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Petrobras

Investor Relations

P-48 Started Production

(Rio de Janeiro, February 28, 2005). – PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA], a Brazilian international energy company, announces that today, February 28, 2005, the platform P-48, the second platform of the Barracuda & Caratinga complex located at Campos Basin, started production. The Barracuda & Caratinga complex are deepwater oil and gas fields, located 160 kilometers east of Macaé, northeast of Rio de Janeiro covering an area of 493 square kilometers in the Campos Basin, in water depths ranging from 600 and 1,350 meters. It comprises two FPSOs (Floating Production Storage and Offloading vessel) namely P-43 and P-48. Each vessel can produce up to 150.000 barrels per day, per unit, and are also able to store approximately two million barrels of oil each.
 
The Caratinga FPSO, P-48, started production from well CRT-21, located in a water depth of
approximately 1000m, at a rate of 21,700 barrels per day of 23° API oil. The Barracuda & Caratinga complex production has began through the Barracuda FPSO, P-43, back in December 2004. A total of 32 production and 22 injection wells will be connected to P-43 and P-48. The peak production of each FPSO will occur until July/2005.

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