Petrobras – Investor Relations

Petrobras

Investor Relations

Clarification on the Tupi area assessment

(Rio de Janeiro, August 29, 2007). – PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA, BCBA: APBR/APBRA], a Brazilian international energy company, concerning information regarding area BMS-11 (Tupi) announced by the press today, clarifies:

A second well (1-RJS-646) started being drilled on May 7 2007, 10 kilometers away from the pioneer well (1-RJS-628). It was concluded on July 24 and proved the discovery well’s oil-bearing reservoirs continued Southeast wardly.

This fact was not divulged to the market since it will only be possible to draw conclusions regarding the area’s productivity and commercial viability after the formation tests have been wrapped-up. Once concluded, these tests’ results will be announced to the market, with the required degree of technical accuracy, and registered at the NPA, pursuant to the legislation in effect.

Evidence there was oil in the Tupi area was first announced to the market on July 11 2006. Future developments will be made public in accordance with the law and with the agreements signed with partner companies. Petrobras holds 65%, British company BG 25%, and Portuguese corporation Petrogal holds 10% of the stakes in question.

This was the information that was provided to analysts, investors, and shareholders. Investment analyst reports, as required by the legislation, are the entire responsibility of the financial institutions they are connected to. Company executives are not responsible for the evaluation that the Tupi area results will only be divulged by Petrobras after the NPA’s 9th Bidding Round, scheduled for next November. In fact, the author of the report is responsible for this information, as the analyst himself reaffirmed in a correspondence sent to Petrobras today.

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