U.S. dollars
(if it determines such conversion may be made on a reasonable basis) and, in all cases, making any necessary deductions provided for in
the deposit agreements. The depositary may utilize a division, branch or affiliate of JPMorgan to direct, manage and/or execute any public
and/or private sale of shares under the deposit agreements. Such division, branch and/or affiliate may charge the depositary a fee in
connection with such sales, which fee is considered an expense of the depositary. You will receive these distributions in proportion to
the number of underlying shares that your ADSs represent. See “Fees and Expenses” for a further description of any fees, charges
and expenses that may be owing, including, without limitation, those related to the foreign exchange process.
Except as stated below, the depositary will deliver
such distributions to ADR holders in proportion to their interests in the following manner:
| · | Cash. The depositary will distribute any U.S. dollars available to it resulting from a cash
dividend or other cash distribution or the net proceeds of sales of any other distribution or portion thereof (to the extent applicable),
on an averaged or other practicable basis, subject to (i) appropriate adjustments for taxes withheld, (ii) such distribution
being impermissible or impracticable with respect to certain ADR holders, and (iii) deduction of the depositary’s and/or its
agents’ fees and expenses in (1) converting any foreign currency to U.S. dollars to the extent that it determines that such
conversion may be made on a reasonable basis, (2) transferring foreign currency or U.S. dollars to the United States by such means
as the depositary may determine to the extent that it determines that such transfer may be made on a reasonable basis, (3) obtaining
any approval or license of any governmental authority required for such conversion or transfer, which is obtainable at a reasonable cost
and within a reasonable time and (4) making any sale by public or private means in any commercially reasonable manner. If exchange
rates fluctuate during a time when the depositary cannot convert a foreign currency, you may lose some or all of the value of the distribution. |
| · | Shares. In the case of a distribution in shares, the depositary will issue additional ADRs
to evidence the number of ADSs representing such shares. Only whole ADSs will be issued. Any shares which would result in fractional ADSs
will be sold and the net proceeds will be distributed in the same manner as cash to the ADR holders entitled thereto. Any fees, taxes
and/or charges owing in connection with a share distribution will be collected from and/or owing by registered holders of ADSs. |
| · | Rights. In the case of a distribution of rights to subscribe for additional shares or other
rights, if Petrobras timely provides evidence satisfactory to the depositary that it may lawfully distribute such rights, the depositary
will distribute warrants or other instruments in the discretion of the depositary representing such rights. However, if Petrobras does
not timely furnish such evidence, the depositary may. |
(i) sell such rights if practicable
and distribute the net proceeds in the same manner as cash to the ADR holders entitled thereto; or
(ii) if it is not practicable to sell such rights by
reason of the non-transferability of the rights, limited markets therefor, their short duration or otherwise, do nothing, in which case
ADR holders will receive nothing and the rights may lapse. Petrobras has no obligation to file a registration statement under the Securities
Act in order to make any rights available to ADR holders.
| · | Other Distributions. In the case of a distribution of securities or property other than
those described above, the depositary may either (i) distribute such securities or property in any manner it deems equitable and
practicable or (ii) to the extent the depositary deems distribution of such securities or property not to be equitable and practicable,
sell such securities or property and distribute any net proceeds in the same way it distributes cash. |
| · | Elective Distributions in Cash or Shares. In the case of a dividend payable at the election
of shareholders in cash or in additional shares, Petrobras will notify the depositary at least 30 days prior to the proposed distribution
stating whether or not it wishes such elective distribution to be made available to ADR holders. The depositary shall make such elective
distribution available to ADR holders only if (i) Petrobras shall have timely requested that the elective distribution is available
to ADR holders, (ii) the depositary shall have determined that such distribution is reasonably practicable and (iii) the depositary
shall have received satisfactory documentation within the terms of the deposit agreements including any legal opinions of counsel that
the depositary in its reasonable discretion may request. If the above conditions are not satisfied, the depositary shall, to the extent
permitted by law, distribute to the ADR holders, on the basis of the same determination as is made in the local market in respect of the
shares for which no election is made, either (x) cash or (y) additional ADSs representing such additional shares. If the above
conditions are satisfied, the depositary shall establish procedures to enable ADR holders to elect the receipt of the proposed dividend
in cash or in additional ADSs. There can be no assurance that ADR holders or beneficial owners of ADSs generally, or any ADR holder or
beneficial owner of ADSs in particular, will be given the opportunity to receive elective distributions on the same terms and conditions
as the holders of shares. |
If the depositary determines in its discretion
that any distribution described above is not practicable with respect to any specific ADR holder, the depositary may, after consultation
with Petrobras (to the extent reasonably practicable) choose any method of distribution that it deems practicable for such ADR holder,
including the distribution of foreign currency, securities or property, or it may retain such items, without paying interest on or investing
them, on behalf of the ADR holder as deposited securities, in which case the ADSs will also represent the retained items. If at any time
the depositary shall determine that in its reasonable judgment any foreign currency received by it is not convertible on a reasonable
basis into U.S. dollars transferable to the United States, or if any approval or license of any governmental authority or agency thereof
that is required for such conversion is not sought or, if sought, denied, the depositary may, subject to applicable laws and regulations,
either distribute the foreign currency (or an appropriate document evidencing the right to receive such foreign currency) to, or hold
such foreign currency (without liability for interest thereon) for the respective accounts of, the ADR holders entitled to receive the
same; provided, however, that if requested in writing by an ADR holder entitled thereto, the depositary may, in its reasonable discretion,
distribute the foreign currency, as promptly as practicable. If any such conversion of foreign currency, in whole or in part, can be effected
for distribution to some but not all of the ADR holders entitled thereto, the depositary shall make such conversion and distribution in
U.S. dollars to the extent permissible to the ADR holders entitled thereto and may either so distribute or hold such balance (without
liability for interest thereon) for the respective accounts of, the ADR holders entitled thereto for whom such conversion and distribution
is not reasonably practicable; provided, however, that if requested in writing by an ADR holder entitled thereto and permitted by applicable
law, the depositary may, in its discretion, distribute the foreign currency, as promptly as practicable. To the extent the depositary
holds foreign currency, any and all costs and expenses related to, or arising from, the holding of such foreign currency shall be paid
from such foreign currency thereby reducing the amount so held hereunder.
Any U.S. dollars will be distributed by checks
drawn on a bank in the United States for whole dollars and cents. Fractional cents will be withheld without liability and dealt with by
the depositary in accordance with its then current practices.
The depositary is not responsible if it fails to
determine that any distribution or action is lawful or reasonably practicable.
There can be no assurance that the depositary will
be able to convert any currency at a specified exchange rate or sell any property, rights, shares or other securities at a specified price,
nor that any of such transactions can be completed within a specified time period. All purchases and sales of securities will be handled
by the depositary in accordance with its then current policies, which are currently set forth in the “Depositary Receipt Sale and
Purchase of Security” section of https://www.adr.com/Investors/FindOutAboutDRs, the location and contents of which the depositary
shall be solely responsible for.
Deposit, Withdrawal and Cancellation
How does the depositary issue ADSs?
The depositary will issue ADSs if you or your broker
deposit shares or evidence of rights to receive shares with the custodian and pay the fees and expenses owing to the depositary in connection
with such issuance.
Shares deposited in the future with the custodian
must be accompanied by certain delivery documentation and shall, at the time of such deposit, be registered in the name of JPMorgan, as
depositary for the benefit of ADR holders or in such other name as the depositary shall direct.
The custodian will hold all deposited shares for
the account and to the order of the depositary for the benefit of ADR holders, to the extent not prohibited by law. ADR holders thus have
no direct ownership interest in the shares and only have such rights as are contained in the deposit agreements. The custodian will also
hold any additional securities, property and cash received on or in substitution for the deposited shares. The deposited shares and any
such additional items are referred to as “deposited securities.”
Deposited securities are not intended to, and shall
not, constitute proprietary assets of the depositary, the custodian or their nominees. Beneficial ownership in deposited securities is
intended to be, and shall at all times during the term of the deposit agreements continue to be, vested in the beneficial owners of the
ADSs representing such deposited securities. Notwithstanding anything else contained herein, in the deposit agreements, in the forms of
ADRs and/or in any outstanding ADSs, the depositary, the custodian and their respective nominees are intended to be, and shall at all
times during the term of the deposit agreements be, the record holders only of the deposited securities represented by the ADSs for the
benefit of the ADR holders. The depositary, on its own behalf and on behalf of the custodian and their respective nominees, disclaims
any beneficial ownership interest in the deposited securities held on behalf of the ADR holders.
Upon each deposit of shares, receipt of related
delivery documentation and compliance with the other provisions of the deposit agreements, including the payment of the fees and charges
of the depositary and any taxes or other fees or charges owing, the depositary will issue an ADR or ADRs in the name or upon the order
of the person entitled thereto evidencing the number of ADSs to which such person is entitled. All of the ADSs issued will, unless specifically
requested to the contrary, be part of the depositary’s direct registration system, and an ADR holder will receive periodic statements
from the depositary which will show the number of ADSs registered in such ADR holder’s name. An ADR holder can request that the
ADSs not be held through the depositary’s direct registration system and that a certificated ADR be issued.
How do ADR holders cancel an ADS and obtain
deposited securities?
When you turn in your ADR certificate at the depositary’s
office, or when you provide proper instructions and documentation in the case of direct registration ADSs, the depositary will, upon payment
of certain applicable fees, charges and taxes, deliver the underlying shares to you or upon your written order. Delivery of deposited
securities in certificated form will be made at the custodian’s office. At your risk, expense and request, the depositary may deliver
deposited securities at such other place as you may request.
The depositary may only restrict the withdrawal
of deposited securities in connection with the reasons set forth in General Instruction I.A.(1) of Form F-6 under the Securities
Act:
| · | temporary delays caused by closing Petrobras’ transfer books or those of the depositary or the deposit of shares in connection
with voting at a shareholders’ meeting, or the payment of dividends; |
| · | the payment of fees, taxes and similar charges; or |
| · | compliance with any U.S. or foreign laws or governmental regulations relating to the ADRs or to the withdrawal of deposited securities. |
This right of withdrawal may not be limited by
any other provision of the deposit agreements.
Record Dates
The depositary may, after consultation with Petrobras
if practicable, fix record dates (which, to the extent applicable, shall be as near as practicable to any corresponding record dates set
by us) for the determination of the ADR holders who will be entitled (or obligated, as the case may be):
| · | to receive any distribution on or in respect of deposited securities, |
| · | to give instructions for the exercise of voting rights, |
| · | to pay the fee assessed by the depositary for administration of the ADR program and for any expenses as provided for in the ADR, or |
| · | to receive any notice or to act or be obligated in respect of other matters, all subject to the provisions of the deposit agreements. |
Voting Rights
How do I vote?
If you are an ADR holder and the depositary asks
you to provide it with voting instructions, you may instruct the depositary how to exercise the voting rights for the shares which underlie
your ADSs. As soon as practicable after receiving notice from Petrobras of any meeting at which the holders of shares are entitled to
vote, or of Petrobras’ solicitation of consents or proxies from holders of shares, the depositary shall fix the ADS record date
in accordance with the provisions of the deposit agreements and distribute to the ADR holders a notice stating (i) final information
particular to such vote and meeting and any solicitation materials, (ii) that each ADR holder on the record date set by the depositary
will, subject to any applicable provisions of Brazilian law, rule or regulation and Petrobras’ constituent documents, be entitled
to instruct the depositary to exercise the voting rights, if any, pertaining to the shares underlying such ADR holder’s ADSs and
(iii) the manner in which such instructions may be given, including instructions to give a discretionary proxy to a person designated
by us. Each ADR holder is solely responsible for the forwarding of such notices to the beneficial owners of ADSs registered in such ADR
holder’s name. Following actual receipt by the ADR department responsible for proxies and voting of ADR holders’ instructions
(including, without limitation, instructions of any entity or entities acting on behalf of the nominee for DTC), the depositary shall,
in the manner and on or before the time established by the depositary for such purpose, endeavor to vote or cause to be voted the shares
represented by the ADSs evidenced by such ADR holders’ ADRs in accordance with such instructions insofar as practicable and permitted
under the provisions of or governing Petrobras’ shares.
Without limiting any of the foregoing, to the extent
the depositary does not receive voting instructions with respect to any one or more ADSs, the depositary shall take such actions as are
necessary, upon Petrobras’ written request and subject to applicable law and the terms of the shares, to cause the amount of shares
represented by such ADSs to be counted for the purpose of satisfying applicable quorum requirements, provided, however that the depositary
shall not represent or present for quorum purposes any deposited securities represented by ADSs for which voting instructions were not
received unless and until the depositary has been provided with an opinion of Petrobras’ internal or external counsel, in form and
substance reasonably satisfactory to the depositary. ADR holders and beneficial owners of ADSs are strongly encouraged to forward their
voting instructions to the depositary as soon as possible. For instructions to be valid, the ADR department of the depositary that is
responsible for proxies and voting must receive them in the manner and on or before the time specified, notwithstanding that such instructions
may have been physically received by the depositary prior to such time. The depositary will not itself exercise any voting discretion.
Notwithstanding anything contained in the deposit agreements or any ADR, the depositary may, to the extent not prohibited by any law,
rule or regulation, or by the rules and/or requirements of the stock exchange on which the ADSs are listed, in lieu of distribution
of the materials provided to the depositary in connection with any meeting of, or solicitation of consents or proxies from, holders of
deposited securities, distribute to the ADR holders a notice that provides such ADR holders with, or otherwise publicizes to such ADR
holders, instructions on how to retrieve such materials or receive such materials upon request (i.e., by reference to a website containing
the materials for retrieval or a contact for requesting copies of the materials).
There is no guarantee that ADR holders and beneficial
owners of ADSs generally, or any ADR holder or beneficial owner of ADSs in particular, will receive voting materials in time to instruct
the depositary to vote and it is possible that you, or persons who hold their ADSs through brokers, dealers or other third parties, will
not have the opportunity to exercise a right to vote.
Fees and Expenses
What fees and expenses will I be responsible
for paying?
The depositary may charge and collect from each
person to whom ADSs are issued, including, without limitation, issuances against deposits of shares, issuances in respect of share distributions,
rights and other distributions, issuances pursuant to a stock dividend or stock split declared by Petrobras or issuances pursuant to a
merger, exchange of securities or any other transaction or event affecting the ADSs or deposited securities, and each person surrendering
ADSs for withdrawal of deposited securities or whose ADSs are cancelled or reduced for any other reason, $5.00 or less for each 100 ADSs
(or any portion thereof) issued, delivered, reduced, cancelled or surrendered or upon which a share distribution or elective distribution
is made or offered, as the case may be. The depositary may sell (by public or private sale) sufficient securities and property received
in respect of a share distribution, rights and/or other distribution prior to such deposit to pay such charge.
The following additional charges shall be incurred
by the ADR holders and beneficial owners of ADSs, by any party depositing or withdrawing shares or by any party surrendering ADSs and/or
to whom ADSs are issued (including, without limitation, issuance pursuant to a stock dividend or stock split declared by Petrobras or
an exchange of stock regarding the ADSs or the deposited securities or a distribution of ADSs), whichever is applicable:
| · | a fee of up to U.S.$0.05 per ADS held upon which any cash distribution made pursuant to the deposit agreements or in the case of an
elective cash/stock dividend, upon which a cash distribution or an issuance of additional ADSs is made as a result of such elective dividend; |
| · | an aggregate fee of up to U.S.$0.05 per ADS per calendar year (or portion thereof) for services performed by the depositary in administering
the ADRs (which fee may be charged on a periodic basis during each calendar year and shall be assessed against ADR holders as of the record
date or record dates set by the depositary during each calendar year and shall be payable in the manner described in the next succeeding
provision); |
| · | a fee for the reimbursement of such fees, charges and expenses as are incurred by the depositary and/or any of its agents (including,
without limitation, the custodian and expenses incurred on behalf of ADR holders in connection with compliance with foreign exchange control
regulations or any law, rule or regulation relating to foreign investment) in connection with the servicing of the shares or other
deposited securities, the holding of foreign currency, the sale of securities (including, without limitation, deposited securities), the
delivery of deposited securities or otherwise in connection with the depositary’s or its custodian’s compliance with applicable
law, rule or regulation (which fees and charges shall be assessed on a proportionate basis against ADR holders as of the record date
or dates set by the depositary and shall be payable at the sole discretion of the depositary by billing such ADR holders or by deducting
such charge from one or more cash dividends or other cash distributions); |
| · | a fee for the distribution of securities (or the sale of securities in connection with a distribution), such fee being in an amount
equal to the $0.05 per ADS issuance fee for the execution and delivery of ADSs which would have been charged as a result of the deposit
of such securities (treating all such securities as if they were shares) but which securities or the net cash proceeds from the sale thereof
are instead distributed by the depositary to those ADR holders entitled thereto; |
| · | stock transfer or other taxes and other governmental charges; |
| · | SWIFT, cable, telex, electronic and facsimile transmission and delivery charges incurred at your request or at the request of other
parties in connection with the deposit or delivery of shares, ADRs or deposited securities; |
| · | transfer or registration fees for the registration of transfer of deposited securities on any applicable register in connection with
the deposit or withdrawal of deposited securities; and |
| · | fees of any division, branch or affiliate of the depositary utilized by the depositary to direct, manage and/or execute any public
and/or private sale of securities under the deposit agreements. |
To facilitate the administration of various depositary
receipt transactions, including disbursement of dividends or other cash distributions and other corporate actions, the depositary may
engage the foreign exchange desk within JPMorgan Chase Bank, N.A. (the “Bank”) and/or its affiliates in order to enter into
spot foreign exchange transactions to convert foreign currency into U.S. dollars (“FX Transactions”). For Brazilian reais,
FX Transactions are entered into with the Bank or an affiliate, as the case may be, acting in a principal capacity.
The foreign exchange rate applied to an FX Transaction
will be either (a) a published benchmark rate or (b) a rate determined by a third party local liquidity provider, in each case
plus or minus a spread, as applicable. The depositary will disclose which foreign exchange rate and spread, if any, apply to such currency
on the “Disclosure” page (or successor page) of www.adr.com (as updated by the depositary from time to time, “ADR.com”).
Such applicable foreign exchange rate and spread may (and neither the depositary, the Bank nor any of their affiliates is under any obligation
to ensure that such rate does not) differ from rates and spreads at which comparable transactions are entered into with other customers
or the range of foreign exchange rates and spreads at which the Bank or any of its affiliates enters into foreign exchange transactions
in the relevant currency pair on the date of the FX Transaction. Additionally, the timing of execution of an FX Transaction varies according
to local market dynamics, which may include regulatory requirements, market hours and liquidity in the foreign exchange market or other
factors. Furthermore, the Bank and its affiliates may manage the associated risks of their position in the market in a manner they deem
appropriate without regard to the impact of such activities on Petrobras, the depositary, ADR holders or beneficial owners of ADSs. The
spread applied does not reflect any gains or losses that may be earned or incurred by the Bank and its affiliates as a result of risk
management or other hedging related activity. Notwithstanding the foregoing, to the extent Petrobras provides U.S. dollars to the depositary,
neither the Bank nor any of its affiliates will execute an FX Transaction as set forth herein. In such case, the depositary will distribute
the U.S. dollars received from Petrobras.
Further details relating to the applicable foreign
exchange rate, the applicable spread and the execution of FX Transactions will be provided by the depositary on ADR.com. Petrobras, and
by holding an ADS or an interest therein, ADR holders and beneficial owners of ADSs, will each be acknowledging and agreeing that the
terms applicable to FX Transactions disclosed from time to time on ADR.com will apply to any FX Transaction executed pursuant to the deposit
agreements.
Petrobras will pay all other charges and expenses
of the depositary and any agent of the depositary (except the custodian) pursuant to agreements from time to time between Petrobras and
the depositary.
The fees and charges you may be required to pay
may vary over time and may be changed by Petrobras and by the depositary. ADR holders will receive prior notice of the increase in any
such fees and charges. The right of the depositary to charge and receive payment of fees, charges and expenses as provided above shall
survive the termination of the deposit agreements.
The depositary may make available to Petrobras
a set amount or a portion of the depositary fees charged in respect of the ADR program or otherwise upon such terms and conditions as
Petrobras and the depositary may agree from time to time. The depositary collects its fees for issuance and cancellation of ADSs directly
from ADS holders depositing shares or surrendering ADSs for the purpose of withdrawal or from intermediaries acting for them. The depositary
collects fees for making distributions to ADS holders by deducting those fees from the amounts distributed or by selling a portion of
distributable property to pay the fees. The depositary may collect its annual fee for depositary services by deduction from cash distributions,
or by directly billing ADS holders. The depositary will generally set off the amounts owing from distributions made to ADR holders. If,
however, no distribution exists and payment owing is not timely received by the depositary, the depositary may refuse to provide any further
services to ADR holders that have not paid those fees and expenses owing until such fees and expenses have been paid.
Payment of Taxes
ADR holders must pay any tax or other governmental
charge payable by the custodian or the depositary on any ADS or ADR, deposited security or distribution. If any taxes or other governmental
charges (including any penalties and/or interest) shall become payable by or on behalf of the custodian or the depositary with respect
to any ADR, any deposited securities represented by the ADSs evidenced thereby or any distribution thereon, such tax or other governmental
charge shall be paid by the applicable ADR holder to the depositary and by holding or having held an ADR or any ADSs, the ADR holder and
all beneficial owners of such ADSs, and all prior registered holders of such ADRs and prior beneficial owners of such ADSs, jointly and
severally, agree to indemnify, defend and save harmless each of the depositary and its agents in respect of such tax or governmental charge.
