Petrobras – Investor Relations

Petrobras

Investor Relations

Clarifications on BM-S-9

(Rio de Janeiro, April 14, 2008). – PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA, BCBA: APBR/APBRA], a Brazilian international energy company, in response to Bovespa written notice GAE/SAE 0882-08 and CVM written notice CVM/SEP/GEA-2/Nº 076/08, regarding the article published by Reuters news agency, on 04/14/2008, which states, among other things, that “the general director of the National Oil, Natural Gas, and Biofuel Agency – ANP, Haroldo Lima, said “unofficial” information from Petrobras has assessed that reserves at the Carioca field, in the Santos Basin, may be five times bigger than those found in the Tupi field; according to Lima, the field may hold reserves of some 33 billion barrels of oil equivalent (oil & gas),” clarifies that:

The consortium formed by Petrobras (45% - Operator), BG (30%), and Repsol YPF Brasil (25%) is still following its exploratory program for Block BM-S-9, in the Santos Basin. The Block is composed of two exploratory areas. Well 1-BRSA-491-SPS (1-SPS-50) was drilled in the largest of them, and resulted in the discovery announced on September 05 2007. On that occasion, the market was informed that more investments are required to drill new wells, the Assessment Plan for which is in its final preparation phase and is expected to be submitted to the ANP in the upcoming days.

Following the normal exploration schedule, on March 22 2008, the Company started drilling the second well, the 1-BRSA-594-SPS (1-SPS-55), which is located in the smaller area of the block, but it has yet to reach the pre-salt layer. The ongoing exploratory activities include drilling new wells, long-duration formation tests, and new geological studies to prove the range of the discovery.

More conclusive data on the discovery’s potential will only be known after the other phases involved in the assessment process have been completed, and they will be announced to the market in a timely manner.

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