(Rio de Janeiro, July 23, 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 in view of the news the press has divulged regarding an alleged calculation error the Company may have made in paying the so-called Special Participation governmental contribution which incurs on oil production, and in this specific case in connection with the Marlim Field, in the Campos Basin , we hereby clarify that Petrobras has always acted in strict observance of the law and of the National Petroleum Agencys (ANP) regulations and that it indeed paid the exact amount of the special participation charged by the ANP, under the terms of the deliberation of that agencys highest decision-making body, its COLLEGIAL BOARD.
The ANP recently changed its collection values by revoking decisions made by its own board. The ANP is billing Petrobras again, retroactively and for a higher sum, for ascertainment periods Petrobras has already paid in compliance with the ANPs own previous decision.
Petrobras, as an ANP concessionaire for oil exploration and production activities, will respect the ANPs decisions and deliberations at all times, as long as they observe the legal order in effect in Brazil.
It is our understanding, however, that there is no legal basis for ANPs decision reversal regarding ascertainment periods that have already been paid, as this violates constitutional principles and causes this Company to seek to protect its rights in order to maintain its good corporate management practices and to defend its shareholders interests.