Each ADR holder and beneficial owner of ADSs, and each prior ADR holder and beneficial owner of ADSs, by holding or having held an ADR
or an interest in ADSs, acknowledges and agrees that the depositary shall have the right to seek payment of any taxes or governmental
charges owing with respect to the relevant ADRs from any one or more such current or prior ADR holder or beneficial owner of ADSs, as
determined by the depositary in its sole discretion, without any obligation to seek payment from any other current or prior ADR holder
or beneficial owner of ADSs. If an ADR holder owes any tax or other governmental charge, the depositary may (i) deduct the amount
thereof from any cash distributions, or (ii) sell deposited securities (by public or private sale) and deduct the amount owing from
the net proceeds of such sale. In either case the ADR holder remains liable for any shortfall. If any tax or governmental charge is unpaid,
the depositary may also refuse to effect any registration, registration of transfer, split-up or combination of deposited securities or
withdrawal of deposited securities until such payment is made. If any tax or governmental charge is required to be withheld on any cash
distribution, the depositary may deduct the amount required to be withheld from any cash distribution or, in the case of a non-cash distribution,
sell the distributed property or securities (by public or private sale) in such amounts and in such manner as the depositary deems necessary
and practicable to pay such taxes and distribute any remaining net proceeds or the balance of any such property after deduction of such
taxes to the ADR holders entitled thereto.
By holding an ADR or an interest therein, you will
be agreeing to indemnify Petrobras, the depositary, its custodian and any of Petrobras’ or their respective officers, directors,
employees, agents and affiliates against, and hold each of them harmless from, any claims by any governmental authority with respect to
taxes, additions to tax, penalties or interest arising out of any refund of taxes, reduced rate of withholding at source or other tax
benefit obtained.
Reclassifications, Recapitalizations and
Mergers
If Petrobras takes certain actions that affect
the deposited securities, including (i) any change in par value, split-up, consolidation, cancellation or other reclassification
of deposited securities or (ii) any distributions of shares or other property not made to ADR holders or (iii) any recapitalization,
reorganization, merger, consolidation, liquidation, receivership, bankruptcy or sale of all or substantially all of Petrobras’ assets,
then the depositary may choose to, and shall if reasonably requested by Petrobras:
| · | distribute additional or amended ADRs; |
| · | distribute cash, securities or other property it has received in connection with such actions; |
| · | sell any securities or property received and distribute the proceeds as cash; or |
If the depositary does not choose any of the above
options, any of the cash, securities or other property it receives will constitute part of the deposited securities and each ADS will
then represent a proportionate interest in such property.
Amendment and Termination
How may the deposit agreements be amended?
Petrobras may agree with the depositary to amend
the deposit agreements and the ADSs without your consent for any reason. ADR holders must be given at least 30 days’ notice of any
amendment that imposes or increases any fees or charges on a per ADS basis (other than stock transfer or other taxes and other governmental
charges, transfer or registration fees, SWIFT, cable, telex or facsimile transmission costs, delivery costs or other such expenses), or
otherwise prejudices any substantial existing right of ADR holders or beneficial owners of ADSs. Such notice need not describe in detail
the specific amendments effectuated thereby, but must identify to ADR holders a means to access the text of such amendment. If an ADR
holder continues to hold an ADR or ADRs after being so notified, such ADR holder and the beneficial owner of the corresponding ADSs are
deemed to agree to such amendment and to be bound by the deposit agreements as so amended. Any amendments or supplements which (i) are
reasonably necessary (as agreed by Petrobras and the depositary) in order for (a) the ADSs to be registered on Form F-6 under
the Securities Act or (b) the ADSs or shares to be traded solely in electronic book-entry form and (ii) do not in either such
case impose or increase any fees or charges to be borne by ADR holders, shall be deemed not to prejudice any substantial rights of ADR
holders or beneficial owners of ADSs. Notwithstanding the foregoing, if any governmental body or regulatory body should adopt new laws,
rules or regulations which would require amendment or supplement of the deposit agreements or the forms of ADRs to ensure compliance
therewith, Petrobras and the depositary may amend or supplement the deposit agreements and the forms of ADRs (and all outstanding ADRs)
at any time in accordance with such changed laws, rules or regulations, which amendment or supplement may take effect before a notice
is given or within any other period of time as required for compliance. No amendment, however, will impair your right to surrender your
ADSs and receive the underlying securities, except in order to comply with mandatory provisions of applicable law.
How may the deposit agreements be terminated?
The depositary may, and shall at Petrobras’
written direction, terminate the deposit agreements and the ADRs by mailing notice of such termination to the ADR holders at least 30
days prior to the date fixed in such notice for such termination; provided, however, if the depositary shall have (i) resigned as
depositary under the deposit agreements, notice of such termination by the depositary shall not be provided to ADR holders unless a successor
depositary shall not be operating under the deposit agreements within 60 days of the date of such resignation, and (ii) been removed
as depositary under the deposit agreements, notice of such termination by the depositary shall not be provided to ADR holders unless a
successor depositary shall not be operating under the deposit agreements on the 60th day after Petrobras’ notice of removal was
first provided to the depositary. Notwithstanding anything to the contrary herein, the depositary may terminate the deposit agreements
without notifying Petrobras, but subject to giving 30 days’ notice to the ADR holders, under the following circumstances: (i) in
the event of Petrobras’ bankruptcy or insolvency, (ii) if the shares cease to be listed on an internationally recognized stock
exchange, (iii) if Petrobras effects (or will effect) a redemption of all or substantially all of the deposited securities, or a
cash or share distribution representing a return of all or substantially all of the value of the deposited securities, or (iv) there
occurs a merger, consolidation, sale of assets or other transaction as a result of which securities or other property are delivered in
exchange for or in lieu of deposited securities.
After the date so fixed for termination, the depositary
and its agents will perform no further acts under the deposit agreements and the ADRs, except to receive and hold (or sell) distributions
on deposited securities and deliver deposited securities being withdrawn. As soon as practicable after the date so fixed for termination,
the depositary shall use its reasonable efforts to sell the deposited securities and shall thereafter (as long as it may lawfully do so)
hold in an account (which may be a segregated or unsegregated account) the net proceeds of such sales, together with any other cash then
held by it under the deposit agreements, without liability for interest, in trust for the pro rata benefit of the ADR holders who have
not theretofore surrendered their ADRs. After making such sale, the depositary shall be discharged from all obligations in respect of
the deposit agreements and the ADRs, except to account for such net proceeds and other cash. After the date so fixed for termination,
Petrobras shall be discharged from all obligations under the deposit agreements except for its obligations to the depositary and its agents.
Limitations on Obligations and Liability
to ADR holders
Prior to the issue, registration, registration
of transfer, split-up, combination, or cancellation of any ADRs, or the delivery of any distribution in respect thereof, and from time
to time in the case of the production of proofs as described below, Petrobras or the depositary or its custodian may require:
| · | payment with respect thereto of (i) any stock transfer or other tax or other governmental charge, (ii) any stock transfer
or registration fees in effect for the registration of transfers of shares or other deposited securities upon any applicable register
and (iii) any applicable fees and expenses described in the deposit agreements; |
| · | the production of proof satisfactory to it of (i) the identity of any signatory and genuineness of any signature and (ii) such
other information, including without limitation, information as to citizenship, residence, exchange control approval, beneficial or other
ownership of, or interest in, any securities, compliance with applicable law, regulations, provisions of or governing deposited securities
and terms of the deposit agreements and the ADRs, as it may deem necessary or proper; and |
| · | compliance with such regulations as the depositary may establish consistent with the deposit agreements. |
The issuance of ADRs, the acceptance of deposits
of shares, the registration, registration of transfer, split-up or combination of ADRs or the withdrawal of shares, may be suspended,
generally or in particular instances, when the ADR register or any register for deposited securities is closed or when any such action
is deemed advisable by the depositary.
The deposit agreements expressly limit the obligations
and liability of the depositary, Petrobras and each of Petrobras’ and the depositary’s respective agents, provided, however,
that no provision of the deposit agreements is intended to constitute a waiver or limitation of any rights which ADR holders or beneficial
owners of ADSs may have under the Securities Act or the Exchange Act, to the extent applicable. The deposit agreements provide that neither
Petrobras nor the depositary nor any such agent will be liable to ADR holders or beneficial owners of ADSs if:
| · | any present or future law, rule, regulation, order or decree of the United States, the Federative Republic of Brazil or any other
country or jurisdiction, or of any governmental or regulatory authority or securities exchange or market or automated quotation system,
the provisions of or governing any deposited securities, any present or future provision of Petrobras’ constituent documents, any
act of God, war, terrorism, nationalization, expropriation, currency restrictions, work stoppage, civil unrest, revolutions, rebellions,
explosions, computer failure or circumstance beyond Petrobras’, the depositary’s or our respective agents’ direct and
immediate control shall prevent or delay, or shall cause any of them to be subject to any civil or criminal penalty in connection with,
any act which the deposit agreements or the ADRs provide shall be done or performed by Petrobras, the depositary or our respective agents
(including, without limitation, voting); |
| · | it exercises or fails to exercise discretion under the deposit agreements or the ADRs including, without limitation, any failure to
determine that any distribution or action may be lawful or reasonably practicable; |
| · | it performs its obligations under the deposit agreements and ADRs without gross negligence or willful misconduct; |
| · | it takes any action or refrains from taking any action in reliance upon the advice of or information from legal counsel, accountants,
any person presenting shares for deposit, any ADR holder, or any other person believed by it to be competent to give such advice or information,
or in the case of the depositary only, from Petrobras; |
| · | it relies upon any written notice, request, direction, instruction or document believed by it to be genuine and to have been signed,
presented or given by the proper party or parties; or |
| · | for the inability of any ADR holder or beneficial owner of ADSs to benefit from, or participate in, any distribution, offering, right
or other benefit which is made available to holders of shares but is not made available to ADR holders. |
The depositary shall not be a fiduciary or have
any fiduciary duty to ADR holders or beneficial owners of ADSs. Neither the depositary nor its agents have any obligation to appear in,
prosecute or defend any action, suit or other proceeding in respect of any deposited securities, the ADSs or the ADRs. The depositary
and its agents shall only be obligated to appear in, prosecute or defend any action, suit or other proceeding in respect of any deposited
securities, the ADSs or the ADRs, which in the depositary’s opinion may involve the depositary in expense or liability, if indemnity
satisfactory to the depositary against all expense (including fees and disbursements of counsel) and liability is furnished as often as
may be required. The depositary and its agents may fully respond to any and all demands or requests for information maintained by or on
its behalf in connection with the deposit agreements, any ADR holder or holders, any ADRs or otherwise related to the deposit agreements
or ADRs to the extent such information is requested or required by or pursuant to any lawful authority, including without limitation laws,
rules, regulations, administrative or judicial process, banking, securities or other regulators. The depositary shall not be liable for
the acts or omissions made by, or the insolvency of, any securities depository, clearing agency or settlement system. Furthermore, the
depositary shall not be responsible for, and shall incur no liability in connection with or arising from, the insolvency of any custodian
that is not a branch or affiliate of JPMorgan. Notwithstanding anything to the contrary contained in the deposit agreements or any ADRs,
the depositary shall not be responsible for, and shall incur no liability in connection with or arising from, any act or omission to act
on the part of the custodian except to the extent that any ADR holder has incurred liability directly as a result of the custodian having
(i) committed fraud or willful misconduct in the provision of custodial services to the depositary or (ii) failed to use reasonable
care in the provision of custodial services to the depositary as determined in accordance with the standards prevailing in the jurisdiction
in which the custodian is located. The depositary and the custodian may use third party delivery services and providers of information
regarding matters such as pricing, proxy voting, corporate actions, class action litigation and other services in connection with the
ADRs and the deposit agreements, and use local agents to provide extraordinary services such as attendance at annual meetings of issuers
of securities. Although the depositary and the custodian will use reasonable care (and cause their agents to use reasonable care) in the
selection and retention of such third party providers and local agents, they will not be responsible for any errors or omissions made
by them in providing the relevant information or services. The depositary shall not have any liability for the price received in connection
with any sale of securities, the timing thereof or any delay in action or omission to act nor shall it be responsible for any error or
delay in action, omission to act, default or negligence on the part of the party so retained in connection with any such sale or proposed
sale.
The depositary has no obligation to inform ADR
holders or beneficial owners of ADSs about the requirements of any laws, rules or regulations or any changes therein or thereto.
Additionally, none of Petrobras, the depositary
or the custodian shall be liable for the failure by any ADR holder or beneficial owner of ADSs to obtain the benefits of credits or refunds
of non-U.S. tax paid against such ADR holder’s or beneficial owner’s income tax liability. The depositary is under no obligation
to provide ADR holders or beneficial owners of ADSs, or any of them, with any information about Petrobras’ tax status. Neither Petrobras
nor the depositary shall incur any liability for any tax or tax consequences that may be incurred by ADR holders or beneficial owners
of ADSs on account of their ownership or disposition of the ADRs or ADSs.
Neither the depositary nor its agents will be responsible
for any failure to carry out any instructions to vote any of the deposited securities, for the manner in which any such vote is cast,
including without limitation any vote cast by a person to whom the depositary is required to grant a discretionary proxy pursuant to the
deposit agreements, or for the effect of any such vote. The depositary may rely upon instructions from Petrobras or its counsel in respect
of any approval or license required for any currency conversion, transfer or distribution. The depositary shall not incur any liability
for the content of any information submitted to it by Petrobras or on Petrobras’ behalf for distribution to ADR holders or for any
inaccuracy of any translation thereof, for any investment risk associated with acquiring an interest in the deposited securities, for
the validity or worth of the deposited securities, for the credit-worthiness of any third party, for allowing any rights to lapse upon
the terms of the deposit agreements or for the failure or timeliness of any notice from Petrobras. The depositary shall not be liable
for any acts or omissions made by a successor depositary whether in connection with a previous act or omission of the depositary or in
connection with any matter arising wholly after the removal or resignation of the depositary. Neither the depositary nor any of its agents
shall be liable to ADR holders or beneficial owners of ADSs for any indirect, special, punitive or consequential damages (including, without
limitation, legal fees and expenses) or lost profits, in each case of any form incurred by any person or entity (including, without limitation,
ADR holders and beneficial owners of ADSs), whether or not foreseeable and regardless of the type of action in which such a claim may
be brought.
The depositary and its agents may own and deal
in any class of securities of Petrobras and its affiliates and in ADSs.
Disclosure of Interest in ADSs
To the extent that the provisions of or governing
any deposited securities or Petrobras’ constituent documents may require disclosure of or impose limits on beneficial or other ownership
of, or interests in, deposited securities, other shares and other securities and may provide for blocking transfer, voting or other rights
to enforce such disclosure or limits, ADR holders and beneficial owners of ADSs agree to comply with all such disclosure requirements,
including without limitation, requirements of Brazilian law, including the rules and requirements of the Brazilian Central Bank and
ownership limitations and to comply with any reasonable instructions from Petrobras and requests in respect thereof, including, without
limitation, requests for information as to the identity of any holder of an interest in an ADR and the nature of such interest, whether
or not such ADR holder continues to hold such interest at the time of the request. Petrobras reserves the right to instruct ADR holders
(and through any such ADR holder, the beneficial owners of ADSs evidenced by the ADRs registered in such ADR holder’s name) to deliver
their ADSs for cancellation and withdrawal of the deposited securities so as to permit Petrobras to deal directly with the ADR holder
and/or beneficial owner of ADSs as a holder of shares and, by holding an ADS or an interest therein, ADR holders and beneficial owners
of ADSs will be agreeing to comply with such instructions.
Books of Depositary
The depositary or its agent will maintain a register
for the registration, registration of transfer, combination and split-up of ADRs, which register shall include the depositary’s
direct registration system. ADR holders may inspect such records at the depositary’s office at all reasonable times, but solely
for the purpose of communicating with other ADR holders in the interest of Petrobras’ business or a matter relating to the deposit
agreements. Such register (and/or any portion thereof) may be closed at any time or from time to time, when deemed expedient by the depositary,
and the depositary may also close the issuance book portion of such register when reasonably requested by Petrobras solely in order to
enable it to comply with applicable law.
The depositary will maintain facilities for the
delivery and receipt of ADRs.
Appointment
In the deposit agreements, each ADR holder and
each beneficial owner of ADSs, upon acceptance of any ADSs (or any interest therein) issued in accordance with the terms and conditions
of the deposit agreements will be deemed for all purposes to:
| · | be a party to and bound by the terms of the deposit agreements and the applicable ADR or ADRs, and |
| · | appoint the depositary its attorney-in-fact, with full power to delegate, to act on its behalf and to take any and all actions contemplated
in the deposit agreements and the applicable ADR or ADRs, to adopt any and all procedures necessary to comply with applicable laws and
to take such action as the depositary in its sole discretion may deem necessary or appropriate to carry out the purposes of the deposit
agreements and the applicable ADR and ADRs, the taking of such actions to be the conclusive determinant of the necessity and appropriateness
thereof. |
Each ADR holder and beneficial owner of ADSs is
further deemed to acknowledge and agree that (i) nothing in the deposit agreements or any ADR shall give rise to a partnership or
joint venture among the parties thereto nor establish a fiduciary or similar relationship among such parties, (ii) the depositary,
its divisions, branches and affiliates, and their respective agents, may from time to time be in the possession of non-public information
about Petrobras, the ADR holders, the beneficial owners of ADSs and/or their respective affiliates, (iii) the depositary and its
divisions, branches and affiliates may at any time have multiple banking relationships with Petrobras, ADR holders, beneficial owners
of ADSs and/or the affiliates of any of them, (iv) the depositary and its divisions, branches and affiliates may, from time to time,
be engaged in transactions in which parties adverse to Petrobras or the ADR holders or beneficial owners of ADSs may have interests, (v) nothing
contained in the deposit agreements or any ADR shall (A) preclude the depositary or any of its divisions, branches or affiliates
from engaging in such transactions or establishing or maintaining such relationships, or (B) obligate the depositary or any of its
divisions, branches or affiliates to disclose such transactions or relationships or to account for any profit made or payment received
in such transactions or relationships, and (vi) the depositary shall not be deemed to have knowledge of any information held by any
branch, division or affiliate of the depositary.
Governing Law and Consent to Jurisdiction
The deposit agreements and the ADRs are governed
by and construed in accordance with the internal laws of the State of New York without giving effect to the application of the of law
principles thereof. In the deposit agreements, Petrobras has submitted to the jurisdiction of the courts of the State of New York and
appointed an agent for service of process.
By holding an ADS or an interest therein, ADR holders
and beneficial owners of ADSs each irrevocably agree that any legal suit, action or proceeding against or involving Petrobras or the depositary,
arising out of or based upon the deposit agreements, the ADSs or the transactions contemplated thereby, may only be instituted in a state
or federal court in the Borough of Manhattan, New York, New York, and each irrevocably waives any objection which it may have to the laying
of venue of any such proceeding, and irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding.
Notwithstanding the foregoing, the depositary may,
in its sole discretion, elect to institute any suit, action or proceeding against Petrobras based on the deposit agreements, the ADSs
or the ADRs or the transactions contemplated thereby, in any state or federal court in the Borough of Manhattan, New York, New York, or,
in the case of a suit, action or proceeding to enforce a New York based state or federal court ruling, order or judgment, in any competent
court in the Federative Republic of Brazil and/or the United States.
Jury Trial Waiver
The deposit agreements provide that, to the fullest
extent permitted by applicable law, each party thereto (including, for avoidance of doubt, each ADR holder and beneficial owner and/or
holder of interests in ADSs) irrevocably waives the right to a jury trial in any suit, action or proceeding against Petrobras or the depositary
directly or indirectly arising out of or relating to the shares or other deposited securities, the ADSs, the ADRs, the deposit agreements,
or any transaction contemplated therein, or the breach thereof (whether based on contract, tort, common law or other theory), including
any suit, action or proceeding under the U.S. federal securities laws. If Petrobras or the depositary were to oppose a jury trial demand
based on such waiver, the court would determine whether the waiver was enforceable based on the facts and circumstances of that case in
accordance with applicable state and federal law, including whether a party knowingly, intelligently and voluntarily waived the right
to a jury trial. The waiver to right to a jury trial of the deposit agreements is not intended to be deemed a waiver by any ADR holder
or beneficial owner of ADSs of Petrobras’ or the depositary’s compliance with the Securities Act or the Exchange Act, to the
extent applicable.
FORM OF SECURITIES, CLEARING AND SETTLEMENT
Global Securities
Unless otherwise specified in the applicable prospectus
supplement, the following information relates to the form, clearing and settlement of U.S. dollar-denominated debt securities.
We will issue the securities in global form. Securities
issued in global form will be represented, at least initially, by one or more global debt securities. Upon issuance, global securities
will be deposited with the trustee as custodian for The Depository Trust Company (“DTC”), and registered in the name of Cede &
Co., as DTC’s partnership nominee. Ownership of beneficial interests in each global security will be limited to persons who have
accounts with DTC, whom we refer to as DTC participants, or persons who hold interests through DTC participants. We expect that, under
procedures established by DTC, ownership of beneficial interests in each global security will be shown on, and transfer of ownership of
those interests will be effected only through, records maintained by DTC (with respect to interests of DTC participants) and the records
of DTC participants (with respect to other owners of beneficial interests in the global securities).
Beneficial interests in the global securities may
be credited within DTC to Euroclear Bank SA/NV (“Euroclear”) and Clearstream Banking, société anonyme (“Clearstream”)
on behalf of the owners of such interests.
Investors may hold their interests in the global
securities directly through DTC, Euroclear or Clearstream, if they are participants in those systems, or indirectly through organizations
that are participants in those systems.
Beneficial interests in the global securities may
not be exchanged for securities in physical, certificated form except in the limited circumstances described below.
