Petrobras – Investor Relations


Investor Relations

Petrobras achieves four blocks put on auction in Colombia

(Rio de Janeiro, September 19, 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 achieved winner proposals in four of the thirteen blocks put on the Ronda Caribe 2007 auction, promoted this Tuesday (09/18) by the Agencia Nacional de Hidrocarburos (ANH) of Colombia.

The Company will be the operator of the RC-06 and RC-07 blocks with participation of 40% in each. The other participants in the consortium are Ecopetrol (30%) and Hess Corporation (30%).

In addition, Petrobras will act as a non-operator partner in the blocks RC-04 (with participation of 30%) and RC-08 (20%). The RC-04 block will be operated by British Petroleum (35%) and Ecopetrol will also participate with 35%, whereas RC-08 will be operated by ONGC (40%), also with the participation of Ecopetrol (40%).

There was no initial financial disbursement in the auction, since the proposals were appraised according to the additional percentage of production participation offered to the ANH in the occurrence of commercial findings. The winner companies committed to a minimum exploratory program, which corresponds to investments of approximately US$ 5 million in each block for three years.

Located in the Colombian Caribbean sea – next to the Tayrona block, which is already operated by Petrobras –, the four blocks totalize an area of approximately 12 thousand square kilometers in shallow and deep waters (with water depth up to two thousand meters).

Petrobras’ outstanding participation in the auction demonstrates its interest and trust in Colombia, country where it increases its exploratory portfolio aiming at rising its reserves and production.

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