Petrobras – Investor Relations

Petrobras

Investor Relations

Petrobras to charter two new production and storage vessels for the Campos Basin

(Rio de Janeiro, July 25, 2005). – PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA], a Brazilian international energy company, announces that it has submitted two letters of intention to MODEC Inc, for the chartering of one (i) FPSO (Floating, Production, Storage and Offloading unit) for use in the RJS-409 and RJS-415 areas development project located to the south of the Espadarte Field and (ii) and FSO (Floating, Storage and Offloading unit) for the Director Plan for Flow and Treatment of Oil for Campos Basin (PDET). The two systems are due to operate on the continental platform in the Campos Basin.

(i) The contract for chartering and operating the FPSO to be signed is worth approximately US$ 501 million and will run for an eight year term, renewable for a further four years.

The FPSO will have a production capacity of 100,000 barrels of oil per day with an API of 20º to 22º, and a storage capacity of 1.6 million barrels. The FPSO will be sited in a water depth of 1,350 meters in the Campos Basin.

The FPSO is to undergo refitting in Singapore and is expected to be in position in the Campos Basinwithin the last four months of 2006, the first oil being lifted in the first half of 2007.

(ii) FSO will be used for carrying oil from the Roncador, Marlim Leste and Marlim Sul fields through P-51, P-52, P-53, P-55 platforms and the Roncador Module 4 UEP, and remain connected to the PRA-1 Pumping Platform. The FSO will have a storage capacity of more than 2,100,000 barrels and will be sited in a water depth of 95 meters.

The charter and service contracts to be signed are worth approximately US$ 730 million for a term of twenty years. The FSO will be refitted in Singapore and should arrive in Brazil in December 2006.

The startup of these Units will contribute to meeting the targets set in the Company’s Strategic Plan.They will enable the output records which the Company has broken this year to be further exceeded aswell as ensuring the outflow of production from the Roncador, Marlim Leste and Marlim Sul fields.

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