Book-Entry Procedures for Global Securities
Interests in the global securities will be subject
to the operations and procedures of DTC, Euroclear and Clearstream. We provide the following summaries of those operations and procedures
solely for the convenience of investors. The operations and procedures of each settlement system are controlled by that settlement system
and may be changed at any time. We are not responsible for those operations or procedures.
DTC has advised us that it is:
| · | a limited purpose trust company organized under the laws of the State of New York; |
| · | a member of the Federal Reserve System; |
| · | a “clearing corporation” within the meaning of the Uniform Commercial Code; and |
| · | a “clearing agency” registered pursuant to the provisions of Section 17A of the Exchange
Act. |
DTC was created to hold securities for its participants
and to facilitate the clearance and settlement of securities transactions between its participants through electronic computerized book-entry
changes to the accounts of its participants. DTC’s participants include securities brokers and dealers; banks and trust companies;
clearing corporations; and certain other organizations. Indirect access to DTC’s system is also available to others such as securities
brokers and dealers; banks and trust companies; these indirect participants clear through or maintain a custodial relationship with a
DTC participant, either directly or indirectly. Investors who are not DTC participants may beneficially own securities held by or on behalf
of DTC only through DTC participants or indirect participants in DTC. The rules applicable to DTC and DTC participants are on file
with the SEC.
So long as DTC or its nominee is the registered
owner of a global security, DTC or its nominee will be considered the sole owner or holder of the securities represented by that global
security for all purposes under the indenture. Except as provided below, owners of beneficial interests in a global security:
| · | will not be entitled to have securities represented by the global security registered in their names; |
| · | will not receive or be entitled to receive physical, certificated securities; and |
| · | will not be considered the registered owners or holders of the securities under the indenture for any
purpose, including with respect to the giving of any direction, instruction or approval to the trustee under the indenture. |
As a result, each investor who owns a beneficial
interest in a global security must rely on the procedures of DTC to exercise any rights of a holder of securities under the indenture
(and, if the investor is not a participant or an indirect participant in DTC, on the procedures of the DTC participant through which the
investor owns its interest).
Payments of principal, premium, if any, and interest
with respect to the securities represented by a global security will be made by the issuer to the trustee and by the trustee (to the extent
funded by the issuer) to DTC’s nominee as the registered holder of the global security. Neither we nor the trustee will have any
responsibility or liability for the payment of amounts to owners of beneficial interests in a global security, for any aspect of the records
relating to or payments made on account of those interests by DTC, or for maintaining, supervising or reviewing any records of DTC relating
to those interests.
Payments by participants and indirect participants
in DTC to the owners of beneficial interests in a global security will be governed by standing instructions and customary practices and
will be the responsibility of those participants or indirect participants and not of DTC, its nominee or us.
Transfers between participants in DTC will be effected
under DTC’s procedures and will be settled in same-day funds. Transfers between participants in Euroclear or Clearstream will be
effected in the ordinary way under the rules and operating procedures of those systems.
Cross-market transfers between DTC participants,
on the one hand, and Euroclear or Clearstream participants, on the other hand, will be effected within DTC through the DTC participants
that are acting as depositaries for Euroclear and Clearstream. To deliver or receive an interest in a global security held in a Euroclear
or Clearstream account, an investor must send transfer instructions to Euroclear or Clearstream, as the case may be, under the rules and
procedures of that system and within the established deadlines of that system. If the transaction meets its settlement requirements, Euroclear
or Clearstream, as the case may be, will send instructions to its DTC depositary to take action to effect final settlement by delivering
or receiving interests in the relevant global securities in DTC, and making or receiving payment under normal procedures for same-day
funds settlement applicable to DTC. Euroclear and Clearstream participants may not deliver instructions directly to the DTC depositaries
that are acting for Euroclear or Clearstream.
Because of time zone differences, the securities
account of a Euroclear or Clearstream participant that purchases an interest in a global security from a DTC participant will be credited
on the business day for Euroclear or Clearstream immediately following the DTC settlement date. Cash received in Euroclear or Clearstream
from the sale of an interest in a global security to a DTC participant will be received with value on the DTC settlement date but will
be available in the relevant Euroclear or Clearstream cash account as of the business day for Euroclear or Clearstream following the DTC
settlement date.
DTC, Euroclear and Clearstream have agreed to the
above procedures to facilitate transfers of interests in the global securities among participants in those settlement systems. However,
the settlement systems are not obligated to perform these procedures and may discontinue or change these procedures at any time. Neither
we nor the trustee, registrar, transfer agent or any paying agent have any responsibility for the performance by DTC, Euroclear or Clearstream
or their participants or indirect participants of their obligations under the rules and procedures governing their operations.
Certificated Securities
Beneficial interests in the global securities may
not be exchanged for securities in physical, certificated form unless:
| · | DTC notifies us at any time that it is unwilling or unable to continue as depositary for the global securities
and a successor depositary is not appointed within 90 days; |
| · | DTC ceases to be registered as a clearing agency under the Exchange Act and a successor depositary is
not appointed within 90 days; |
| · | we, at our option, notify the trustee that we elect to cause the issuance of certificated securities;
or |
| · | certain other events provided in the indenture should occur, including the occurrence and continuance
of an event of default with respect to the securities. |
In all cases, certificated securities delivered
in exchange for any global security will be registered in the names, and issued in any approved denominations, requested by the depository.
For information concerning paying agents for any
securities in certificated form, see “Description of Debt Securities—Additional Mechanics—Payment and Paying Agents.”
Debt Securities Denominated in a Currency
other than U.S. Dollars
Unless otherwise specified in the applicable prospectus
supplement, the following information relates to the form, clearing and settlement of debt securities denominated in a currency other
than the U.S. dollar.
We will issue the debt securities as one or more
global securities registered in the name of a common depositary for Clearstream and Euroclear. Investors may hold book-entry interests
in the global securities through organizations that participate, directly or indirectly, in Clearstream and/or Euroclear. Book-entry interests
in the debt securities and all transfers relating to the debt securities will be reflected in the book-entry records of Clearstream and
Euroclear.
The distribution of the debt securities will be
carried through Clearstream and Euroclear. Any secondary market trading of book-entry interests in the debt securities will take place
through participants in Clearstream and Euroclear and will settle in same-day funds. Owners of book-entry interests in the debt securities
will receive payments relating to their debt securities in U.S. dollars or such other currency in which the debt securities are denominated,
as applicable. Clearstream and Euroclear have established electronic securities and payment transfer, processing, depositary and custodial
links among themselves and others, either directly or through custodians and depositaries. These links allow securities to be issued,
held and transferred among the clearing systems without the physical transfer of certificates. Special procedures to facilitate clearance
and settlement have been established among these clearing systems to trade securities across borders in the secondary market.
The policies of Clearstream and Euroclear will
govern payments, transfers, exchange and other matters relating to the investor’s interest in securities held by them. We have no
responsibility for any aspect of the records kept by Clearstream or Euroclear or any of their direct or indirect participants. We do not
supervise these systems in any way.
Clearstream and Euroclear and their participants
perform these clearance and settlement functions under agreements they have made with one another or with their customers. You should
be aware that they are not obligated to perform or continue to perform these procedures and may modify them or discontinue them at any
time.
Except as provided below, owners of beneficial
interest in the debt securities will not be entitled to have the debt securities registered in their names, will not receive or be entitled
to receive physical delivery of the debt securities in definitive form and will not be considered the owners or holders of the debt securities
under the indenture governing the debt securities, including for purposes of receiving any reports delivered by us or the trustee pursuant
to the indenture. Accordingly, each person owning a beneficial interest in a debt security must rely on the procedures of the Clearstream
and Euroclear and, if that person is not a participant, on the procedures of the participant through which that person owns its interest,
in order to exercise any rights of a holder of debt securities.
This description of the clearing systems reflects
our understanding of the rules and procedures of Clearstream and Euroclear as they are currently in effect. These systems could change
their rules and procedures at any time. We have obtained the information in this section concerning Clearstream and Euroclear and
their book-entry systems and procedures from sources that we believe to be reliable, but we take no responsibility for the accuracy of
this information.
Clearstream and Euroclear
Clearstream has advised that: it is a duly licensed
bank organized as a société anonyme incorporated under the laws of Luxembourg and is subject to regulation by the Luxembourg
Commission for the supervision of the financial sector (Commission de surveillance du secteur financier); it holds securities for
its customers and facilitates the clearance and settlement of securities transactions among them, and does so through electronic book-entry
transfers between the accounts of its customers, thereby eliminating the need for physical movement of certificates; it provides other
services to its customers, including safekeeping, administration, clearance and settlement of internationally traded securities and lending
and borrowing of securities; it interfaces with the domestic markets in over 30 countries through established depositary and custodial
relationships; its customers include worldwide securities brokers and dealers, banks, trust companies and clearing corporations and may
include certain other professional financial intermediaries; its U.S. customers are limited to securities brokers and dealers and banks;
and indirect access to the Clearstream system is also available to others that clear through Clearstream customers or that have custodial
relationships with its customers, such as banks, brokers, dealers and trust companies.
Euroclear has advised that: it is incorporated
under the laws of Belgium as a bank and is subject to regulation by the Belgian Banking and Finance Commission (Commission Bancaire
et Financiére) and the National Bank of Belgium (Banque Nationale de Belgique); it holds securities for its participants
and facilitates the clearance and settlement of securities transactions among them; it does so through simultaneous electronic book-entry
delivery against payments, thereby eliminating the need for physical movement of certificates; it provides other services to its participants,
including credit, custody, lending and borrowing of securities and tri-party collateral management; it interfaces with the domestic markets
of several countries; its customers include banks, including central banks, securities brokers and dealers, banks, trust companies and
clearing corporations and certain other professional financial intermediaries; indirect access to the Euroclear system is also available
to others that clear through Euroclear customers or that have custodial relationships with Euroclear customers; and all securities in
Euroclear are held on a fungible basis, which means that specific certificates are not matched to specific securities clearance accounts.
Clearance and Settlement Procedures
We understand that investors that hold their debt
securities through Clearstream or Euroclear accounts will follow the settlement procedures that are applicable to securities in registered
form. Debt securities will be credited to the securities custody accounts of Clearstream and Euroclear participants on the business day
following the settlement date for value on the settlement date. They will be credited either free of payment or against payment for value
on the settlement date.
We understand that secondary market trading between
Clearstream and/or Euroclear participants will occur in the ordinary way following the applicable rules and operating procedures
of Clearstream and Euroclear. Secondary market trading will be settled using procedures applicable to securities in registered form.
You should be aware that investors will only be
able to make and receive deliveries, payments and other communications involving the debt securities through Clearstream and Euroclear
on business days. Those systems may not be open for business on days when banks, brokers and other institutions are open for business
in the United States or Brazil.
In addition, because of time zone differences,
there may be problems with completing transactions involving Clearstream and Euroclear on the same business day as in the United States
or Brazil. U.S. and Brazilian investors who wish to transfer their interests in the debt securities, or to make or receive a payment or
delivery of the debt securities on a particular day may find that the transactions will not be performed until the next business day in
Luxembourg or Brussels, depending on whether Clearstream or Euroclear is used.
Clearstream or Euroclear will credit payments to
the cash accounts of participants in Clearstream or Euroclear in accordance with the relevant systemic rules and procedures, to the
extent received by its depositary. Clearstream or Euroclear, as the case may be, will take any other action permitted to be taken by a
holder under the indenture on behalf of a Clearstream or Euroclear participant only in accordance with its relevant rules and procedures.
Clearstream and Euroclear have agreed to the foregoing
procedures in order to facilitate transfers of the debt securities among participants of Clearstream and Euroclear. However, they are
under no obligation to perform or continue to perform those procedures, and they may discontinue those procedures at any time.
Same-Day Settlement and Payment
The underwriters will settle the debt securities
in immediately available funds. We will make all payments of principal and interest on the debt securities in immediately available funds.
Secondary market trading between participants in Clearstream and Euroclear will occur in accordance with the applicable rules and
operating procedures of Clearstream and Euroclear and will be settled using the procedures applicable to securities in immediately available
funds. See “—Clearstream and Euroclear.”
Certificated Debt Securities
We will issue debt securities to you in certificated
registered form only if:
| · | Clearstream or Euroclear is no longer willing or able to discharge its responsibilities properly, and
neither the trustee nor we have appointed a qualified successor within 90 days; or |
| · | we, at our option, notify the trustee that we elect to cause the issuance of certificated debt securities;
or |
| · | certain other events provided in the indenture should occur, including the occurrence and continuance
of an event of default with respect to the debt securities. |
If any of these three events occurs, the trustee
will reissue the debt securities in fully certificated registered form and will recognize the registered holders of the certificated debt
securities as holders under the indenture.
In the event that we issue certificated securities
under the limited circumstances described above, then holders of certificated securities may transfer their debt securities in whole or
in part upon the surrender of the certificate to be transferred, together with a completed and executed assignment form endorsed on the
definitive debt security, at the offices of the transfer agent in New York City. Copies of this assignment form may be obtained at the
offices of the transfer agent in New York City. Each time that we transfer or exchange a new debt security in certificated form for another
debt security in certificated form, and after the transfer agent receives a properly completed assignment form, we will make available
for delivery the new definitive debt security at the offices of the transfer agent in New York City. Alternatively, at the option of the
person requesting the transfer or exchange, we will mail, at that person’s risk, the new definitive debt security to the address
of that person that is specified in the assignment form. In addition, if we issue debt securities in certificated form, then we will make
payments interest on and any other amounts payable under the debt securities to holders in whose names the debt securities in certificated
form are registered at the close of business on the record date for these payments. If the debt securities are issued in certificated
form, we will make payments of principal and any redemption payments against the surrender of these certificated debt securities at the
offices of the paying agent in New York City.
Unless and until we issue the debt securities in
fully-certificated, registered form,
| · | you will not be entitled to receive a certificate representing our interest in the debt securities; |
| · | all references in this prospectus or any prospectus supplement to actions by holders will refer to actions
taken by a depositary upon instructions from their direct participants; and |
| · | all references in this prospectus or in any prospectus supplement to payments and notices to holders will
refer to payments and notices to the depositary as the registered holder of the debt securities, for distribution to you in accordance
with its policies and procedures. |
SELLING SHAREHOLDERS
Petrobras may register for sale preferred shares
and common shares, which may be represented by ADSs covered by this prospectus, for any selling shareholder to be named in a prospectus
supplement, by filing a prospectus supplement with the SEC. Petrobras may register these securities to permit selling shareholders to
resell their preferred shares and common shares, or ADSs representing any preferred shares or common shares, when they deem appropriate.
Except as may be set forth in any prospectus supplement, the selling shareholders will pay all of the expenses in connection with the
registration and the sale of the preferred shares and common shares, or ADSs representing any preferred shares or common shares, including
selling commissions and certain fees and expenses of counsel and other advisors to the selling shareholders.
Petrobras will not receive any proceeds from the
sale of preferred shares or common shares, or ADSs representing any preferred shares or common shares, by the selling shareholders.
Information concerning the selling shareholders
may change from time to time, and any changed information will be set forth if and when required in the applicable prospectus supplement.
To the extent that this prospectus is used by any selling shareholder to offer or sell any preferred shares or common shares, or ADSs
representing any preferred shares or common shares, information with respect to the selling shareholders and the plan of distribution
will be contained in a supplement to this prospectus, in a post-effective amendment or in filings we make with the SEC under the Exchange
Act.
Petrobras cannot provide an estimate as to the
number of preferred shares or common shares, or ADS representing any preferred shares or common shares, that will be held by any selling
shareholder upon consummation of any offering or offerings covered by this prospectus because a selling shareholder may offer some, all
or none of such shareholder’s preferred shares or common shares, or ADS representing any preferred shares or common shares, in any
such offering or offerings.
Petrobras will provide to the selling shareholders
copies of this prospectus and any applicable prospectus supplement and will take certain other actions as are required to permit unrestricted
sales of the preferred shares and common shares, or ADSs representing any preferred shares or common shares, to be sold by such selling
shareholders.
PLAN OF DISTRIBUTION
At the time of offering any securities, we will
supplement the following summary of the plan of distribution with a description of the offering, including the particular terms and conditions
thereof, set forth in a prospectus supplement relating to those securities.
Each prospectus supplement with respect to a series
of securities will set forth the terms of the offering of those securities, including the name or names of any selling shareholder, the
name or names of any underwriters or agents, the price of such securities and the net proceeds to us or any selling shareholder from such
sale, any underwriting discounts, commissions or other items constituting underwriters’ or agents’ compensation, any discount
or concessions allowed or reallowed or paid to dealers and any securities exchanges on which those securities may be listed.
We and the selling shareholders may sell the securities
from time to time in their initial offering as follows:
| · | to dealers or underwriters for resale; |
| · | directly to purchasers; or |
| · | through a combination of any of these methods of sale. |
In addition, we may issue the securities as a dividend
or distribution or in a subscription rights offering to our existing security holders. In some cases, we, the selling shareholders or
dealers acting with us or the selling shareholders or on our behalf or on behalf of selling shareholders may also purchase securities
and reoffer them to the public by one or more of the methods described above. This prospectus may be used in connection with any offering
of our securities through any of these methods or other methods described in the applicable prospectus supplement.
The securities distributed by any of these methods
may be sold to the public, in one or more transactions, either:
| · | at a fixed price or prices, which may be changed; |
| · | at market prices prevailing at the time of sale; |
| · | at prices related to prevailing market prices; or |
We may solicit offers to purchase securities directly
from the public from time to time. We may also designate agents from time to time to solicit offers to purchase securities from the public
on our behalf. The prospectus supplement relating to any particular offering of securities will name any agents designated to solicit
offers, and will include information about any commissions we may pay the agents, in that offering. Agents may be deemed to be “underwriters”
as that term is defined in the Securities Act.
From time to time, we and the selling shareholders
may sell securities to one or more dealers acting as principals. The dealers, who may be deemed to be “underwriters” as that
term is defined in the Securities Act, may then resell those securities to the public.
We and the selling shareholders may sell securities
from time to time to one or more underwriters, who would purchase the securities as principal for resale to the public, either on a firm-commitment
or best-efforts basis. If we or the selling shareholders sell securities to underwriters, we and the selling shareholders may execute
an underwriting agreement with them at the time of sale and will name them in the applicable prospectus supplement. In connection with
those sales, underwriters may be deemed to have received compensation from us or the selling shareholders in the form of underwriting
discounts or commissions and may also receive commissions from purchasers of the securities for whom they may act as agents. Underwriters
may resell the securities to or through dealers, and those dealers may receive compensation in the form of discounts, concessions or commissions
from the underwriters and/or commissions from purchasers for whom they may act as agents. The applicable prospectus supplement will include
any required information about underwriting compensation we or the selling shareholders pay to underwriters, and any discounts, concessions
or commissions underwriters allow to participating dealers, in connection with an offering of securities.
If we offer securities in a subscription rights
offering to our existing security holders, we may enter into a standby underwriting agreement with dealers, acting as standby underwriters.
We may pay the standby underwriters a commitment fee for the securities they commit to purchase on a standby basis. If we do not enter
into a standby underwriting arrangement, we may retain a dealer-manager to manage a subscription rights offering for us.
We may authorize underwriters, dealers and agents
to solicit from third parties offers to purchase securities under contracts providing for payment and delivery on future dates. The applicable
prospectus supplement will describe the material terms of these contracts, including any conditions to the purchasers’ obligations,
and will include any required information about commissions we may pay for soliciting these contracts.
Underwriters, dealers, agents and other persons
may be entitled, under agreements that they may enter into with us or the selling shareholders, to indemnification by us and the selling
shareholders against certain liabilities, including liabilities under the Securities Act.
Unless otherwise indicated in the prospectus supplement
for a particular offering of securities, each series of securities will be a new issue, and there will be no established trading market
for any security prior to its original issue date. We may or may not list any particular series of securities on a securities exchange
or quotation system. No assurance can be given as to the liquidity or trading market for any of the securities.
EXPERTS
With respect to (i) the unaudited condensed
consolidated interim financial information of Petrobras as of June 30, 2024 and for the three-month and six-month periods ended June 30,
2024 and 2023, and (ii) the unaudited condensed consolidated interim financial information of Petrobras as of September 30,
2024 and for the three-month and nine-month periods ended September 30, 2024 and 2023, in each case incorporated by reference herein,
KPMG Auditores Independentes Ltda. (“KPMG”), independent registered public accounting firm, has reported that they applied
limited procedures in accordance with professional standards for a review of such financial information. However, their separate reports
included in the Petrobras reports on Form 6-K furnished to the SEC on August 29, 2024 and November 8, 2024 and incorporated
by reference herein, state that they did not audit and they do not express an opinion on that unaudited condensed consolidated interim
financial information. Accordingly, the degree of reliance on their reports on such financial information should be restricted in light
of the limited nature of the review procedures applied. The accountants are not subject to the liability provisions of Section 11
of the Securities Act for their reports on the unaudited condensed consolidated interim financial information because those reports are
not a “report” or a “part” of the registration statement prepared or certified by the accountants within the meaning
of Sections 7 and 11 of the Securities Act.
The consolidated financial statements of Petrobras
as of December 31, 2023 and 2022 and for each of the years in the three-year period ended December 31, 2023, and management’s
assessment of the effectiveness of internal control over financial reporting as of December 31, 2023 (which is included in Management’s
Report on Internal Control over Financial Reporting) incorporated herein by reference to the Annual Report on Form 20-F filed with the SEC on April 12, 2024 have been so incorporated in reliance on the reports of KPMG, incorporated by reference herein and upon
the authority of said firm as experts in auditing and accounting.
Certain oil and gas reserve data incorporated by
reference herein by reference to the 2023 Form 20-F were reviewed by DeGolyer and MacNaughton as indicated therein, in reliance upon
the authority of such firm as expert in estimating proved oil and gas reserves.
