(Rio de Janeiro, September 14, 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 filed an ordinary suit against the National Petroleum Agency (ANP) today seeking to have its rights to assess and possibly develop and produce the discovery it made via well 1-BRSA-230-RJS acknowledged.
The area the discovery was made in is contained in Block C-M 273, which the ANP intends to include in the list of blocks to be offered in its 9th Round of Bidding, the public notice for which is expected to be published next September 18. The above-mentioned discoverer well started being drilled in the exploration phase for the Concession Agreement for Block BC-400, and the ANPs technical area itself clarified to the Agencys Collegial Board, via a Technical Note, that acknowledging the rights for the discoverys assessment is in line with the industrys best practices.
Therefore, the Petroleum Law, which requires the best industry practices be observed, would be severely breached if the ANPs decision to not acknowledge Petrobras rights to assess the discovery prevails. Additionally, the rights to the discovery made in the well, the drilling for which was commenced in the exploration phase, are a counterpart both for the risks Petrobras incurred and for the high investments it made while undertaking the work. Therefore, Petrobras, aiming at defending its shareholders interests, filed the suit seeking to have its rights for the discovery that was made acknowledged.