Petrobras – Investor Relations

Petrobras

Investor Relations

Share purchase in Petrobras Energía Perú

(Rio de Janeiro, December 21, 2007). – PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA, BCBA: APBR/APBRA], a Brazilian international energy company, announces that it has authorized its Petrobras International Braspetro – PIBBV subsidiary, located in The Netherlands, to purchase 40% of Petrobras Energía Perú S.A’s joint stock for $423.3 million.

Petrobras Energía Perú S.A.’s joint stock belongs to Valores Internacional de España S.L which, in turn, is a subsidiary of Petrobras Energia S.A. (PESA), headquartered in Argentina. With the authorization, control over Petrobras Energia Perú S.A. is now shared by PESA (59.79%) and PIBBV (40%).

Petrobras Energía Perú S.A.’s main asset is the exploration of Lot X, in the Talara Basin, where it holds a 100% share, and the production of 15,000 barrels of oil equivalent per day. Petrobras Energía Perú S.A. also participates in five exploration lots that are still in their initial prospecting phase.

The resources obtained by Petrobras Energía S.A. will allow the execution of part of its strategic plan, which foresees boosting its investments in Argentina.

The operation was approved by Petrobras Energía S.A.’s Board, based on a favorable opinion issued by its Audit Committee, which took the opinions of two internationally-renowned independent evaluation companies into account.

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