VALIDITY OF SECURITIES
Heussen B.V., special Dutch counsel for PGF or
any other law firm named in the applicable prospectus supplement, will pass upon the validity of the debt securities and debt warrants
that may be issued by PGF as to certain matters of Dutch law.
Petrobras’ general counsel or acting general
counsel will pass upon the validity of the debt securities, warrants, preferred shares, common shares, mandatory convertible securities
and guaranties that may be issued by Petrobras as to certain matters of Brazilian law.
Cleary Gottlieb Steen & Hamilton LLP or
any other law firm named in the applicable prospectus supplement will pass upon the validity of the debt securities, warrants, mandatory
convertible securities and guaranties that may be issued by PGF or Petrobras as to certain matters of New York law.
DIFFICULTIES OF ENFORCING CIVIL LIABILITIES
AGAINST NON-U.S. PERSONS
Petrobras
Petrobras is a sociedade de economia mista
(mixed-capital company), a public sector company with some private sector ownership, established under the laws of Brazil. All of its
executive officers and directors and certain advisors named herein reside in Brazil. In addition, substantially all of its assets and
those of its executive officers, directors and certain advisors named herein are located in Brazil. As a result, it may not be possible
for investors to effect service of process upon Petrobras or its executive officers, directors and advisors named herein within the United
States or other jurisdictions outside Brazil or to enforce against Petrobras or its executive officers, directors and advisers named herein
judgments obtained in the United States or other jurisdictions outside Brazil. In addition, it may not be possible for you to enforce
a judgment of a United States court for civil liability based upon the United States federal securities laws against any of those persons
outside the United States.
Mr. Luiz Cristiano Oliveira de Andrade,
Petrobras’ acting general counsel, has advised Petrobras that, subject to the requirements described below, judgments of
United States courts for civil liabilities based upon the United States federal securities laws may be enforced in Brazil. A
judgment against Petrobras or the other persons described above obtained outside Brazil would be enforceable in Brazil, without
reconsideration of the merits, only if the judgment satisfies certain requirements and receives confirmation from the Brazilian
Superior Court of Justice (Superior Tribunal de Justiça). The foreign judgment will only be confirmed if:
| · | it fulfills all formalities required for its enforceability under the laws of the country where the foreign
judgment is granted; |
| · | it is for the payment of a sum certain of money; |
| · | it was issued by a competent court in the jurisdiction where the judgment was awarded after service of
process was properly made in accordance with applicable law; |
| · | it is not subject to appeal; |
| · | it must be apostilled by a competent authority of the State from which the document emanates according
to the Hague Convention of 5 October 1961 Abolishing the Requirement of Legalization for Foreign Public Documents or, if such State
is not signatory of the Hague Convention, it must be duly authenticated by a competent Brazilian consulate; |
| · | it is authenticated by a Brazilian consular office in the country where it was issued, and is accompanied
by a sworn translation into Portuguese, unless an exemption is provided by an international treaty to which Brazil is a signatory; and |
| · | it is not contrary to Brazilian national sovereignty, public policy or good morals. |
Notwithstanding the foregoing, no assurance can
be given that such confirmation would be obtained, that the process described above could be conducted in a timely manner or that a Brazilian
court would enforce a monetary judgment for violation of the U.S. securities laws with respect to any securities issued by Petrobras.
Mr. Luiz Cristiano Oliveira de Andrade has also advised Petrobras that:
| · | original actions based on the U.S. federal securities laws may be brought in Brazilian courts and that, subject to Brazilian public
policy and national sovereignty, Brazilian courts may enforce liabilities in such actions against Petrobras, certain of its directors
and officers and the advisors named herein; |
| · | if an investor resides outside Brazil and owns no real property in Brazil, he or she must provide a bond sufficient to guarantee court
costs and legal fees, including the defendant’s attorneys’ fees, as determined by the Brazilian court, in connection with
litigation in Brazil, except: (1) when an exemption is provided by an international agreement or treaty that Brazil is a signatory;
(2) in the case of claims for collection on a título executivo extrajudicial (an instrument which may be enforced in
Brazilian courts without a review on the merits), in the case of the enforcement of a foreign judgment which has been confirmed by the
Brazilian Superior Court of Justice; or (3) counterclaims as established, according to Article 83 of the Brazilian Code of Civil
Procedure (Código de Processo Civil); |
| · | Brazilian law limits an investor’s ability as a judgment creditor of Petrobras to satisfy a judgment against Petrobras by attaching
its gas and oil reserves, as Petrobras does not own any of the crude oil and natural gas reserves in Brazil. Under Brazilian law, the
Brazilian government owns all crude oil and natural gas reserves in Brazil; |
| · | The Brazilian law that regulates judicial and extrajudicial reorganization and liquidation of business
companies is not applicable to mixed capital companies (Article 2 of the Law nº 11.101/2005), such as Petrobras, and does not
provide whether the Federal Government of Brazil is liable for Petrobras’ obligations in the event of bankruptcy; and certain of
Petrobras’ exploration and production assets may be subject to reversion to the Brazilian government under Petrobras’ concession
agreements. Such assets, under certain circumstances, may not be subject to attachment or execution; and |
| · | Certain of Petrobras’ exploration and production assets may be subject to reversion to the Brazilian government under Petrobras’
concession agreements. Such assets, under certain circumstances, may not be subject to attachment or execution. |
PGF
PGF is duly incorporated as a private limited liability
company (besloten vennootschap met beperkte aansprakelijkheid) under the laws of the Netherlands. All of the directors of PGF reside
outside the United States. PGF has no assets and all or a substantial portion of the assets of PGF’s directors are located outside
of the United States. As a result, it may be difficult for investors to effect service of process within the United States upon PGF or
such persons or to enforce, in the United States courts, judgment against PGF or such persons or judgments obtained in such courts predicated
upon the civil liability provisions of the federal securities laws of the United States.
PGF has been advised by its special Dutch counsel,
Heussen B.V., that a judgment rendered by a federal or state court in New York, or a “New York Court,” cannot be enforced
in the Netherlands for the reason that the United States and the Netherlands currently do not have a treaty providing for the reciprocal
recognition and enforcement of judgments (other than arbitration awards) in civil and commercial matters. In order to obtain a judgment
that can be enforced in the Netherlands, the dispute will have to be re-litigated before the competent Dutch court. If a person has obtained
a final and conclusive judgment for the payment of money rendered by the New York Court which is enforceable in the United States, the
person will be required to file its claim with the court of competent jurisdiction in the Netherlands. Such party may submit to the Dutch
court the final judgement rendered by the New York Court. The Dutch court will have discretion to attach such weight to this final judgment
as it deems appropriate. The Dutch court can be expected to adjudicate substantial importance to such judgment without full re-examination
or full re-litigation of the substantive matters adjudicated thereby (marginale toetsing), to the extent (i) the New York
Court accepted jurisdiction in the matter on the basis of an internationally recognized ground to accept jurisdiction, (ii) the proceedings
before such court have complied with the principles proper procedure and fair trail (behoorlijke rechtspleging), (iii) such
judgment does not conflict with the public policy (openbare orde) of the Netherlands and (iv) such judgment not being incompatible
with a judgment given between the same parties by a Dutch court or with a prior judgment given between the same parties by a foreign court
in a dispute concerning the same subject matter and based on the same cause of action, provided such prior judgment is recognizable in
the Netherlands.
The enforcement in a Dutch court of judgments rendered
by a court in The United States is subject to the Dutch rules of civil procedure. Judgments may be rendered in a foreign currency
but enforcement is executed in Euro at the applicable rate of exchange. Enforcement of obligations in the Netherlands will be subject
to the nature of remedies available in the Dutch courts. The taking of current proceedings in more than one jurisdiction may be disallowed
by the Dutch courts, but such courts have the power to stay proceedings if concurrent proceedings are being brought elsewhere.
Subject to the foregoing and service of process
in accordance with applicable treaties and rules, investors may be able to enforce in the Netherlands judgments in civil and commercial
matters obtained from U.S. federal or state courts. However, no assurance can be given that those judgments will be enforceable and, in
particular, awards of punitive damages in actions brought in the United States or elsewhere may be unenforceable in the Netherlands. In
addition, there can be no assurance that a Dutch court would accept jurisdiction and impose civil liability in an original action commenced
in the Netherlands and predicated solely upon U.S. federal securities laws.
WHERE YOU CAN FIND MORE INFORMATION
We have filed a registration statement with the
SEC on Form F-3 under the Securities Act relating to the securities offered by this prospectus. This prospectus, which is a part
of that registration statement, does not contain all of the information set forth in the registration statement. For more information
with respect to our company and the securities offered by this prospectus, you should refer to the registration statement and to the exhibits
filed with it. Statements contained or incorporated by reference in this prospectus regarding the contents of any contract or other document
are not necessarily complete, and, where the contract or other document is an exhibit to the registration statement or incorporated or
deemed to be incorporated by reference, each of these statements is qualified in all respects by the provisions of the actual contract
or other document.
We are subject to the information requirements
of the Exchange Act, applicable to a foreign private issuer, and accordingly file or furnish reports, including annual reports on Form 20-F,
reports on Form 6-K, and other information with the SEC. Any filings we make electronically will be available to the public over
the Internet at the SEC’s web site at http://www.sec.gov. These reports and other information may also be inspected and copied at
the offices of the New York Stock Exchange, 11 Wall St, New York, New York 10005.
Preferred shares and common shares of Petrobras,
each represented by ADSs, are listed on the New York Stock Exchange under the symbols “PBRA” and “PBR,” respectively.
Additional information concerning us and our securities may be available through the New York Stock Exchange.
INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE
The SEC allows us to “incorporate by reference”
the information we file with it, which means that we can disclose important information to you by referring you to those documents. The
information incorporated by reference is considered to be part of this prospectus, and certain later information that we file with the
SEC will automatically update and supersede earlier information filed with the SEC or included in this prospectus or a prospectus supplement.
We incorporate by reference the following documents:
Petrobras is incorporating by reference into this
prospectus the following documents that it has filed with the SEC:
| 2. | The Petrobras Report on Form 6-K furnished to the SEC on August 9, 2024, film number 241190833,
containing Petrobras’ unaudited condensed consolidated interim financial statements in U.S. dollars as of June 30, 2024, and
for the three-month and six-month periods ended June 30, 2024 and 2023, prepared in accordance with IAS 34 – “Interim
Financial Reporting” as issued by the International Accounting Standards Board, as amended by the Petrobras Report on Form 6-K/A furnished to the SEC on August 29, 2024, containing the Interactive Data File relating to such unaudited condensed consolidated interim
financial statements. |
| 3. | The Petrobras Report on Form 6-K furnished to the SEC on November 8, 2024, film number 241438235,
containing Petrobras’ unaudited condensed consolidated interim financial statements in U.S. dollars as of September 30, 2024,
and for the three-month and nine-month periods ended September 30, 2024 and 2023, prepared and presented in accordance with IAS 34
– “Interim Financial Reporting” as issued by the International Accounting Standards Board. |
| 4. | The Petrobras Report on Form 6-K furnished to the SEC on November 25, 2024, film number 241494698,
containing a discussion of Petrobras’ financial information and results in U.S. dollars as of September 30, 2024, and for the
nine-month periods ended September 30, 2024 and 2023. |
| 5. | Any future filings of Petrobras on Form 20-F made with the SEC after the date of this prospectus,
and any future reports of Petrobras on Form 6-K furnished to the SEC after the date of this prospectus that are identified in those
forms as being incorporated by reference into this prospectus. |
We will provide without charge
to any person to whom a copy of this prospectus is delivered, upon the written or oral request of any such person, a copy of any or all
of the documents referred to above which have been or may be incorporated herein by reference, other than exhibits to such documents (unless
such exhibits are specifically incorporated by reference in such documents). Requests should be directed to Petrobras’ Investor
Relations Department located at Av. Henrique Valadares, 28 – 9th floor – 20231-030 – Rio de Janeiro, RJ, Attention:
Investor Relations Department (telephone: + 55 (21) 3224-1510/+ 55 (21) 3224-9947; e-mail: petroinvest@petrobras.com.br).
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
Item 8. Indemnification of Directors and Officers.
Article 23, Section 1 of Petrobras’
by-laws requires it to defend its senior management in administrative and legal proceedings and maintain insurance coverage to protect
senior management from liability arising from the performance of the senior manager’s functions. Petrobras maintains an insurance
policy covering losses and expenses arising from management actions taken by the directors and officers of Petrobras and its subsidiaries,
including PGF, in their capacity as such.
Neither PGF’s Articles of Association nor
the laws of the Netherlands provide for indemnification of directors or officers.
Item 9. Exhibits.
Exhibit
Number |
|
Description |
| |
|
|
| 1.1 |
|
Form of Underwriting Agreement for Debt Securities. † |
| 1.2 |
|
Form of Underwriting Agreement for Warrants.† |
| 1.3 |
|
Form of Underwriting Agreement for Preferred Shares, Common Shares and
Mandatory Convertible Securities.† |
| 4.1 |
|
Form of Further Amended and Restated Deposit Agreement, dated as of
January 2, 2020, among Petrobras, JPMorgan Chase Bank N.A., as depositary, and registered holders and beneficial owners from
time to time of the ADSs representing the common shares of Petrobras, and Form of ADR evidencing ADSs representing the common
shares of Petrobras (previously filed as Exhibit 2.8 to the Petrobras Annual Report on Form 20-F for the year ended December 31,
2020 (the “2020 Form 20-F”) and incorporated by reference herein). |
| 4.2 |
|
Form of Further Amended and Restated Deposit Agreement, dated as of
January 2, 2020, among Petrobras, JPMorgan Chase Bank N.A., as depositary, and registered holders and beneficial owners from
time to time of the ADSs representing the preferred shares of Petrobras, and Form of ADR evidencing ADSs representing the preferred
shares of Petrobras (previously filed as Exhibit 2.9 to the 2020 Form 20-F and incorporated by reference herein). |
| 4.3 |
|
Indenture, dated as of August 28, 2018 between Petrobras and The Bank
of New York, as trustee (previously filed as Exhibit 4.3 to the Registration Statement of Petrobras and PGF on Form F-3,
filed with the Securities and Exchange Commission on August 28, 2018 (File Nos. 333-227087 and 333-227087-01) and incorporated
by reference herein). |
| 4.4 |
|
Indenture, dated as of August 28, 2018 between PGF and The Bank of New
York, as trustee (previously filed as Exhibit 4.4 to the Registration Statement of Petrobras and PGF on Form F-3, filed
with the Securities and Exchange Commission on August 28, 2018 (File Nos. 333-227087 and 333-227087-01) and incorporated by
reference herein). |
| 4.5 |
|
Form of Debt Security (included in Exhibits 4.3 and 4.4 ). |
| 4.6 |
|
Form of Mandatory Convertible Security.† |
| 4.7 |
|
Form of Debt Warrant Agreement between Petrobras and the Debt Warrant
Agent, including a form of Debt Warrant Certificate.† |
| 4.8 |
|
Form of Equity Warrant Agreement between Petrobras and the Equity Warrant
Agent, including a form of Equity Warrant Certificate.† |
| 4.9 |
|
Form of Petrobras Guaranty (included in Exhibit 4.4). |
| 5.1 |
|
Opinion of
Mr. Luiz Cristiano Oliveira de Andrade, Petrobras’ acting general counsel, as to matters of Brazilian law relating to the
debt securities, warrants, preferred shares, common shares, mandatory convertible securities and guaranties. |
| 5.2 |
|
Opinion of Heussen B.V., as to matters of Dutch law relating to the debt
securities and debt warrants of PGF. |
| 5.3 |
|
Opinion of Cleary Gottlieb Steen & Hamilton LLP, as to matters of
New York law relating to the debt securities, warrants, mandatory convertible securities and guaranties. |
| 15.1 |
|
Letter of KPMG Auditores Independentes concerning the unaudited condensed
consolidated interim financial information of Petrobras. |
| 23.1 |
|
Consent of KPMG Auditores Independentes. |
| 23.2 |
|
Consent of
Mr. Luiz Cristiano Oliveira de Andrade, Petrobras’ acting general counsel (included in Exhibit 5.1). |
| 23.3 |
|
Consent of Heussen B.V. (included in Exhibit 5.2). |
| 23.4 |
|
Consent of Cleary Gottlieb Steen & Hamilton LLP (included in Exhibit 5.3). |
| 23.5 |
|
Consent of DeGolyer and MacNaughton. |
| 24.1 |
|
Power of Attorney (included in pages II-5 and II-8 of this Registration
Statement). |
| 25.1 |
|
Form T-1 Statement of Eligibility under the Trust Indenture Act of 1939
of The Bank of New York Mellon with respect to the Petrobras and the PGF Indentures. |
| 107 |
|
Filing Fee Table |
| † | To be filed by amendment or incorporated by reference. Petrobras will file as an Exhibit to a report on Form 6-K that is
incorporated by reference into this registration statement any related form utilized in the future and not previously filed by means of
an amendment or incorporated by reference. |
Item 10. Undertakings.
| (a) | Each of the undersigned registrants hereby undertakes: |
| (1) | To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement: |
| i. | To include any prospectus required by Section 10(a)(3) of the Securities Act; |
| ii. | To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth
in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar
value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum
offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the
changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the “Calculation
of Registration Fee” table in the effective registration statement; |
| iii. | To include any material information with respect to the plan of distribution not previously disclosed in the registration statement
or any material change to such information in the registration statement; |
provided, however, that paragraphs (a)(1)(i), (a)(1)(ii) and
(a)(1)(iii) above do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained
in reports filed with or furnished to the SEC by the registrant pursuant to Section 13 or Section 15(d) of the Exchange
Act that are incorporated by reference in the registration statement or is contained in a form of prospectus filed pursuant to Rule 424(b) that
is part of this registration statement.
| (2) | That, for the purpose of determining any liability under the Securities
Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein,
and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof; |
| (3) | To remove from registration by means of a post-effective amendment
any of the securities being registered which remain unsold at the termination of the offering; |
| (4) | To file a post-effective amendment to the registration statement
to include any financial statements required by Item 8.A. of Form 20-F at the start of any delayed offering or throughout a continuous
offering. Financial statements and information otherwise required by Section 10(a)(3) of the Securities Act need not be furnished,
provided, that the registrant includes in the prospectus, by means of a post-effective amendment, financial statements required pursuant
to this paragraph (a)(4) and other information necessary to ensure that all other information in the prospectus is at least as current
as the date of those financial statements. Notwithstanding the foregoing, a post-effective amendment need not be filed to include financial
statements and information required by Section 10(a)(3) of the Securities Act or Item 8.A. of Form 20-F if such financial
statements and information are contained in periodic reports filed with or furnished to the SEC by the registrant pursuant to Section 13
or Section 15(d) of the Exchange Act that are incorporated by reference in this registration statement; |
| (5) | That, for the purpose of determining liability under the Securities
Act to any purchaser: |
| (A) | Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement
as of the date the filed prospectus was deemed part of and included in the registration statement; and |
| (B) | Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of the registration statement
in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing
the information required by Section (10)(a) of the Securities Act shall be deemed to be part of and included in the registration
statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of
sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and
any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating
to the securities in the registration statement to which the prospectus relates, and the offering of such securities at that time shall
be deemed to be the initial bona fide offering thereof; provided, however, that no statement made in a registration statement
or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the
registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale
prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part
of the registration statement or made in any such document immediately prior to such effective date; and |
| (6) | That, for the purpose of determining liability of the registrants under the Securities Act to any purchaser in the initial distribution
of the securities, the registrants undertake that in a primary offering of securities of the registrant pursuant to this registration
statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to
such purchaser by means of any of the following communications, such registrant will be a seller to the purchaser and will be considered
to offer or sell such securities to such purchaser: (i) any preliminary prospectus or prospectus of the registrant relating to the
offering required to be filed pursuant to Rule 424; (ii) any free writing prospectus relating to the offering prepared by or
on behalf of the registrant or used or referred to by the registrant; (iii) the portion of any other free writing prospectus relating
to the offering containing material information about the registrant or its securities provided by or on behalf of the registrant; and
(iv) any other communication that is an offer in the offering made by the registrant to the purchaser. |
(b) Each of the undersigned registrants hereby
undertakes that, for purposes of determining any liability under the Securities Act, each filing of the registrant’s annual report
pursuant to Section 13(a) or 15(d) of the Exchange Act that is incorporated by reference in the registration statement
shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at
that time shall be deemed to be the initial bona fide offering thereof.
(c) Insofar as indemnification for liabilities
arising under the Securities Act may be permitted to directors, officers and controlling persons of each of the registrants pursuant to
the foregoing provisions, or otherwise, each of the registrants has been advised that in the opinion of the SEC such indemnification is
against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling
person of such registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling
person in connection with the securities being registered, such registrant will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against
public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
SIGNATURES OF PETRÓLEO BRASILEIRO S.A.—PETROBRAS
Pursuant to the requirements of the Securities
Act, Petróleo Brasileiro S.A. — Petrobras certifies that it has reasonable grounds to believe that it meets all of
the requirements for filing on Form F-3 and has duly caused this Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Rio de Janeiro, Brazil, on December 20, 2024.
| |
PETRÓLEO BRASILEIRO S.A. — PETROBRAS |
| |
|
| |
By: |
/s/ Magda Maria De Regina Chambriard |
| |
|
Name: |
Magda
Maria de Regina Chambriard |
| |
|
Title: |
Chief
Executive Officer |
| |
|
| |
By: |
/s/ Fernando Sabbi Melgarejo |
| |
|
Name: |
Fernando
Sabbi Melgarejo |
| |
|
Title: |
Chief
Financial Officer and Chief Investor Relations Officer |
Power of Attorney
KNOW ALL PERSONS BY THESE PRESENTS, that each person
whose signature appears below hereby constitutes and appoints Cesar dos Reis Rosa, André Luis Campos Silva, Daniel Pereira de Albuquerque
Ennes, Guilherme Rajime Takashi Saraiva, André Rua Gameiro, Jose Roberto Esposito and Lucas Tavares de Mello, his/her true and
lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him/her and in his/her name, place and stead,
in any and all capacities, acting individually, to sign any and all amendments (including post-effective amendments) to the registration
statement on Form F-3, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities
and Exchange Commission, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and
thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he/she might or could do in
person, hereby ratifying and confirming all that said attorney-in-fact and agent, or any of his substitute or substitutes, may lawfully
do or cause to be done by virtue thereof.
