The company said in a statement on Wednesday that the deal ends a legal battle with investors who allegedly suffered losses after a corruption probe exposed mushrooming corruption in the company.
Petrobras also says it was a victim of the corruption scheme and that the "the agreement does not constitute any admission of wrongdoing or misconduct" by the company.
The decision still needs to be approved by an U.S. judge.
The Brazilian company says it proposes to pay for the settlement in three installments.
Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.