DeGolyer and MacNaughton
5001 Spring Valley Road
Suite 800 East
Dallas, Texas 75244
April 4, 2017
Petróleo Brasileiro S.A.
Av. República do Chile 330
9th Floor – Centro
CEP 20031-170
Rio de Janeiro – RJ – Brazil
Ladies and Gentlemen:
We hereby consent to the references to DeGolyer and MacNaughton as set forth under the headings “Glossary of Certain Terms Used in this Annual Report,” “Presentation of Information Concerning Reserves,” “Item 4. Information on the Company–Additional Reserves and Production Information–Internal Controls over Proved Reserves,” and “Item 19–Exhibits” in the Annual Report on Form20-F of Petróleo Brasileiro S.A.—Petrobras (Petrobras) for the year ended December 31, 2016 (the Annual Report). We further consent to the inclusion of our two third-party letter reports dated March 6, 2017 (our Reports), as Exhibit 99.1 in the Annual Report. The first third-party letter report dated March 6, 2017, contains our opinions regarding a comparison of estimates prepared by us with those furnished to us by Petrobras of the net proved crude oil, condensate, natural gas, and oil equivalent reserves, as of December 31, 2016, of certain properties that Petrobras has represented that it owns onshore and offshore Brazil. The secondthird-party letter report dated March 6, 2017, contains our opinions regarding a comparison of estimates prepared by us with those furnished to us by Petrobras of the net proved crude oil, condensate, natural gas, and oil equivalent reserves as of December 31, 2016, of certain properties that Petrobras has represented that it owns in the United States Gulf of Mexico.
We further consent to the references to our firm as set forth in the Registration Statement on Form F-3, Registration Nos. 333-206660 and333-206660-01, of Petróleo Brasileiro S.A.—Petrobras and Petrobras Global Finance B.V. under the heading “Experts,” and to the incorporation by reference to the other references to our firm contained in the Annual Report of Petrobras on Form 20-F for the year ended December 31, 2016, under the headings “Glossary of Certain Terms Used in this Annual Report,” “Presentation of Information Concerning Reserves,” “Item 4. Information on the Company–Additional Reserves and Production Information–Internal Controls over Proved Reserves,” and “Item 19–Exhibits,” and to the inclusion of our Reports as Exhibit 99.1 in the Annual Report.
Very truly yours, |
/s/ DeGOLYER and MacNAUGHTON |
DeGOLYER and MacNAUGHTON Texas Registered Engineering Firm F-716 |