Pursuant to the requirements of the Securities
Act of 1933, this Registration Statement has been signed by the following persons in the capacities indicated below on December 20,
2024, in respect of Petróleo Brasileiro S.A.—Petrobras.
| Signature |
|
Title |
| |
|
|
| /s/ Magda Maria de Regina Chambriard |
|
Chief Executive Officer and Member of the Board of Directors |
| Magda Maria de Regina Chambriard |
|
| |
|
|
| /s/ Fernando Sabbi Melgarejo |
|
Chief Financial Officer and Chief Investor Relations Officer |
| Fernando Sabbi Melgarejo |
|
| |
|
|
| /s/ Carlos Henrique Vieira Candido da Silva |
|
Chief Accounting Officer |
| Carlos Henrique Vieira Candido da Silva |
|
| |
|
|
| /s/ Pietro Adamo Sampaio Mendes |
|
Chairman of the Board of Directors |
| Pietro Adamo Sampaio Mendes |
|
| |
|
|
| /s/ Bruno Moretti |
|
Member of the Board of Directors |
| Bruno Moretti |
|
| | | |
| Francisco petros
Oliveira lima papathanasiadis | | Member of the Board of Directors |
[Signature
page follows]
| | | |
| Jerônimo
antunes | | Member of the Board of Directors |
| /s/ José João Abdalla Filho |
|
Member of the Board of Directors |
| José João Abdalla Filho |
|
| /s/ Marcelo Gasparino da Silva |
|
Member of the Board of Directors |
| Marcelo Gasparino da Silva |
|
| | | |
| Rafael
ramalho dubeux | | Member of the Board of Directors |
| /s/ Renato Campos Galuppo |
|
Member of the Board of Directors |
| Renato Campos Galuppo |
|
| | | |
| Rosangela buzanelli
torres | | Member of the Board of Directors |
| /s/ Vitor Eduardo de Almeida Saback |
|
Member of the Board of Directors |
| Vitor Eduardo de Almeida Saback |
|
Signature of Authorized Representative of Petróleo
Brasileiro S.A.—Petrobras
Pursuant to the Securities Act of 1933, the undersigned,
the duly authorized representative in the United States of Petróleo Brasileiro S.A.— Petrobras, has signed this registration
statement in the City of New York, State of New York,
on December 20, 2024.
| Signature |
|
Title |
| |
|
|
| /s/ Donald Puglisi |
|
|
| Puglisi &
Associates |
|
Authorized Representative in the United States |
SIGNATURES OF PETROBRAS GLOBAL FINANCE B.V.
Pursuant to the requirements of the Securities
Act of 1933, Petrobras Global Finance B.V. certifies that it has reasonable grounds to believe that it meets all of the requirements for
filing on Form F-3 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Rio de Janeiro, Brazil, on December 20, 2024.
| |
PETROBRAS GLOBAL FINANCE B.V. |
| |
|
| |
By: |
/s/ Guilherme Rajimé Takahashi Saraiva |
| |
|
Name: |
Guilherme
Rajimé Takahashi Saraiva |
| |
|
Title: |
Managing Director A |
| |
|
| |
By: |
/s/ Ana Paula Lopes Do Vale Saraiva |
| |
|
Name: |
Ana Paula Lopes
Do Vale Saraiva |
| |
|
Title: |
Managing Director B |
Power of Attorney
KNOW ALL PERSONS BY THESE PRESENTS, that each person
whose signature appears below hereby constitutes and appoints Guilherme Rajimé Takahashi Saraiva and Renan Feuchard Pinto his/her
true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him/her and in his/her name, place
and stead, in any and all capacities, acting individually, to sign any and all amendments (including post-effective amendments) to the
registration statement on Form F-3, and to file the same, with all exhibits thereto, and other documents in connection therewith,
with the Securities and Exchange Commission, granting unto each of said attorneys-in-fact and agents full power and authority to do and
perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes
as he/she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of their or
his substitute or substitutes, may lawfully do or cause to be done by virtue thereof.
Pursuant to the requirements of the Securities
Act of 1933, this Registration Statement has been signed by the following persons in the indicated capacities as indicated below on December 20,
2024, in respect of Petrobras Global Finance B.V.
| Signature |
|
Title |
| |
|
|
| /s/ Guilherme Rajimé Takahashi Saraiva |
|
Managing Director A |
| Guilherme Rajimé Takahashi Saraiva |
|
| |
|
|
| /s/ Ana Paula Lopes Do Vale Saraiva |
|
Managing Director B |
| Ana Paula Lopes Do Vale Saraiva |
|
Signature of Authorized Representative of Petrobras
Global Finance B.V.
Pursuant to the Securities Act of 1933, the undersigned,
the duly authorized representative of Petrobras Global Finance B.V., has signed this registration statement in the City of New York, State
of New York, on December 20, 2024.
| Signature |
|
Title |
| |
|
|
| /s/ Donald Puglisi |
|
|
| Puglisi &
Associates |
|
Authorized Representative in the United States |
Exhibit 5.1
December 20, 2024
Petróleo Brasileiro S.A. – Petrobras
Avenida Henrique Valadares, 28
20231-030 Rio de Janeiro – RJ
Brazil
Petrobras Global Finance B.V.
Weena 789C, 23rd floor
3014 DA Rotterdam
The Netherlands
Ladies and Gentlemen:
I am the Acting General Counsel
of Petróleo Brasileiro S.A. — Petrobras (“Petrobras”), a sociedade de economia mista (partially
state-owned enterprise) organized and existing under the laws of the Federative Republic of Brazil (“Brazil”). This
opinion is being furnished to you in connection with the preparation and filing by Petrobras and its wholly-owned subsidiary, Petrobras
Global Finance B.V., a Dutch private company (“PGF”), under the Securities Act of 1933, as amended (the “Securities
Act”), of a registration statement on Form F-3 (the “Registration Statement”) with the United States Securities
and Exchange Commission (the “SEC”) with respect to: (i) debt securities of Petrobras, including debt securities that
may be convertible into Petrobras common and preferred shares (the “Petrobras Debt Securities”), (ii) debt securities
of PGF (the “PGF Debt Securities”) accompanied by guaranties of Petrobras (the “Guaranties”), (iii)
preferred shares of Petrobras, including preferred shares that may be represented by American Depositary Shares (collectively, the “Preferred
Shares”), in one or more series, (iv) common shares of Petrobras, including common shares that may be represented by American
Depositary Shares (collectively, the “Common Shares”), (v) warrants to purchase Petrobras Debt Securities, Preferred
Shares or Common Shares (the “Petrobras Warrants”), (vi) warrants to purchase PGF Debt Securities accompanied by Guaranties
(the “PGF Warrants”), and (vii) securities mandatorily convertible into Preferred Shares or Common Shares (the “Mandatory
Convertible Securities,” and together with the Petrobras Debt Securities, the PGF Debt Securities, the Guaranties, the Preferred
Shares, the Common Shares, the Petrobras Warrants and the PGF Warrants, the “Securities”) to be issued from time to
time on a delayed or continuous basis pursuant to Rule 415 under the Securities Act, at offering prices to be determined from time to
time.
For the purpose of rendering
this opinion, I have examined the originals or copies certified to my satisfaction of the following documents:
(i) the Registration Statement filed with the SEC as of the date hereof;
(ii) the indenture, dated as of August 28, 2018, between Petrobras, as issuer, and The Bank of New York Mellon, as trustee (the “Petrobras
Indenture”), attached as an exhibit to the Registration Statement, and pursuant to which Petrobras Debt Securities may be issued;
(iii) the indenture,
dated as of August 28, 2018, between PGF, as issuer, and The Bank of New York Mellon, as trustee (the “PGF Indenture”),
attached as an exhibit to the Registration Statement, and pursuant to which PGF Debt Securities may be issued; and
(iv) the By-laws (Estatuto Social) of Petrobras, as in effect on the date hereof.
In addition, I have made such
inquiries and examined originals (or copies certified or otherwise identified to my satisfaction) of such documents and such other instruments
and other certificates of public officials, officers and representatives of Petrobras, and I have made such investigations of law, as
I have deemed appropriate as a basis for the opinions expressed below. In such examinations, I have assumed, without any independent investigation
or verification of any kind, the genuineness of all signatures that purport to have been made in a corporate, governmental, fiduciary
or other capacity, the legal capacity at all relevant times of any natural persons signing any documents, the authenticity of all documents
represented to me to be originals, the conformity to original documents of all copies of documents submitted to me and the truthfulness
of all certificates of public officials and corporate officers.
In rendering the opinions
expressed below, I have assumed: (i) the Registration Statement and any amendments thereto (including post-effective amendments) will
have become effective and comply with all applicable laws, (ii) the Registration Statement will be effective and will comply with all
applicable laws at the time the Securities are offered or issued as contemplated by the Registration Statement, (iii) the terms of all
Securities will conform to the forms thereof contained in the applicable indenture or warrant agreement, as the case may be, and the terms
of any Petrobras Warrants or PGF Warrants and, as applicable, the accompanying Guaranties, will not violate any applicable law, result
in a default under or breach of any agreement or instrument binding upon Petrobras or PGF, as the case may be, or violate any requirement
or restriction imposed by any court or governmental body having jurisdiction over Petrobras or PGF, as applicable, (iv) the Securities
and, as applicable, the accompanying Guaranties will be sold and delivered to, and paid for by, the purchasers at the price specified
in, and in accordance with the terms of, an agreement or agreements duly authorized, executed and delivered by the parties thereto, (v)
Petrobras or PGF, as applicable, will authorize the offering and issuance of the Securities and, as applicable, the accompanying Guaranties
and will authorize, approve and establish the final terms and conditions thereof and will authorize, approve and establish the terms and
conditions of any applicable warrant agreement or guaranty, as the case may be, and will take any other appropriate additional corporate
action, (vi) certificates, if required, representing the Securities and, as applicable, the accompanying Guaranties, will be duly executed
and delivered and, to the extent required by the applicable indenture or warrant agreement, duly authenticated and countersigned, and
(vii) any Securities issuable upon conversion, exchange or exercise of any other Security being offered will be duly authorized, created
and, if appropriate, reserved for issuance upon such conversion, exchange or exercise.
Furthermore, I have
assumed: (i) the due organization and valid existence of all parties to the Petrobras Indenture (other than Petrobras) and the PGF
Indenture under the laws of the countries of their respective incorporation, (ii) the due authorization, execution and delivery by
all parties to the Petrobras Indenture (other than Petrobras) and the PGF Indenture, (iii) that the performance thereof is within
the capacity and powers of all such parties, and (iv) the validity and enforceability of the Petrobras Indenture, the PGF Indenture
and the Securities in accordance with their terms under the laws of the State of New York, by which they are expressed to be
governed.
Also, I have assumed and have
not verified: (i) the accuracy as to factual matters of each document I have reviewed, (ii) that the Petrobras and PGF Debt Securities
and Guaranties will conform to the forms I have reviewed, and (iii) that the Petrobras and PGF Warrants will be in substantially the form
described in the Registration Statement.
I am qualified to practice
law solely in Brazil and express no opinion as to any laws other than the laws of Brazil as in effect on the date hereof, and I have assumed
that there is nothing in any other law that affects my opinion. In particular, I have made no independent investigation of the laws of
the State of New York or the laws of The Netherlands as a basis for the opinions stated herein, and I do not express or imply any opinion
on such laws. The opinions stated below are provided based on Brazilian laws, rules and regulations and on Petrobras’ By-laws, in
each case as in effect on the date hereof, and I assume that there will be no change in Brazilian laws, rules or regulations (or the interpretation
thereof) nor amendments to Petrobras’ By-laws that may affect in any way the opinions stated herein.
Based upon the foregoing,
and subject to the assumptions and qualifications herein contained, I am of the opinion that:
1. Petrobras
has been duly incorporated and is validly existing as a sociedade de economia mista (partially state-owned enterprise) under
the laws of Brazil.
2.
In the event that, in connection with the issuance, offer and sale of the Common Shares, (i) all applicable governmental approvals
are obtained and all necessary filings and registrations with any governmental authority, agency or body are effective, (ii) all necessary
corporate and shareholder actions are taken by Petrobras and its shareholders, including actions taken by the General Shareholders Meeting,
the Board of Directors (Conselho de Administração), the Board of Executive Officers (Diretoria) and the
Fiscal Council (Conselho Fiscal) of Petrobras or a combination of such bodies, (iii) a definitive underwriting, purchase or similar
agreement relating to the issuance, offer and sale of the Common Shares is duly authorized, executed and delivered by all parties thereto,
including Petrobras, and (iv) the Common Shares are sold and delivered to, and fully paid for by, the purchasers at a price specified
in, and in accordance with the terms of, such definitive underwriting, purchase or similar agreement, then the Common Shares will be duly
authorized, validly issued, fully paid and non-assessable.
3. In
the event that, in connection with the issuance, offer and sale of the shares of any series of Preferred Shares, (i) all applicable
governmental approvals are obtained and all necessary filings and registrations with any governmental authority, agency or body are
effective, (ii) all necessary corporate and shareholder actions are taken by Petrobras and its shareholders, including actions taken
by the General Shareholders Meeting, the Board of Directors, the Board of Executive Officers and the Fiscal Council of Petrobras or
a combination of such bodies, (iii) a definitive underwriting, purchase or similar agreement relating to the issuance, offer and
sale of the Preferred Shares is duly authorized, executed and delivered by all parties thereto, including Petrobras, and (iv) the
Preferred Shares are sold and delivered to, and fully paid for by, the purchasers at a price specified in, and in accordance with
the terms of, such definitive underwriting, purchase or similar agreement, then the Preferred Shares will be duly authorized,
validly issued, fully paid and non-assessable.
4.
In the event that, in connection with the issuance, offer and sale of Petrobras Debt Securities to be issued under the Petrobras
Indenture and the performance of Petrobras’ obligations thereunder, (i) all applicable governmental approvals are obtained and all
necessary filings and registrations with any governmental authority, agency or body are effective, (ii) all necessary corporate actions
are taken by Petrobras, including actions taken by the Board of Directors, the Board of Executive Officers and the Fiscal Council of Petrobras
or a combination of such bodies, (iii) a definitive underwriting, purchase or similar agreement relating to the issuance, offer and sale
of the Petrobras Debt Securities is duly authorized, executed and delivered by all parties thereto, including Petrobras, (iv) the Petrobras
Debt Securities are duly executed and delivered by Petrobras and, to the extent required by the Petrobras Indenture, duly authenticated
and countersigned, and (v) the Petrobras Debt Securities are sold and delivered to, and fully paid for by, the purchasers at a price specified
in, and in accordance with the terms of, such definitive underwriting, purchase or similar agreement, then the Petrobras Debt Securities
will constitute valid, binding and enforceable obligations of Petrobras.
5.
In the event that, in connection with the issuance and terms of the Guaranties and the performance of Petrobras’ obligations
thereunder, (i) all applicable governmental approvals are obtained and all necessary filings and registrations with any governmental authority,
agency or body are effective, (ii) all necessary corporate actions are taken by Petrobras, including actions taken by the Board of Directors,
the Board of Executive Officers and the Fiscal Council of Petrobras or a combination of such bodies, (iii) a definitive underwriting,
purchase or similar agreement relating to the issuance, offer and sale of the PGF Debt Securities or PGF Warrants to which such Guaranties
relate is duly authorized, executed and delivered by all parties thereto, (iv) the Guaranties are duly executed and delivered by Petrobras,
and (v) such PGF Debt Securities or PGF Warrants are duly authorized, executed and delivered by PGF and, to the extent required by the
PGF Indenture, authenticated and countersigned and are sold and delivered to, and fully paid for by, the underwriting, purchase or similar
agreement, then the Guaranties will constitute valid, binding and enforceable obligations of Petrobras.
6.
In the event that, in connection with the issuance, offer and sale of the Petrobras Warrants and the performance of Petrobras’
obligations thereunder, (i) all applicable governmental approvals are obtained and all necessary filings and registrations with any governmental
authority, agency or body are effective, (ii) all necessary corporate and shareholder actions are taken by Petrobras and its shareholders,
including actions taken by the General Shareholders Meeting, the Board of Directors, the Board of Executive Officers and the Fiscal Council
of Petrobras or a combination of such bodies, (iii) the warrant agreement or agreements setting forth the terms of the Petrobras Warrants
and a definitive underwriting, purchase or similar agreement relating to the issuance, offer and sale thereof are duly executed and delivered
by Petrobras and duly authorized, executed and delivered by all other parties thereto, (iv) to the extent required pursuant to any such
warrant agreement, the Petrobras Warrants are duly countersigned, and (v) the Petrobras Warrants are sold and delivered to, and fully
paid for by, the purchasers at a price and in accordance with the terms of an agreement or agreements duly authorized, executed and delivered
by the parties thereto, then the Petrobras Warrants will constitute valid, binding and enforceable obligations of Petrobras.
7.
In the event that, in connection with the issuance, offer and sale of the Mandatory Convertible Securities and the performance
of Petrobras’ obligations thereunder, (i) all applicable governmental approvals are obtained and all necessary filings and registrations
with any governmental authority, agency or body are effective, (ii) all necessary corporate and shareholder actions are taken by Petrobras
and its shareholders, including actions taken by the General Shareholders Meeting, the Board of Directors, the Board of Executive Officers
and the Fiscal Council of Petrobras or a combination of such bodies, (iii) an agreement setting forth the terms of the Mandatory Convertible
Securities and a definitive underwriting, purchase or similar agreement relating to the issuance, offer and sale thereof are duly executed
and delivered by Petrobras and duly authorized, executed and delivered by all other parties thereto, and (iv) the Mandatory Convertible
Securities are sold and delivered to, and fully paid for by, the purchasers at a price specified in, and in accordance with the terms
of, such definitive underwriting, purchase or similar agreement, then the Mandatory Convertible Securities will constitute valid, binding
and enforceable obligations of Petrobras.
8.
The opinions set forth above are, however, subject to the following qualifications:
(a) enforcement
in Brazil may be limited by applicable bankruptcy, insolvency, fraudulent conveyance, or other similar laws relating to or limiting
creditor’s rights generally;
(b) in
order to ensure the admission and enforceability of the Petrobras Indenture, the PGF Indenture or the Securities, as the case may
be, before the public agencies and courts in Brazil (i) the signatures of the parties thereto signing outside Brazil must be
notarized by a notary public and, where appropriate, the identity of the seal or stamp of such notary public must be apostilled by a
competent authority of the state from which the document emanates according to the Hague Convention of October 5, 1961
(“Apostille Convention”), except for documents emanating from a state that is not a signatory to the Apostille
Convention, which require notarization and the subsequent legalization (authentication) of the signature of such a notary by a
Brazilian consulate official and (ii) the Petrobras Indenture, the PGF Indenture or the Securities, as the case may be, must be
translated into Portuguese by a sworn translator, and the sworn translation must be registered with the appropriate Registry of
Deeds and documents in Brazil; and
(c)
any judgment obtained against Petrobras in a foreign court with respect to the Petrobras Indenture, the PGF Indenture or the Securities,
as the case may be, will only be enforceable in the courts of Brazil if previously confirmed (homologado) by the Superior Court
of Justice of Brazil (Superior Tribunal de Justiça). Such confirmation will only be given if such foreign judgment: (i)
fulfils all formalities required for enforceability under the laws of the country where it was issued; (ii) is not subject to appeal in
the jurisdiction in which it was issued, (iii) is accompanied by a sworn translation into Portuguese; and (iv) does not violate national
sovereignty, public policy or good morals of Brazil (as provided in Section 17 of the Law of Introduction to the Rules of Brazilian Law),
including in particular the rules regarding service of process.
I hereby consent to the use
of my name in the prospectus constituting a part of the Registration Statement and in any amendments and prospectus supplements related
thereto under the heading “Validity of Securities” as counsel for Petrobras who has passed on the validity of the Securities
being registered by the Registration Statement. In giving such consent, I do not thereby admit that I am within the category of persons
whose consent is required under Section 7 of the Securities Act or the rule and regulations of the SEC thereunder.
This opinion is limited to
the matters expressly stated herein, and no opinion is implied or may be inferred beyond the matters expressly stated herein. This opinion
is furnished by me, as acting general counsel of Petrobras, to you, solely for your benefit and no other person may rely upon this opinion
without my prior written consent. I disclaim any obligation to update this opinion letter for events occurring or coming to my attention
after the date hereof.
