Common use of Exploration and Production of Oil and Gas Clause in Contracts

Exploration and Production of Oil and Gas. The subject matter of this Agreement is: to conduct Exploration Operations in the Concession Area undertaken in the Minimum Exploration Program or in addition thereto; in case of a Discovery, at the Concessionaire’s discretion, to perform a Discovery Assessment under a Discovery Assessment Plan approved by ANP; if the commercial feasibility of the Discovery is verified by the Concessionaire, to Produce Oil and Gas in the Concession Area under a Development Plan approved by ANP. Costs, Losses, and Risks Associated with the Execution of Operations The Concessionaire shall always and exclusively bear all costs and risks related to the execution of the Operations and its consequences. The Concessionaire shall bear all losses it may incur, including the ones resulting from an act of god or force majeure event, as well as accidents or events of nature affecting the Exploration and Production of Oil and Gas in the Concession Area. The Concessionaire shall not be entitled to any payment, redress, refund, reimbursement, or indemnification in the event of failure in the exploration or absence of commercial feasibility of any Discoveries in the Concession Area. The Concessionaire shall be the only party civilly liable for its own actions and the actions of its agents and subcontractors, as well as for the compensation for any damages caused by the Operations and their execution, regardless of fault. The Federal Government and ANP shall be reimbursed for any liens they may endure as a result of any demands motivated by acts under the responsibility of the Concessionaire, which shall bear such reimbursement. The Federal Government and ANP shall not undertake any risks or operating losses or bear costs, investments, and damages related to the execution of the Operations and its consequences. Ownership of Oil and/or Gas The Oil and Gas Deposits existing in the national territory, the continental shelf, and the exclusive economic zone belong to the Federal Government, pursuant to article 20, items V and IX, of the Constitution of the Federative Republic of Brazil, and art. 3 of Law No. 9,478/1997. The Concessionaire shall have the ownership only of the Oil and Gas that are effectively produced and granted thereto at the Production Measurement Point, through original acquisition and according to this Agreement. The Concessionaire shall be subject to charges related to the Government taxes and shares, as well as those provided for in the Applicable Laws and Regulations.

Exploration and Production of Oil and Gas. The subject matter of this Agreement is: to conduct Exploration Operations in the Concession Area undertaken in the Minimum Exploration Program or in addition thereto; in case of a Discovery, at the Concessionaire’s discretion, to perform a Discovery Assessment under a Discovery Assessment Plan approved by ANP; if the commercial feasibility of the Discovery is verified by the Concessionaire, to Produce Oil and Gas in the Concession Area under a Development Plan approved by ANP. Costs, Losses, and Risks Associated with the Execution of Operations The Concessionaire shall always and exclusively bear all costs and risks related to the execution of the Operations and its consequences. The Concessionaire shall bear all losses it may incur, including the ones resulting from an act of god or force majeure event, as well as accidents or events of nature affecting the Exploration and Production of Oil and Gas in the Concession Area. The Concessionaire shall not be entitled to any payment, redress, refund, reimbursement, or indemnification in the event of failure in the exploration or absence of commercial feasibility of any Discoveries in the Concession Area. The Concessionaire shall be the only party civilly liable for its own actions and the actions of its agents and subcontractors, as well as for the compensation for any damages caused by the Operations and their execution, regardless of fault. The Federal Government and ANP shall be reimbursed for any liens they may endure as a result of any demands motivated by acts under the responsibility of the Concessionaire, which shall bear such reimbursement. The Federal Government and ANP shall not undertake any risks or operating losses or bear costs, investments, costs and damages investments related to the execution of the Operations and its consequences. Ownership of Oil and/or Gas The Oil and Gas Deposits existing in the national territory, the continental shelf, and the exclusive economic zone belong to the Federal Government, pursuant to article 20, items V and IX, of the Constitution of the Federative Republic of Brazil, and art. article 3 of Law No. 9,478/1997. The Concessionaire shall have the ownership only of the Oil and Gas that are effectively produced and granted thereto at the Production Measurement Point, through original acquisition and according to this Agreement. The Concessionaire shall be subject to charges related to the Government taxes and sharesGovernment Shares, as well as those provided for in the Applicable Laws and Regulations.

