Petrobras discovers more light oil in Espírito Santo coast


(Rio de Janeiro, January 5, 2005). – PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA], a Brazilian international energy company, is pleased to inform that it has evidenced the existence of sandy rock reservoir formations about 90 meters thick saturated with excellent quality light oil in a well drilled at the Golfinho Field delimitation area, the discovery and commercial viability of which has already been announced.


The 3-ESS-156A well was drilled as part of the delimitation process of the discoveries in


the former BES-100 block (ANP’s Bid Zero), located in the Espírito Santo Basin. Work on the well will be concluded in January. The well is located about 65 km from the state of Espírito Santo coast and about 12 km from the 1-ESS-123 well, responsible for Golfinho Field find and located in the same block.


3-ESS-156A is located at a water depth of 1,322 meters and reached a final depth of 3,402 meters. During the course of the drilling, major thicknesses of sandy rock formations were detected with excellent traces of oil and natural gas, subsequently  confirmed following final analysis with electrical profiles (structural detailing).


Currently, the well is under final evaluation with testing to be undertaken to establish its productivity and estimate with greater precision the additional oil volumes discovered as a result of the initial drilling.


This well is important due to the substantial thickness of the reservoirs discovered and the existence of light good quality oil, which are factors that could result in increased recoverable volumes from the area. Under Petrobras’ Business Plan, the Golfinho Field is scheduled to go into production in 2006.