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Very truly yours, |
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/s/ Luiz Cristiano Oliveira de Andrade |
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Luiz Cristiano Oliveira de Andrade |
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Acting General Counsel |
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Petróleo Brasileiro S.A. — Petrobras |
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Exhibit 5.2
To:
the addressees listed in Schedule 1 hereto
(the “Addressees”) |
Heussen
De Entree 139-141
NL-1101 HE Amsterdam
The Netherlands
Tel: +31-(0)20-312-2800
Fax: +31-(0)20-312-2801
info@heussen-law.nl |
Amsterdam, 20 December 2024
Our ref.: 2024-6733
Re: Petrobras Global Finance B.V. / legal opinion
Registration Statement (Exhibit 5.2 to Form F-3)
Dear Addressees,
We have acted as your special counsel for the
purpose of rendering an opinion on certain matters of Dutch law in connection with the issuance of one or more series of notes issuable
by Petrobras Global Finance B.V., having its registered seat in Rotterdam, the Netherlands and registered with the trade register of the
Chamber of Commerce (the “Trade Register”) under number 55810322 (the “Issuer”) and registered pursuant
to the Registration Statement (as defined below) (the “Notes”).
| 2.1 | For the purpose of rendering this opinion we have exclusively examined and relied on a certified
online excerpt of the registration of the Issuer in the Trade Register dated 20 December 2024 (the “Excerpt”)
and a pdf copy of the following documents: |
| (i) | the fully executed base indenture dated August 28, 2018, among the Issuer and The Bank of New York
Mellon (the “Indenture”); |
| (ii) | the registration statement of the Issuer and Petróleo Brasileiro S.A. as registrants on
Form F-3 under the Securities Act 1933 of the United States, dated 20 December 2024 (the “Registration
Statement”); |
| (iii) | the deed of incorporation of the Issuer dated 2 August 2012 (the “Deed of Incorporation”); |
| (iv) | the current articles of association as they stand since the last deed of amendment of the articles of
association of the Issuer dated 2 November 2021 (the “Articles”); |
in association with:
Heussen Rechtsanwaltsgesellschaft mbH and Heussen Italia Studio Legale e Tributario
AMSTERDAM ∙ BERLIN ∙ CONEGLIANO ∙ FRANKFURT ∙ MILAN ∙ MUNICH ∙ ROME ∙ STUTTGART
| Heussen is the trade name of Heussen BV, registered with the trade register of Amsterdam under number 34222303. Heussen BV is the sole contracting party with regard to services (to be) provided. All services (to be) provided and legal acts (to be) performed by Heussen BV are subject to its general terms and conditions which contain the applicability of Dutch law, the exclusive jurisdiction of the Amsterdam District Court and a limitation of liability. All liability is limited to the amount which in the particular case can be claimed and shall be paid under the professional liability insurance taken out by Heussen BV, increased with any applicable deductible to be borne by Heussen BV itself. Heussen BV's terms and conditions are available upon first request and at www.heussen-law.nl. |
| (v) | the executed written resolutions of the general meeting of the Issuer, dated July 13, 2018 (the “Shareholders
Resolution I”); |
| (vi) | the executed written resolutions of the general meeting of the Issuer, dated 6 December 2024, inter
alia approving the publication of the Registration Statement (as defined therein) (the “Shareholders Resolution II”
and jointly with the Shareholders Resolution I, the “Shareholders Resolutions”); |
| (vii) | the executed written resolutions of the management board (het bestuur) (the “Management
Board”) of the Issuer, dated July 13, 2018 (the “Board Resolution I”); and |
| (viii) | the executed written resolutions of the management board (het bestuur) (the “Management
Board”) of the Issuer, dated 9 December 2024, inter alia approving the publication of the Registration Statement
(the “Board Resolution II” and jointly with the Board Resolution I, the “Board Resolutions” and
the Board Resolutions jointly with the Shareholders Resolutions, the “Resolutions”). |
| 2.2 | We have undertaken only the following searches and inquiries (the “Checks”) at the
date of this opinion letter: |
| (a) | an online inquiry on the relevant website
(www.kvk.nl) of the Trade Register, confirming that
no relevant changes were registered after the date of the Excerpt; |
| (b) | an inquiry by telephone at the bankruptcy clerk’s office (Unit Faillissementen en schuldsaneringen)
of the court (rechtbank) in Rotterdam, confirming that the Issuer is not listed in the insolvency register; |
| (c) | an online inquiry on the relevant website
(www.rechtspraak.nl) of the registrations with the
Central Insolvency Register (Centraal Insolventieregister), confirming that the Issuer
is not listed with the Central Insolvency Register; and |
| (d) | an online inquiry on the relevant website
(www.rechtspraak.nl) of the EU Registrations with
the Central Insolvency Register (Centraal Insolventieregister), confirming that the
Issuer is not listed on the EU Registrations with the Central Insolvency Register. |
| 2.3 | We have not examined any other documents than the documents listed above. We have not examined any attachments
to any documents or any documents referred to in any documents, unless expressly stated otherwise. We have not investigated or verified
any factual matter disclosed to us for the purpose of our review and we have not made any inquiry concerning the Issuer other than expressly
stated herein. We have reviewed the Indenture and the Registration Statement with a view to Dutch law only and we have not otherwise been
involved in the structuring, drafting or negotiation thereof. |
For the purpose of rendering this opinion we have,
except as expressly stated herein, without independent investigation or verification made the following assumptions:
| 3.1.1 | All documents or instruments submitted to us as originals are authentic. |
| 3.1.2 | All documents submitted to us as scanned or photo static copies are complete and conform to original documents,
and the originals of such copies are authentic. |
| 3.1.3 | The signatures (including endorsements), including any electronic signature (elektronische handtekening),
any advanced electronic signature (geavanceerde elektronische handtekening) and any qualified electronic signature (gekwalificeerde
elektronische handtekening) as meant in article 3 of Council Regulation (EU) No. 910/2014 of 23 July 2014 (eIDAS Regulation)
and Section 3:15a of the Dutch Civil Code, of the natural persons purported to have signed the documents and instruments submitted
to us (including all seals on the documents and instruments submitted to us) are genuine. |
| 3.1.4 | If an electronic signature (elektronische handtekening) is not a qualified electronic signature
(gekwalificeerde elektronische handtekening), the signing method used is sufficiently reliable (voldoende betrouwbaar) taking
into account the purpose for which that electronic signature was used and all other circumstances. |
| 3.1.5 | Under any applicable laws, the Indenture has not been terminated, rescinded, cancelled or nullified and
is in full force and effect. |
| 3.2 | Incorporation, existence and corporate power |
| 3.2.1 | The Deed of Incorporation is a valid notarial deed (notariële authentieke akte), the contents
thereof are correct and complete and there were no defects in the incorporation process of the Issuer (not appearing on the face of the
Deed of Incorporation) on the basis of which a court might dissolve the Issuer or deem it never to have existed. |
| 3.2.2 | The Issuer has not been dissolved (ontbonden), merged (gefuseerd) involving the Issuer as
disappearing entity, demerged (gesplitst), converted (omgezet) into another legal form either Dutch or foreign, subjected
to an intervention, recovery or resolution measure, started or been subjected to a composition proceeding (onderhands akkoord),
granted a moratorium of payments (surséance van betaling), declared bankrupt (failliet verklaard), subjected to any
other insolvency proceedings listed in Annex A to the EC Council Regulation No. 2015/848 of 20 May 2015 on insolvency proceedings
(recast) (as amended by Council Regulation from time to time), listed on the list referred to in article 2 (3) of Council Regulation
(EC) No 2580/2001 of 27 December 2001, listed in Annex I to Council Regulation (EC) No 881/2002 of 27 May 2002 or listed and
marked with an asterisk in the Annex to Council Common Position 2001/931 of 27 December 2001 relating to measures to combat terrorism,
as amended from time to time, in any EU member state other than the Netherlands and has not passed a voluntary winding-up resolution and
no petition has been presented or order made by a court for the bankruptcy (faillissement), dissolution (ontbinding) or
moratorium of payments (surséance van betaling) of the Issuer and no statement concerning the Issuer has been submitted
with the court registry regarding the preparation of a restructuring plan in accordance with section 370 paragraph 3 of the Dutch Bankruptcy
Act (Faillissementswet) nor has a filing been made concerning the Issuer regarding a request with the court for the appointment
of a restructuring expert in accordance with section 371 paragraph 1 of the Dutch Bankruptcy Act (Faillissementswet) (although
not constituting conclusive evidence thereof, this assumption is supported by the contents of the Excerpt and the Checks (except for any
proceedings for the restructuring of debts that have not been made public (besloten akkoordprocedure) or not yet been made public
(openbare akkoordprocedure)). |
| 3.2.3 | The Articles are the articles of association of the Issuer in force on the date of the Shareholders Resolution
II, the Board Resolution II, the date of the Registration Statement and the date of this opinion letter (the “Relevant Date”)
(although not constituting conclusive evidence thereof, this assumption is supported by the contents of the Excerpt). |
| 3.2.4 | The information in the Excerpt is true, accurate and complete on the Relevant Date (although not constituting
conclusive evidence thereof, this assumption is supported by the Checks). |
| 3.3 | Corporate authorisations |
| 3.3.1 | The Resolutions have not been amended, revoked or declared void and remain in full force and effect and
the statements made and confirmations given in the Resolutions are true, complete and correct. |
| 3.3.2 | It was and is in the corporate interest of the Issuer to enter into the Indenture, to publish the Registration
Statement and to issue the Notes (although not constituting conclusive evidence thereof, this assumption is supported by (i) the
text of the corporate objects clause in the Articles and (ii) the confirmation by the Management Board of the Issuer contained in
the Board Resolutions). |
| 3.3.3 | None of the managing directors (bestuurders) of the Issuer had or has any conflict of interest
with the Issuer as meant in section 2:239 par. 6 of the Dutch Civil Code in respect of the Indenture, its execution, the publication of
the Registration Statement, the issuance of the Notes, or the transactions contemplated thereby (although not constituting conclusive
evidence thereof, this assumption is supported by the confirmation by the Management Board of the Issuer contained in the Board Resolutions). |
The Indenture has been validly signed
and duly authorised by the parties thereto (other than the Issuer).
| 3.5.1 | Under any applicable laws (other than Dutch law), (i) the Indenture constitutes the legal, valid
and binding obligations of the parties thereto, and is enforceable against those parties in accordance with its terms and (ii) the
choice of law and submission to jurisdiction made in the Indenture is legal, valid and binding. |
| 3.5.2 | The performance by the Issuer of its obligations under the Indenture is not illegal or ineffective under
any jurisdiction (other than the Netherlands) that these obligations are to be performed under. |
| 3.5.3 | All requirements, formalities and other matters relating to the Indenture under any applicable law (other
than Dutch law) and in any jurisdiction (other than the Netherlands) in which any obligation under the Indenture is to be performed have
been complied with. |
| 3.6.1 | None of the parties to the Indenture are subject to, controlled by or otherwise connected with a person,
organization or country which is subject to United Nations, European Union, United States, United Kingdom, Dutch or any other sanctions
implemented or effective under or pursuant to the Sanction Act 1977 (Sanctiewet 1977), the Economic Offences Act (Wet op de
economische delicten), the General Customs Act (Algemene Douanewet), the Dutch Financial Supervision Act (Wet of het financieel
toezicht), Regulations of the European Union or any other legislation. |
| 3.6.2 | The issuance and the offer of any Notes in the Netherlands will be made in accordance with Regulation
(EU) 2017/1129 of the European Parliament and of the Council of June 14, 2017 on the prospectus to be published when securities are
offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC). |
| | Each of the assumptions made in this opinion letter was at the time the Indenture was entered into
and will be on each time when one or more Notes are issued by the Issuer, correct in all aspects by reference to the facts and
circumstances then existing. |
Based upon the foregoing and subject to the assumptions,
qualifications, limitations and exceptions as set forth herein, and subject to any factual matters not disclosed to us in the course of
our examination referred to above, we are at the date hereof, of the opinion that:
| | The Issuer was duly incorporated and is validly existing under the laws of the Netherlands as a
private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid). |
| 4.2 | Corporate power and authority |
| | The Issuer had the corporate power and authority to enter into the Indenture and has the corporate
power and authority to perform its obligations thereunder, to publish the Registration Statement and to issue the Notes and to
perform its obligations thereunder. |
| | The Issuer has taken all necessary corporate action to enter into the Indenture and the performance
of its obligations thereunder and to publish the Registration Statement. |
| 4.4 | No conflict with Articles and law |
| | The entering into of the Indenture, the publication of the Registration Statement and the issuance
of the Notes by the Issuer and the performance of its obligations thereunder do not (a) violate any Dutch law, or
(b) violate, conflict with, or constitute a default under the Articles which would affect the enforceability of the Indenture,
the Registration Statement and the Notes against the Issuer. |
| | No authorisation, consent or approval of, notice to or filing or recording with any governmental or
other public authority of or in the Netherlands is required for the entering into by the Issuer of the Indenture or the performance
by the Issuer of its obligations thereunder, the publication of the Registration Statement, or the issuance of the Notes or the
performance of its obligations thereunder, the absence of which would affect the enforceability of the Issuer’s obligations
thereunder. |
| | The choice of the laws of the State of New York to govern the contractual rights and obligations
contained in the Indenture is recognized under Dutch law and the courts of the Netherlands will observe and give effect to the
choice of laws of the State of New York as the governing laws of the contractual rights and obligations contained in the
Indenture. |
| 4.7 | Submission to jurisdiction |
| | The submission by the Issuer in the Indenture to the non-exclusive jurisdiction of the courts of any
federal court in the Borough of Manhattan, the City of New York, State of New York for any legal action, suit or proceedings arising
out of or related to the Indenture is recognized under Dutch law and will be given effect to by the Dutch courts. |
| | In proceedings taken in the Netherlands neither the Issuer nor any of its assets is immune from
legal action or proceeding (including, without limitation, suit, attachment prior to judgment, execution or other legal process),
except for assets located in the Netherlands which are destined for public services (goederen bestemd voor de openbare
dienst) and the books and records of the Issuer. |
The opinions expressed above are subject to the following qualifications:
| | As Dutch lawyers we are not qualified or able to assess the true meaning and purport of the terms of
the Indenture, the Registration Statement or the Notes under the applicable law and the obligations of the parties to the Indenture,
the Registration Statement or the Notes and we have made no investigation of that meaning and purport. Our review of the Indenture,
the Registration Statement or the Notes and of any other documents subject or expressed to be subject to any law other than Dutch
law has therefore been limited to the terms of these documents as they appear to us on their face. |
| | The enforcement of the rights and remedies set forth in the Indenture may be affected or limited by
any applicable bankruptcy (faillissement), moratorium of payments (surséance van betaling), composition
proceeding (onderhands akkoord), any intervention, recovery or resolution measure by any regulatory or other authority or
governmental body, other insolvency proceedings, fraudulent transfer (actio pauliana), claims based on tort (onrechtmatige
daad), the Council Regulation (EC) No 2271/96 of 22 November 1996 on protecting against the effects of the
extra-territorial application of legislation adopted by a third country, and actions based thereon or resulting therefrom, the
European anti-money laundering directives, as implemented in the Netherlands in the Money Laundering and Terrorist Financing
Prevention Act (Wet ter voorkoming van witwassen en financieren van terrorisme) and the Dutch Criminal Code (Wetboek van
Strafrecht) and related legislation or other (Dutch or foreign) laws affecting the enforcement of creditor’s rights
generally. The courts in the Netherlands may not always grant specific performance, whereas direct enforceability (reële
executie) is normally only available in respect of obligations regarding the making of payments. |
| 5.3 | Corporate benefit / ultra vires |
| | Any legal act entered into by a Dutch legal entity such as the Issuer may be nullified by such legal
entity or the receiver in bankruptcy if it is ultra vires, i.e. falls outside the scope of such legal entity’s objects.
A legal act may be ultra vires if (i) such legal act is not expressly allowed by the objects clause in such legal
entity’s articles of association and could not be conducive to the realization of such objects and (ii) the other party
was aware thereof or should be aware thereof without an independent investigation. All relevant circumstances of the case should be
considered. |
| | All powers of attorney, including powers of attorney expressed to be irrevocable, terminate by
operation of law without notice upon the bankruptcy of the person issuing the power of attorney (the
“Principal”), and will cease to be effective in case of a moratorium of payments of the Principal. Powers of
attorney that are expressed to be irrevocable are not capable of being revoked insofar they extend to the performance of legal acts
(rechtshandelingen) that are in the interest of either the attorney appointed by such power of attorney or a third party.
However, such powers of attorney terminate by operation of law upon the bankruptcy of the Principal or, unless provided otherwise in
such power of attorney, upon the death of, the commencement of legal guardianship over (onder curatelestelling) or the
bankruptcy of the attorney or by notice of termination given by the attorney. A power of attorney does not affect the authority of
the principal to perform actions within the scope of the power of attorney itself. |
| 5.5 | Dutch court proceedings |
| 5.5.1 | The submission by the Issuer to foreign courts is subject to the provisions of Council Regulation No. 1215/2012
of 12 December 2012 on jurisdiction and the recognition and enforcement of judgments in civil and commercial matters, amended by
Council Regulation No. 542/2014 of 15 May 2014 and the rules and regulations promulgated pursuant thereto. The submission
does not preclude that claims for provisional measures in summary proceedings and requests to levy pre-trial attachments (conservatoire
beslagen) are brought before the competent courts of the Netherlands. The courts of the Netherlands may stay or refer proceedings
if concurrent proceedings are brought elsewhere. |
| 5.5.2 | The choice of a foreign law as the law governing an agreement will generally be recognized and applied
by the courts of the Netherlands, provided, however, that the Dutch courts may give effect to the mandatory rules of the laws of
any country, including the Netherlands, with which the case in question has a close connection if and to the extent that pursuant to the
laws of the latter country such mandatory rules must be applied, regardless of the law governing the agreement. When determining
whether such mandatory rules must be applied the nature and intent of such rules are taken into account as well as the consequences
that might ensue from the application or non-application of such rules. The law that otherwise would govern the Indenture need not be
applied by the Dutch courts, if it is obvious that the application thereof could not be reconciled with the public policy of the Netherlands
or the European Union. |
| 5.5.3 | Regulation (EC) No 593/2008 of the European Parliament and of the Council of June 17, 2008 on the
law applicable to contractual obligations (Rome I) does not apply to obligations arising under the Notes to the extent that (i) these
obligations arise out of the negotiable character of the Notes or, (ii) the Notes constitute a "promissory note", "bill
of exchange" or "cheque" within the meaning of the 1930 Convention on the Settlement of Certain Conflicts of Laws in Connection
with Bills of Exchange and Promissory Notes or the 1931 Convention on the Settlement of Certain Conflicts of Laws in Connection with Cheques.
Consequently we do not express an opinion regarding the choice of law with respect to obligations arising under the Notes to the extent
that (i) these obligations arise out of the negotiable character of the Notes and/or, (ii) the Notes qualify as a promissory
note, bill of exchange or cheque within the meaning of the respective conventions. |
| | A person residing in the Netherlands may be designated by the Dutch Central Bank pursuant to the Act
on financial foreign regulations 1994 (Wet financiële betrekkingen buitenland 1994), and if so designated, it has to
file reports with the Dutch Central Bank for the benefit of the composition of the balance of payments for the Netherlands by the
Dutch Central Bank. Failure to observe these requirements does however not affect the enforceability of the obligations of such
person. |
| | With respect to any trust to be created under the Indenture pursuant to which the Issuer shall hold
monies or other assets on trust, it is noted that any assets held by the Issuer pursuant to any such provision may form part of the
Issuer's estate and therefore be subject to recourse by any creditor of the Issuer. However, pursuant to the Convention on the law
applicable to trusts and their recognition of 1 July 1985, a trust created in accordance with the chosen law, will be
recognised by the courts in the Netherlands, provided that the chosen law provides for trusts and the trust has been created
voluntarily and is evidenced in writing. The courts in the Netherlands will, however, not be bound to recognise a trust of which the
significant elements are more closely connected with states which do not provide for the institution of the trust. |
| 5.8.1 | Save as set out herein, nothing is to be taken to express an opinion in respect of any statement, representation
or warranty made or given by or in respect of the Issuer in the Indenture, the Registration Statement and/or the Notes or any other document
reviewed in connection with this letter of opinion. |
| 5.8.2 | The concept of a seal to be affixed to a document in order to make such document binding on the Issuer
is not known or required under Dutch law. |
| 5.8.3 | The concept of delivery of a document in order to render a document valid, legally binding and enforceable
is not known or required under Dutch law. |
We express no opinion as to any law or regulation
other than Dutch law as they are currently in force, and as generally interpreted and applied by the Dutch courts as at the date of this
opinion, as appearing from published case law. We do not express any opinion with respect to any international law, including but not
limited to the rules promulgated under or by any bi- or multilateral treaty or treaty organization, unless duly implemented in Dutch
law, or to any Dutch tax law, regulatory law, Dutch or European competition law, data protection law or securitization law. For purposes
of the opinions expressed in paragraph 4.4 (No conflict with Articles and law) and paragraph 4.5 (No consent) we have given
regard only to those laws that we, having exercised customary professional diligence, would reasonably be expected to recognise as being
applicable to an entity, transaction or agreement to which this letter of opinion relates. This opinion is related to Dutch law as it
stands now and we do not assume any obligation to notify or inform you of any development subsequent to the date hereof that might render
its contents untrue or inaccurate in whole or in part at such time. Furthermore, this opinion is strictly limited to the matters stated
herein and may not be read as extending by implication to any matters not specifically referred to in it and we express no opinion on
any matters of fact.
This opinion is construed, shall be governed by
and have effect only in accordance with Dutch law. Further, the courts of Amsterdam, the Netherlands, shall have exclusive authority to
rule upon any dispute relating to this opinion as far as this dispute may involve Heussen B.V.
In this opinion legal concepts are described in
English terms and not by their original terms as described in the relevant national language. The concepts concerned may not be identical
to the concepts described by the same English terms as they exist under the laws of other jurisdictions. In the event of a conflict or
inconsistency, the relevant expression shall be deemed to refer only to the Dutch legal concepts described by the English terms.
This opinion may only be relied upon under the
express condition and limitation that any liability of Heussen B.V. is limited to the amount which can be claimed and shall be paid under
its professional liability insurance taken out by Heussen B.V. increased with any applicable deductible to be borne by Heussen B.V. itself.
The liability of any individual or legal entity in any way affiliated or connected with Heussen B.V. is excluded.