Exploration and Production of Oil and Gas. The subject matter of this Agreement is: to conduct Exploration Operations in the Concession Area undertaken in the Minimum Exploration Program or in addition thereto; in case of a Discovery, at the Concessionaire’s discretion, to perform a Discovery Assessment under a Discovery Assessment Plan approved by ANP; if the commercial feasibility of the Discovery is verified by the Concessionaire, to Produce Oil and Gas in the Concession Area under according to a Development Plan approved by ANP. Costs, Losses, and Risks Associated with the Execution of Operations The Concessionaire shall always and exclusively bear all costs and risks related to the execution of the Operations and its consequences. The Concessionaire shall bear all losses it may incur, including the ones resulting from an act of god or force majeure event, as well as accidents or events of nature affecting the Exploration and Production of Oil and Gas in the Concession Area. The Concessionaire shall not be entitled to any payment, redress, refund, reimbursement, or indemnification in the event of failure in the exploration or absence of commercial feasibility of any Discoveries in the Concession Area. The Concessionaire shall be the only party civilly liable for its own actions and the actions of its agents and subcontractors, as well as for the compensation for any damages caused by the Operations and their execution, regardless of fault. The Federal Government and ANP shall be reimbursed for any liens they may endure as a result of any demands motivated by acts under the responsibility of the Concessionaire, which who shall bear such reimbursement. The Federal Government and ANP shall not undertake assume any risks or operating losses or bear costs, investments, and damages related to the execution of the Operations and its consequences. Ownership of Oil and/or Gas The Oil and Gas Deposits existing in the national territory, the continental shelf, and the exclusive economic zone belong to the Federal Government, Government pursuant to article 20, items V and IX, IX of article 20 of the Federal Constitution of the Federative Republic of Brazil, and art. article 3 of Law No. 9,478/19979,478/97. The Concessionaire shall have the ownership only of the Oil and Gas that are effectively produced and granted thereto at the Production Measurement Point, through original acquisition and according to this Agreement. The Concessionaire shall be subject to charges related to the Government government taxes and shares, as well as those provided for in the Applicable Laws and Regulations.

Exploration and Production of Oil and Gas. The subject matter of this Agreement is: to conduct Exploration Operations in the Concession Area undertaken in the Minimum Exploration Program or in addition thereto; in case of a Discovery, at the Concessionaire’s discretion, to perform a Discovery Assessment under a Discovery Assessment Plan approved by ANP; if the commercial feasibility of the Discovery is verified by the Concessionaire, to Produce Oil and Gas in the Concession Area under a Development Plan approved by ANP. Costs, Losses, and Risks Associated with the Execution of Operations The Concessionaire shall always and exclusively bear all costs and risks related to the execution of the Operations and its consequences. The Concessionaire shall bear all losses it may incur, including the ones resulting from an act of god or force majeure event, as well as accidents or events of nature affecting the Exploration and Production of Oil and Gas in the Concession Area. The Concessionaire shall not be entitled to any payment, redress, refund, reimbursement, or indemnification in the event of failure in the exploration or absence of commercial feasibility of any Discoveries in the Concession Area. The Concessionaire shall be the only party civilly liable for its own actions and the actions of its agents and subcontractors, as well as for the compensation for any damages caused by the Operations and their execution, regardless of fault. The Federal Government and ANP shall be reimbursed for any liens they may endure as a result of any demands motivated by acts under the responsibility of the Concessionaire, which shall bear such reimbursement. The Federal Government and ANP shall not undertake any risks or operating losses or bear costs, investments, costs and damages investments related to the execution of the Operations and its consequences. Ownership of Oil and/or Gas The Oil and Gas Deposits existing in the national territory, the continental shelf, and the exclusive economic zone belong to the Federal Government, pursuant to article 20, items V and IX, of the Constitution of the Federative Republic of Brazil, and art. article 3 of Law No. 9,478/1997. The Concessionaire shall have the ownership only of the Oil and Gas that are effectively produced and granted thereto at the Production Measurement Point, through original acquisition and according to this Agreement. The Concessionaire shall be subject to charges related to the Government taxes and shares, as well as those provided for in the Applicable Laws and Regulations.