This letter of opinion is rendered solely to the
Addressees for the purpose of the transactions referred to herein. It may not be used, circulated, quoted, referred to or relied upon
by any other person or for any other purpose, without our prior written consent in each instance.
We consent to the filing of this letter of opinion
as an exhibit to the Registration Statement with the U.S. Securities and Exchange Commission and incorporated by reference into the Registration
Statement and to the use of our name under the heading “Legal Matters” in the Registration Statement. The previous sentence
is no admittance that we are in the category of persons whose consent for the filing and reference in that paragraph is required under
Section 7 of the U.S. Securities Act of 1933, as amended, or any rules or regulations of the U.S. Securities and Exchange Commission
promulgated under it.
Sincerely yours,
Heussen B.V.
| /s/ Martijn B. Koot |
| /s/ Sandy van der Schaaf |
| Martijn B. Koot |
| Sandy van der Schaaf |
| (advocaat) |
| (advocaat) |
SCHEDULE 1
ADDRESSEES
| 1. | Petrobras Global Finance B.V. |
| | | Weena 798C, 23rd floor |
| | | 3014 DA Rotterdam |
| | | the Netherlands |
| 2. | Petróleo Brasileiro S.A. – Petrobras |
| | | Av. Henrique Valadares, 28, Tower A, 1st
floor |
| | | 20231-030 Rio de Janeiro – RJ |
| | | Brazil |
Exhibit 5.3
Petróleo Brasileiro S.A. – Petrobras
Avenida Henrique Valadares, 28
20231-030 Rio de Janeiro – RJ
Brazil
Petrobras Global Finance B.V.
Weena 798C, 23rd floor
3014 DA Rotterdam
The Netherlands
Ladies and Gentlemen:
We have acted as special United States counsel
to Petróleo Brasileiro S.A.—Petrobras, a sociedade de economia mista (partially state-owned enterprise) organized
and existing under the laws of the Federative Republic of Brazil (“Petrobras”) and Petrobras Global Finance B.V., a
Dutch private company (“PGF”), in connection with the preparation and filing with the Securities and Exchange Commission
(the “Commission”) under the Securities Act of 1933, as amended (the “Securities Act”), of a registration
statement on Form F-3 of Petrobras and PGF (the “Registration Statement”) relating to the offering from time to
time, together or separately and in one or more series (if applicable), of (i) unsecured debt securities of Petrobras (which may
be convertible at the option of the holder thereof into equity securities of Petrobras) (the “Petrobras Debt Securities”),
(ii) unsecured debt securities of PGF (the “PGF Debt Securities” and, together with the Petrobras Debt Securities,
the “Debt Securities”) accompanied by guaranties of Petrobras (the “Guaranties”), (iii) preferred
shares of Petrobras, without par value, which may be represented by American Depositary Shares (the “Preferred Shares”),
(iv) common shares of Petrobras, without par value, which may be represented by American Depositary Shares (the “Common
Shares”), (v) warrants to purchase Petrobras Debt Securities (the “Petrobras Debt Warrants”), (vi) warrants
to purchase Preferred Shares or Common Shares (the “Petrobras Equity Warrants” and, together with the Petrobras Debt
Warrants, the “Petrobras Warrants”), (vii) warrants to purchase PGF Debt Securities (the “PGF Debt Warrants”)
accompanied by Guaranties, and (viii) securities mandatorily convertible into Preferred Shares or Common Shares (the “Mandatorily
Convertible Securities” and, together with the Petrobras Debt Securities, PGF Debt Securities, Guaranties, Preferred Shares,
Common Shares, Petrobras Debt Warrants, Petrobras Equity Warrants and PGF Debt Warrants, the “Offered Securities”).
The securities being registered under the Registration Statement will be offered on a continuous or delayed basis pursuant to the provisions
of Rule 415 under the Securities Act, at offering prices to be determined from time to time.
Cleary Gottlieb Steen & Hamilton LLP or an affiliated entity has an office in each of the locations listed above.
Petróleo Brasileiro S.A. – Petrobras
Petrobras Global Finance B.V.
Page 2
The Petrobras Debt Securities and Mandatorily Convertible
Securities are to be issued from time to time under an indenture dated as of August 28, 2018 (the “Petrobras Indenture”)
between Petrobras and The Bank of New York Mellon, as trustee, attached as an exhibit to the Registration Statement. The PGF Debt Securities
are to be issued from time to time under an indenture dated as of August 28, 2018 (the “PGF Indenture” and, together
with the Petrobras Indenture, the “Indentures”) between PGF and The Bank of New York Mellon, as trustee, attached as
an exhibit to the Registration Statement. The Petrobras Warrants are to be issued from time to time under one or more warrant agreements
(each, a “Petrobras Warrant Agreement”) to be entered into by Petrobras and one or more institutions, as warrant agents
(each, a “Petrobras Warrant Agent”), each to be identified in the applicable Petrobras Warrant Agreement. The PGF Debt
Warrants are to be issued from time to time under one or more debt warrant agreements (each, a “PGF Debt Warrant Agreement”
and, together with the Petrobras Debt Warrant Agreement, the “Warrant Agreements”) to be entered into by PGF and one
or more institutions, as warrant agents (each, a “PGF Warrant Agent”), each to be identified in the applicable PGF
Warrant Agreement.
In arriving at the opinions expressed below, we
have reviewed the following documents:
| (a) | the Registration Statement and the documents incorporated by reference therein; and |
| (b) | an executed copy of each of the Petrobras Indenture and the PGF Indenture, including the forms of the Debt Securities and the Guaranties
included therein. |
In addition, we have reviewed originals
or copies certified or otherwise identified to our satisfaction of such other documents, and we have made such investigations of law,
as we have deemed appropriate as a basis for the opinions expressed below.
In rendering the opinions expressed below, we have
assumed the authenticity of all documents submitted to us as originals and the conformity to the originals of all documents submitted
to us as copies. In addition, we have assumed and have not verified (i) the accuracy as to factual matters of each document we have
reviewed, (ii) that the Debt Securities and the Guaranties will conform to the forms we have reviewed and (iii) that the Petrobras
Warrants, the PGF Debt Warrants and the Mandatorily Convertible Securities will be in substantially the form described in the Registration
Statement.
Based on the foregoing, and subject to the further
assumptions and qualifications set forth below, it is our opinion that:
1. The
Petrobras Debt Securities and the Mandatorily Convertible Securities to be issued under the Petrobras Indenture, when issued and sold
by Petrobras in the manner contemplated in the Registration Statement and upon due execution and delivery of the Petrobras Debt Securities
and the Mandatorily Convertible Securities in accordance with the terms of the Petrobras Indenture, will be valid, binding and enforceable
obligations of Petrobras, entitled to the benefits of the Petrobras Indenture.
Petróleo Brasileiro S.A. – Petrobras
Petrobras Global Finance B.V.
Page 3
2. The
PGF Debt Securities to be issued under the PGF Indenture, when issued and sold by PGF in the manner contemplated in the Registration Statement
and upon due execution and delivery of the PGF Debt Securities in accordance with the terms of the PGF Indenture, will be valid, binding
and enforceable obligations of PGF, entitled to the benefits of the PGF Indenture.
3. The
Petrobras Warrants to be issued under the Petrobras Warrant Agreement, when issued and sold by Petrobras in the manner contemplated in
the Registration Statement and upon due execution and delivery of the Petrobras Warrants in accordance with the terms of the Petrobras
Warrant Agreement, will be valid, binding and enforceable obligations of Petrobras.
4. The
PGF Debt Warrants to be issued under the PGF Warrant Agreement, when issued and sold by PGF in the manner contemplated in the Registration
Statement and upon due and execution and delivery of the PGF Warrants in accordance with the terms of the PGF Warrant Agreement, will
be valid, binding and enforceable obligations of PGF.
5. The
Guaranties to be issued under the PGF Indenture, when issued and granted by Petrobras in the manner contemplated in the Registration Statement,
will be valid, binding and enforceable obligations of Petrobras, entitled to the benefits of the PGF Indenture.
Insofar as the foregoing opinions relate to the
validity, binding effect or enforceability of any agreement or obligation of Petrobras or PGF, (a) we have assumed that each of Petrobras
and PGF, as the case may be, and each other party to such agreement or obligation has satisfied or, prior to the issuance of the Offered
Securities, will satisfy those legal requirements that are applicable to it to the extent necessary to make such agreement or obligation
enforceable against it (except that no such assumption is made as to Petrobras or PGF regarding matters of the federal law of the United
States of America or the law of the State of New York that in our experience normally would be applicable to general business entities
in relation to transactions of the type contemplated in the Indentures, the Warrant Agreements and the Offered Securities), (b) such
opinions are subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally and to general
principles of equity and (c) such opinions are subject to the effect of judicial application of foreign laws or foreign governmental
actions affecting creditors’ rights.
In rendering the opinions expressed in numbered
paragraphs 1, 2 and 5 above, we have assumed that each series of Debt Securities and Mandatorily Convertible Securities will be issued
with an original aggregate principal amount (or, in the case of any Debt Securities or Mandatorily Convertible Securities issued at original
issue discount, an aggregate issue price) of US$2,500,000 or more.
Petróleo Brasileiro S.A. – Petrobras
Petrobras Global Finance B.V.
Page 4
In rendering the opinions expressed above, we have
further assumed that (i) the Registration Statement and any amendments thereto (including post-effective amendments) will have become
effective and comply with all applicable laws, (ii) the Registration Statement will be effective and will comply with all applicable
laws at the time the Offered Securities are offered or issued as contemplated by the Registration Statement, (iii) the terms of all
Debt Securities and Guaranties will conform to the forms thereof contained in the applicable indenture, and the terms of any Petrobras
Warrants, PGF Debt Warrants, Mandatorily Convertible Securities and, as applicable, the accompanying Guaranties, will not violate any
applicable law, result in a default under or breach of any agreement or instrument binding upon Petrobras or PGF, as the case may be,
or violate any requirement or restriction imposed by any court or governmental body having jurisdiction over Petrobras or PGF, as applicable,
(iv) the Debt Securities, Petrobras Warrants, PGF Debt Warrants, Mandatorily Convertible Securities and, as applicable, the accompanying
Guaranties, will be issued, sold and delivered to, and paid for by, the purchasers at the price specified in, and in accordance with the
terms of, an agreement or agreements duly authorized, executed and delivered by the parties thereto, (v) Petrobras or PGF, as applicable,
will authorize the offering and issuance of the Debt Securities, Petrobras Warrants, PGF Debt Warrants, Mandatorily Convertible Securities
and, as applicable, the accompanying Guaranties, and will authorize, approve and establish the final terms and conditions thereof and
will authorize, approve and establish the terms and conditions of any applicable Warrant Agreement or Guaranty, as the case may be, and
will take any other appropriate additional corporate action, and (vi) certificates, if required, representing the Debt Securities,
Petrobras Warrants, PGF Debt Warrants, Mandatorily Convertible Securities and, as applicable, the accompanying Guaranties, will be duly
executed and delivered and, to the extent required by the applicable indenture or Warrant Agreement, duly authenticated and countersigned.
We express no opinion as to the subject matter
jurisdiction of any United States federal court to adjudicate any action relating to the Offered Securities where jurisdiction based on
diversity of citizenship under 28 U.S.C. § 1332 does not exist.
We note that (a) the enforceability in the
United States of the waiver in Section 1.15 of the Indentures by each of Petrobras and PGF of any immunities from court jurisdiction
and from legal process is subject to the limitations imposed by the U.S. Foreign Sovereign Immunities Act of 1976 and (b) the designation
in Section 1.15 of the Indentures of any United States federal courts in the Borough of Manhattan, the City of New York as the venue
for actions or proceedings relating to the Debt Securities or the applicable indenture is (notwithstanding the waiver in Section 1.15
of the Indentures) subject to the power of such courts to transfer actions pursuant to 28 U.S.C. § 1404 (a) or to dismiss such
actions or proceedings on the grounds that such a federal court is an inconvenient forum for such an action or proceeding.
With respect to any Offered Securities that may
be issued in a currency other than U.S. dollars, we note that by statute New York provides that a judgment or decree rendered in a currency
other than the currency of the United States shall be converted into U.S. dollars at a rate of exchange prevailing on the date of entry
of the judgment or decree. There is no corresponding federal statute and no controlling federal court decision on this issue. Accordingly,
we express no opinion as to whether a federal court would award a judgment in a currency other than U.S. dollars or, if it did so, whether
it would order the conversion of the judgment into U.S. dollars.
Petróleo Brasileiro S.A. – Petrobras
Petrobras Global Finance B.V.
Page 5
In addition, we note that the waiver of defenses
in Sections 3 and 5 of the form of Guaranty included in the PGF Indenture filed as Exhibit 4.4 to the Registration Statement may
be ineffective to the extent that any such defense involves a matter of public policy in the State of New York (such as reflected in New
York’s anti-champerty statute).
The foregoing opinions are limited to the federal
law of the United States of America and the law of the State of New York.
We hereby consent to the filing of this opinion
as Exhibit 5.3 to the Registration Statement and to the reference to this firm in the prospectus constituting a part of the Registration
Statement under the heading “Validity of Securities” as counsel for Petrobras and PGF who have passed on the validity of the
Debt Securities, Petrobras Warrants, PGF Debt Warrants and Mandatorily Convertible Securities being registered by the Registration Statement.
In giving such consent, we do not thereby admit that we are within the category of persons whose consent is required under Section 7
of the Securities Act or the rules and regulations of the Commission thereunder. We assume no obligation to advise you or to make
any investigations, as to any legal developments or factual matters arising subsequent to the date hereof that might affect the opinions
expressed herein.
| |
Very truly yours, |
| |
|
|
| |
CLEARY GOTTLIEB STEEN & HAMILTON LLP |
| |
|
|
| |
By: |
/s/ Manuel Silva |
| |
|
Manuel Silva, a Partner |
Exhibit 15.1
KPMG Auditores Independentes Ltda.
Rua do Passeio, 38, setor 2, 17º andar - Centro
20021-290 - Rio de Janeiro - RJ
Caixa Postal 2888 - CEP 20001-970 - Rio de Janeiro/RJ - Brasil
Telefone +55 (21) 2207-9400
kpmg.com.br
December 20, 2024
Petróleo Brasileiro S.A. – Petrobras
Avenida Henrique Valadares, 28
Rio de Janeiro/RJ – Brasil
Petrobras Global Finance B.V. – PGF
Weena 798C, 23rd floor, Room A, 3014 DA
Rotterdam, the Netherlands
Re: Registration Statements on Form F-3 of Petróleo Brasileiro
S.A. – Petrobras and Petrobras Global Finance B.V., dated December 20, 2024
With respect to the subject registration statement, we acknowledge
our awareness of the use therein of (i) our report dated August 8, 2024 related to our review of the unaudited condensed consolidated
interim financial statements of Petróleo Brasileiro S.A. – Petrobras as of June 30, 2024 and for the three-month and six-month
periods ended June 30, 2024 and 2023, and (ii) our report dated November 7, 2024 related to our review of the unaudited condensed consolidated
interim financial statements of Petróleo Brasileiro S.A. – Petrobras as of September 30, 2024 and for the three-month and
nine-month periods ended September 30, 2024 and 2023.
Pursuant to Rule 436 under the Securities Act of 1933 (the Act),
such reports are not considered part of a registration statement prepared or certified by an independent registered public accounting
firm, or reports prepared or certified by an independent registered public accounting firm within the meaning of Sections 7 and 11
of the Act.
/s/ KPMG Auditores Independentes Ltda.
KPMG Auditores Independentes Ltda.
Rio de Janeiro, Brazil
Exhibit 23.1
KPMG Auditores Independentes Ltda.
Rua do Passeio, 38, setor 2, 17º andar - Centro
20021-290 - Rio de Janeiro - RJ
Caixa Postal 2888
- CEP 20001-970 - Rio de Janeiro/RJ - Brasil
Telefone +55 (21) 2207-9400
kpmg.com.br
Consent of Independent Registered Public Accounting
Firm
We consent to the use of our audit report dated April 11, 2024, with
respect to the consolidated financial statements of Petróleo Brasileiro S.A. – Petrobras and subsidiaries, and the effectiveness
of internal control over financial reporting, incorporated herein by reference and to the reference to our firm under the heading “Experts”
in the prospectus.
/s/ KPMG Auditores Independentes Ltda.
KPMG Auditores Independentes Ltda.
Rio de Janeiro, Brazil
December 20, 2024
Exhibit 23.5
DeGolyer and MacNaughton
5001 Spring Valley Road
Suite 800 East
Dallas, Texas 75244
December 20, 2024
Petróleo Brasileiro S.A.—Petrobras
Av. Henrique Valadares, 28
Rio de Janeiro, RJ 20231-030
Brazil
Petrobras Global Finance B.V.
Weena 798C, 23rd floor, Room A, 3014 DA
Rotterdam, the Netherlands
Ladies and Gentlemen:
We hereby consent to the references
to DeGolyer and MacNaughton as set forth in the Registration Statements on Form F-3, filed on the date hereof by Petróleo
Brasileiro S.A.—Petrobras and Petrobras Global Finance B.V., under the heading “Experts,” and to the incorporation by
reference of our report of third party dated February 7, 2024, contained in “Exhibit 99.1” to, and the other
references to our firm included in, the Annual Report on Form 20-F of Petróleo Brasileiro S.A.—Petrobras for the year
ended December 31, 2023.
| |
Very truly yours, |
| |
|
| |
By: |
/s/ DeGolyer and MacNaughton |
| |
DeGOLYER and MacNAUGHTON |
| |
Texas Registered Engineering Firm F-716 |
Exhibit 25.1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM T-1
STATEMENT OF ELIGIBILITY
UNDER THE TRUST INDENTURE ACT OF 1939 OF A
CORPORATION DESIGNATED TO ACT AS TRUSTEE
CHECK IF AN APPLICATION TO DETERMINE
ELIGIBILITY OF A TRUSTEE PURSUANT TO
SECTION 305(b)(2) ¨
THE BANK OF NEW YORK MELLON
(Exact name of trustee as specified in its charter)
New York
(Jurisdiction of incorporation
if not a U.S. national bank) |
13-5160382
(I.R.S. employer
identification no.) |
|
| |
|
|
240 Greenwich Street, New York, N.Y.
(Address of principal executive offices) |
10286
(Zip code) |
|
Petróleo Brasileiro S.A.—Petrobras
(Exact name of obligor as specified in its charter)
The Federative Republic of Brazil
(State or other jurisdiction of
incorporation or organization) | Not Applicable
(I.R.S. employer
identification no.) |
|
Avenida Henrique Valadares, 28 – 9th floor
20231-030 – Rio de Janeiro
RJ, Brazil
(Address of principal executive offices) |
Not Applicable
(Zip code) |
|
Petrobras Global Finance B.V.
(Exact name of obligor as specified in its charter)
The Netherlands
(State or other jurisdiction of
incorporation or organization) |
Not Applicable
(I.R.S. employer
identification no.) |
|
| |
|
|
Weena 798C, 23rd floor, Room A 3014 DA Rotterdam The Netherlands
(Address of principal executive offices) |
Not Applicable
(Zip code) |
|
Debt Securities
(Title of the indenture securities)
| 1. | General information. Furnish the following information as to the Trustee: |
| (a) | Name and address of each examining or supervising authority to which it is subject. |
| Name |
Address |
| Superintendent of the Department of Financial Services of the State of New York |
One State Street, New York, N.Y. 10004-1417, and Albany, N.Y. 12223 |
| Federal Reserve Bank of New York |
33 Liberty Street, New York, N.Y. 10045 |
| Federal Deposit Insurance Corporation |
550 17th Street, NW, Washington, D.C. 20429 |
| The Clearing House Association L.L.C. |
100 Broad Street, New York, N.Y. 10004 |
| (b) | Whether it is authorized to exercise corporate trust powers. |
Yes.
| 2. | Affiliations with Obligor. |
If the obligor is an affiliate of
the trustee, describe each such affiliation.
None.
Exhibits identified in parentheses
below, on file with the Commission, are incorporated herein by reference as an exhibit hereto, pursuant to Rule 7a-29 under the Trust
Indenture Act of 1939 (the "Act") and 17 C.F.R. 229.10(d).
| 1. | A copy of the Organization Certificate of The Bank of New York Mellon (formerly known as The Bank of New York, itself formerly Irving
Trust Company) as now in effect, which contains the authority to commence business and a grant of powers to exercise corporate trust powers.
(Exhibit 1 to Amendment No. 1 to Form T-1 filed with Registration Statement No. 33-6215, Exhibits 1a and 1b to Form T-1
filed with Registration Statement No. 33-21672, Exhibit 1 to Form T-1 filed with Registration Statement No. 33-29637,
Exhibit 1 to Form T-1 filed with Registration Statement No. 333-121195 and Exhibit 1 to Form T-1 filed with Registration
Statement No. 333-152735). |
| 4. | A copy of the existing By-laws of the Trustee (Exhibit 4 to Form T-1 filed with Registration
Statement No. 333-261533). |
| 6. | The consent of the Trustee required by Section 321(b) of the Act (Exhibit 6 to Form T-1
filed with Registration Statement No. 333-229519). |
| 7. | A copy of the latest report of condition of the Trustee published pursuant to law or to the requirements
of its supervising or examining authority. |
SIGNATURE
Pursuant to the requirements
of the Trust Indenture Act of 1939 the trustee, The Bank of New York Mellon, a corporation organized and existing under the laws of the
State of New York, has duly caused this statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized,
all in The City of New York, and State of New York, on the 12th day of December, 2024.
| |
THE BANK OF NEW YORK MELLON |
| |
|
|
| |
By: |
/s/ Glenn Kunak |
| |
|
Name: Glenn Kunak |
| |
|
Title: Vice President |
Consolidated Report of Condition of
THE BANK OF NEW YORK MELLON
of 240 Greenwich Street, New York, N.Y. 10286
And Foreign and Domestic Subsidiaries,
a member of the Federal Reserve System, at the close of business
September 30, 2024, published in accordance with a call made by the Federal Reserve Bank of this District pursuant to the provisions
of the Federal Reserve Act.
| | |
Dollar amounts in thousands | |
| ASSETS | |
| |
| Cash and balances due from depository institutions: | |
| |
| Noninterest-bearing balances and currency and coin | |
4,999,000 | |
| Interest-bearing balances | |
110,102,000 | |
| Securities: | |
| |
| Held-to-maturity securities | |
44,947,000 | |
| Available-for-sale debt securities | |
96,741,000 | |
| Equity securities with readily determinable fair values not held for trading | |
0 | |
| Federal funds sold and securities purchased under agreements to resell: | |
| |
| Federal funds sold in domestic offices | |
0 | |
| Securities purchased under agreements to resell | |
19,655,000 | |
| Loans and lease financing receivables: | |
| |
| Loans and leases held for sale | |
0 | |
| Loans and leases held for investment | |
36,315,000 | |
| LESS: Allowance for credit losses on loans and leases | |
275,000 | |
| Loans and leases held for investment, net of allowance | |
36,040,000 | |
| Trading assets | |
5,851,000 | |
| Premises and fixed assets (including right-of-use assets) | |
2,995,000 | |
| Other real estate owned | |
0 | |
| Investments in unconsolidated subsidiaries and associated companies | |
1,375,000 | |
| Direct and indirect investments in real estate ventures | |
0 | |
| Intangible assets | |
6,925,000 | |
| Other assets | |
18,449,000 | |
| Total assets | |
348,079,000 | |
| LIABILITIES | |
| |
| Deposits: | |
| |
| In domestic offices | |
195,220,000 | |
| Noninterest-bearing | |
65,207,000 | |
| Interest-bearing | |
130,013,000 | |
| In foreign offices, Edge and Agreement subsidiaries, and IBFs | |
104,758,000 | |
| Noninterest-bearing | |
3,534,000 | |
| Interest-bearing | |
101,224,000 | |
| Federal funds purchased and securities sold under agreements to repurchase: | |
| |
| Federal funds purchased in domestic offices | |
0 | |
| Securities sold under agreements to repurchase | |
2,597,000 | |
| Trading liabilities | |
2,774,000 | |
| Other borrowed money: (includes mortgage indebtedness) | |
4,912,000 | |
| Not applicable | |
| |
| Not applicable | |
| |
| Subordinated notes and debentures | |
0 | |
| Other liabilities | |
9,240,000 | |
| Total liabilities | |
319,501,000 | |
| | |
| |
| EQUITY CAPITAL | |
| |
| Perpetual preferred stock and related surplus | |
0 | |
| Common stock | |
1,135,000 | |
| Surplus (exclude all surplus related to preferred stock) | |
12,438,000 | |
| Retained earnings | |
17,456,000 | |
| Accumulated other comprehensive income | |
-2,451,000 | |
| Other equity capital components | |
0 | |
| Total bank equity capital | |
28,578,000 | |
| Noncontrolling (minority) interests in consolidated subsidiaries | |
0 | |
| Total equity capital | |
28,578,000 | |
| Total liabilities and equity capital | |
348,079,000 | |
I, Dermot McDonogh, Chief
Financial Officer of the above-named bank do hereby declare that this Report of Condition is true and correct to the best of my knowledge
and belief.
| |
Dermot McDonogh |
| |
Chief Financial Officer |
We, the undersigned directors,
attest to the correctness of this statement of resources and liabilities. We declare that it has been examined by us, and to the best
of our knowledge and belief has been prepared in conformance with the instructions and is true and correct.
| Robin A. Vince |
|
|
|
| Jeffrey A. Goldstein |
|
|
Directors |
| Joseph J. Echevarria |
|
|
|
F-3
F-3ASR
EX-FILING FEES
0001119639
PETROBRAS - PETROLEO BRASILEIRO SA
Y
N
0001119639
2024-12-11
2024-12-11
0001119639
1
2024-12-11
2024-12-11
0001119639
2
2024-12-11
2024-12-11
0001119639
3
2024-12-11
2024-12-11
0001119639
4
2024-12-11
2024-12-11
0001119639
5
2024-12-11
2024-12-11
0001119639
6
2024-12-11
2024-12-11
0001119639
7
2024-12-11
2024-12-11
0001119639
1
2024-12-11
2024-12-11
0001119639
2
2024-12-11
2024-12-11
iso4217:USD
xbrli:pure
xbrli:shares
|
Calculation of Filing Fee Tables
|
|
F-3
|
|
PETROBRAS - PETROLEO BRASILEIRO SA
|
|
Table 1: Newly Registered and Carry Forward Securities
|
|
|
|
Security Type
|
Security Class Title
|
Fee Calculation or Carry Forward Rule
|
Amount Registered
|
Proposed Maximum Offering Price Per Unit
|
Maximum Aggregate Offering Price
|
Fee Rate
|
Amount of Registration Fee
|
Carry Forward Form Type
|
Carry Forward File Number
|
Carry Forward Initial Effective Date
|
Filing Fee Previously Paid in Connection with Unsold Securities to be Carried Forward
|
|
Newly Registered Securities
|
|
Fees to be Paid
|
1
|
Debt
|
Debt Securities
|
457(r)
|
|
|
|
0.0001531
|
|
|
|
|
|
|
Fees to be Paid
|
2
|
Debt
|
Debt Warrants
|
457(r)
|
|
|
|
0.0001531
|
|
|
|
|
|
|
Fees to be Paid
|
3
|
Equity
|
Preferred Shares, without par value, which may be represented by American Depositary Shares
|
457(r)
|
|
|
|
0.0001531
|
|
|
|
|
|
|
Fees to be Paid
|
4
|
Equity
|
Common Shares, without par value, which may be represented by American Depositary Shares
|
457(r)
|
|
|
|
0.0001531
|
|
|
|
|
|
|
Fees to be Paid
|
5
|
Equity
|
Equity Warrants for Common Shares or Preferred Shares, which may be represented by American Depositary Shares
|
457(r)
|
|
|
|
0.0001531
|
|
|
|
|
|
|
Fees to be Paid
|
6
|
Debt Convertible into Equity
|
Mandatory Convertible Securities
|
457(r)
|
|
|
|
0.0001531
|
|
|
|
|
|
|
Fees to be Paid
|
7
|
Other
|
Guaranties
|
457(r)
|
|
|
|
0.0001531
|
|
|
|
|
|
|
Fees Previously Paid
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carry Forward Securities
|
|
Carry Forward Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Offering Amounts:
|
|
$
0.00
|
|
$
0.00
|
|
|
|
|
|
|
|
|
Total Fees Previously Paid:
|
|
|
|
$
0.00
|
|
|
|
|
|
|
|
|
Total Fee Offsets:
|
|
|
|
$
479,478.00
|
|
|
|
|
|
|
|
|
Net Fee Due:
|
|
|
|
$
0.00
|
|
|
|
|
|
1
|
The registrants are registering an indeterminate amount of securities for offer and sale from time to time at indeterminate offering prices. In reliance on Rules 456(b) and 457(r) under the Securities Act of 1933, as amended (the "Securities Act"), the registrants are deferring payment of all of the registration fee relating to the registration of securities hereby. In connection with the securities offered hereby, the registrants will pay "pay-as-you-go registration fees" in accordance with Rule 456(b) under the Securities Act.
|
|
|
|
2
|
The registrants are registering an indeterminate amount of securities for offer and sale from time to time at indeterminate offering prices. In reliance on Rules 456(b) and 457(r) under the Securities Act of 1933, as amended (the "Securities Act"), the registrants are deferring payment of all of the registration fee relating to the registration of securities hereby. In connection with the securities offered hereby, the registrants will pay "pay-as-you-go registration fees" in accordance with Rule 456(b) under the Securities Act.
|
|
|
|
3
|
(1) The registrants are registering an indeterminate amount of securities for offer and sale from time to time at indeterminate offering prices. In reliance on Rules 456(b) and 457(r) under the Securities Act of 1933, as amended (the "Securities Act"), the registrants are deferring payment of all of the registration fee relating to the registration of securities hereby. In connection with the securities offered hereby, the registrants will pay "pay-as-you-go registration fees" in accordance with Rule 456(b) under the Securities Act.
(2) ADSs, each representing two preferred shares, issuable upon deposit of the preferred shares being registered hereby, have been or will be registered under a separate registration statement on Form F-6.
|
|
|
|
4
|
(1) The registrants are registering an indeterminate amount of securities for offer and sale from time to time at indeterminate offering prices. In reliance on Rules 456(b) and 457(r) under the Securities Act of 1933, as amended (the "Securities Act"), the registrants are deferring payment of all of the registration fee relating to the registration of securities hereby. In connection with the securities offered hereby, the registrants will pay "pay-as-you-go registration fees" in accordance with Rule 456(b) under the Securities Act.
(2) ADSs, each representing two common shares, issuable upon deposit of the preferred shares being registered hereby, have been or will be registered under a separate registration statement on Form F-6.
|
|
|
|
5
|
(1) The registrants are registering an indeterminate amount of securities for offer and sale from time to time at indeterminate offering prices. In reliance on Rules 456(b) and 457(r) under the Securities Act of 1933, as amended (the "Securities Act"), the registrants are deferring payment of all of the registration fee relating to the registration of securities hereby. In connection with the securities offered hereby, the registrants will pay "pay-as-you-go registration fees" in accordance with Rule 456(b) under the Securities Act.
(2) ADSs, each representing two preferred shares or two common shares, issuable upon deposit of the preferred shares being registered hereby, have been or will be registered under a separate registration statement on Form F-6.
|
|
|
|
6
|
(1) The registrants are registering an indeterminate amount of securities for offer and sale from time to time at indeterminate offering prices. In reliance on Rules 456(b) and 457(r) under the Securities Act of 1933, as amended (the "Securities Act"), the registrants are deferring payment of all of the registration fee relating to the registration of securities hereby. In connection with the securities offered hereby, the registrants will pay "pay-as-you-go registration fees" in accordance with Rule 456(b) under the Securities Act.
(2) No separate consideration will be received for the guaranties or for the debt securities, warrants, preferred shares, common shares and mandatory convertible securities issuable upon the exercise or conversion of, or in exchange for, debt securities, warrants, preferred shares, common shares or mandatory convertible securities.
|
|
|
|
7
|
(1) The registrants are registering an indeterminate amount of securities for offer and sale from time to time at indeterminate offering prices. In reliance on Rules 456(b) and 457(r) under the Securities Act of 1933, as amended (the "Securities Act"), the registrants are deferring payment of all of the registration fee relating to the registration of securities hereby. In connection with the securities offered hereby, the registrants will pay "pay-as-you-go registration fees" in accordance with Rule 456(b) under the Securities Act.
(2) No separate consideration will be received for the guaranties or for the debt securities, warrants, preferred shares, common shares and mandatory convertible securities issuable upon the exercise or conversion of, or in exchange for, debt securities, warrants, preferred shares, common shares or mandatory convertible securities.
|
|
|
|
Table 2: Fee Offset Claims and Sources
|
|
|
|
Registrant or Filer Name
|
Form or Filing Type
|
File Number
|
Initial Filing Date
|
Filing Date
|
Fee Offset Claimed
|
Security Type Associated with Fee Offset Claimed
|
Security Title Associated with Fee Offset Claimed
|
Unsold Securities Associated with Fee Offset Claimed
|
Unsold Aggregate Offering Amount Associated with Fee Offset Claimed
|
Fee Paid with Fee Offset Source
|
|
Rules 457(b) and 0-11(a)(2)
|
|
Fee Offset Claims
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fee Offset Sources
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rule 457(p)
|
|
Fee Offset Claims
|
1
|
PETROBRAS - PETROLEO BRASILEIRO SA
|
F-3
|
333-261817
|
12/21/2021
|
|
$
479,478.00
|
Unallocated (Universal) Shelf
|
|
|
$
760,820.00
|
|
|
Fee Offset Sources
|
|
Petrobras Global Finance B.V.
|
F-3
|
333-229096
|
|
12/28/2018
|
|
|
|
|
|
$
479,478.00
|
|
Rule 457(p) Statement of Withdrawal, Termination, or Completion:
|
|
|
1
|
The registrants previously registered an indeterminate amount of securities having an aggregate offering price of up to US$10,000,000,000 pursuant to a Registration Statement on Form F-3 Nos. 333-229096 and 333-229096-01, filed on December 28, 2018 (the "2018 Registration Statement"), and paid a total registration fee of U.S.$1,212,000. On December 21, 2021, the registrants registered an indeterminate amount of securities for offer and sale from time to time at indeterminate offering prices pursuant to a Registration Statement on Form F-3ASR Nos. 333-261817 and 333-261817-01 (the "Automatic Shelf Registration Statement," together with the 2018 Registration Statement, the "Prior Registration Statements"). Pursuant to Rule 457(p), U.S.$760,820 of the registration fees paid in connection with unsold securities registered under the Prior Registration Statements (the offering of which unsold securities has been terminated) can be applied to registration fees under subsequent registration statements. Pursuant to Rule 457(p), U.S.$479,478 of the registration fees paid in connection with the Prior Registration Statements remain available for future fee offsets.
|
|
|
v3.24.4
| X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
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-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
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|
v3.24.4
Offerings
|
Dec. 11, 2024 |
| Offering: 1 |
|
| Offering: |
|
| Fee Previously Paid |
false
|
| Rule 457(r) |
true
|
| Security Type |
Debt
|
| Security Class Title |
Debt Securities
|
| Fee Rate |
0.01531%
|
| Offering Note |
The registrants are registering an indeterminate amount of securities for offer and sale from time to time at indeterminate offering prices. In reliance on Rules 456(b) and 457(r) under the Securities Act of 1933, as amended (the "Securities Act"), the registrants are deferring payment of all of the registration fee relating to the registration of securities hereby. In connection with the securities offered hereby, the registrants will pay "pay-as-you-go registration fees" in accordance with Rule 456(b) under the Securities Act.
|
| Offering: 2 |
|
| Offering: |
|
| Fee Previously Paid |
false
|
| Rule 457(r) |
true
|
| Security Type |
Debt
|
| Security Class Title |
Debt Warrants
|
| Fee Rate |
0.01531%
|
| Offering Note |
The registrants are registering an indeterminate amount of securities for offer and sale from time to time at indeterminate offering prices. In reliance on Rules 456(b) and 457(r) under the Securities Act of 1933, as amended (the "Securities Act"), the registrants are deferring payment of all of the registration fee relating to the registration of securities hereby. In connection with the securities offered hereby, the registrants will pay "pay-as-you-go registration fees" in accordance with Rule 456(b) under the Securities Act.
|
| Offering: 3 |
|
| Offering: |
|
| Fee Previously Paid |
false
|
| Rule 457(r) |
true
|
| Security Type |
Equity
|
| Security Class Title |
Preferred Shares, without par value, which may be represented by American Depositary Shares
|
| Fee Rate |
0.01531%
|
| Offering Note |
(1) The registrants are registering an indeterminate amount of securities for offer and sale from time to time at indeterminate offering prices. In reliance on Rules 456(b) and 457(r) under the Securities Act of 1933, as amended (the "Securities Act"), the registrants are deferring payment of all of the registration fee relating to the registration of securities hereby. In connection with the securities offered hereby, the registrants will pay "pay-as-you-go registration fees" in accordance with Rule 456(b) under the Securities Act.
(2) ADSs, each representing two preferred shares, issuable upon deposit of the preferred shares being registered hereby, have been or will be registered under a separate registration statement on Form F-6.
|
| Offering: 4 |
|
| Offering: |
|
| Fee Previously Paid |
false
|
| Rule 457(r) |
true
|
| Security Type |
Equity
|
| Security Class Title |
Common Shares, without par value, which may be represented by American Depositary Shares
|
| Fee Rate |
0.01531%
|
| Offering Note |
(1) The registrants are registering an indeterminate amount of securities for offer and sale from time to time at indeterminate offering prices. In reliance on Rules 456(b) and 457(r) under the Securities Act of 1933, as amended (the "Securities Act"), the registrants are deferring payment of all of the registration fee relating to the registration of securities hereby. In connection with the securities offered hereby, the registrants will pay "pay-as-you-go registration fees" in accordance with Rule 456(b) under the Securities Act.
(2) ADSs, each representing two common shares, issuable upon deposit of the preferred shares being registered hereby, have been or will be registered under a separate registration statement on Form F-6.
|
| Offering: 5 |
|
| Offering: |
|
| Fee Previously Paid |
false
|
| Rule 457(r) |
true
|
| Security Type |
Equity
|
| Security Class Title |
Equity Warrants for Common Shares or Preferred Shares, which may be represented by American Depositary Shares
|
| Fee Rate |
0.01531%
|
| Offering Note |
(1) The registrants are registering an indeterminate amount of securities for offer and sale from time to time at indeterminate offering prices. In reliance on Rules 456(b) and 457(r) under the Securities Act of 1933, as amended (the "Securities Act"), the registrants are deferring payment of all of the registration fee relating to the registration of securities hereby. In connection with the securities offered hereby, the registrants will pay "pay-as-you-go registration fees" in accordance with Rule 456(b) under the Securities Act.
(2) ADSs, each representing two preferred shares or two common shares, issuable upon deposit of the preferred shares being registered hereby, have been or will be registered under a separate registration statement on Form F-6.
|
| Offering: 6 |
|
| Offering: |
|
| Fee Previously Paid |
false
|
| Rule 457(r) |
true
|
| Security Type |
Debt Convertible into Equity
|
| Security Class Title |
Mandatory Convertible Securities
|
| Fee Rate |
0.01531%
|
| Offering Note |
(1) The registrants are registering an indeterminate amount of securities for offer and sale from time to time at indeterminate offering prices. In reliance on Rules 456(b) and 457(r) under the Securities Act of 1933, as amended (the "Securities Act"), the registrants are deferring payment of all of the registration fee relating to the registration of securities hereby. In connection with the securities offered hereby, the registrants will pay "pay-as-you-go registration fees" in accordance with Rule 456(b) under the Securities Act.
(2) No separate consideration will be received for the guaranties or for the debt securities, warrants, preferred shares, common shares and mandatory convertible securities issuable upon the exercise or conversion of, or in exchange for, debt securities, warrants, preferred shares, common shares or mandatory convertible securities.
|
| Offering: 7 |
|
| Offering: |
|
| Fee Previously Paid |
false
|
| Rule 457(r) |
true
|
| Security Type |
Other
|
| Security Class Title |
Guaranties
|
| Fee Rate |
0.01531%
|
| Offering Note |
(1) The registrants are registering an indeterminate amount of securities for offer and sale from time to time at indeterminate offering prices. In reliance on Rules 456(b) and 457(r) under the Securities Act of 1933, as amended (the "Securities Act"), the registrants are deferring payment of all of the registration fee relating to the registration of securities hereby. In connection with the securities offered hereby, the registrants will pay "pay-as-you-go registration fees" in accordance with Rule 456(b) under the Securities Act.
(2) No separate consideration will be received for the guaranties or for the debt securities, warrants, preferred shares, common shares and mandatory convertible securities issuable upon the exercise or conversion of, or in exchange for, debt securities, warrants, preferred shares, common shares or mandatory convertible securities.
|
| X |
- DefinitionThe rate per dollar of fees that public companies and other issuers pay to register their securities with the Commission. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
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v3.24.4
Offsets
|
Dec. 11, 2024
USD ($)
|
| Offset: 1 |
|
| Offset Payment: |
|
| Offset Claimed |
true
|
| Rule 457(p) Offset |
true
|
| Registrant or Filer Name |
PETROBRAS - PETROLEO BRASILEIRO SA
|
| Form or Filing Type |
F-3
|
| File Number |
333-261817
|
| Initial Filing Date |
Dec. 21, 2021
|
| Fee Offset Claimed |
$ 479,478.00
|
| Security Type Associated with Fee Offset Claimed |
Unallocated (Universal) Shelf
|
| Unsold Aggregate Offering Amount Associated with Fee Offset Claimed |
$ 760,820.00
|
| Termination / Withdrawal Statement |
The registrants previously registered an indeterminate amount of securities having an aggregate offering price of up to US$10,000,000,000 pursuant to a Registration Statement on Form F-3 Nos. 333-229096 and 333-229096-01, filed on December 28, 2018 (the "2018 Registration Statement"), and paid a total registration fee of U.S.$1,212,000. On December 21, 2021, the registrants registered an indeterminate amount of securities for offer and sale from time to time at indeterminate offering prices pursuant to a Registration Statement on Form F-3ASR Nos. 333-261817 and 333-261817-01 (the "Automatic Shelf Registration Statement," together with the 2018 Registration Statement, the "Prior Registration Statements"). Pursuant to Rule 457(p), U.S.$760,820 of the registration fees paid in connection with unsold securities registered under the Prior Registration Statements (the offering of which unsold securities has been terminated) can be applied to registration fees under subsequent registration statements. Pursuant to Rule 457(p), U.S.$479,478 of the registration fees paid in connection with the Prior Registration Statements remain available for future fee offsets.
|
| Offset: 2 |
|
| Offset Payment: |
|
| Offset Claimed |
false
|
| Rule 457(p) Offset |
true
|
| Registrant or Filer Name |
Petrobras Global Finance B.V.
|
| Form or Filing Type |
F-3
|
| File Number |
333-229096
|
| Filing Date |
Dec. 28, 2018
|
| Fee Paid with Fee Offset Source |
$ 479,478.00
|
| X |
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v3.24.4
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Petroleo Brasileiro ADR (NYSE:PBR.A)
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