Petrobras (PBR)

30.5 Agreement with the National Agency of Petroleum, Natural Gas and Bio Fuel – ANP – Special participation in the Marlim field – Campos basin

On July 18, 2007, Petrobras was notified of a new ANP board resolution, establishing the payment of further sums considered due, retroactively to 1998, annulling the earlier board resolution, witch determined that Petrobras should make an additional payment in the amount of R$ 400.000 thousand, related to underpayment by Petrobras as a result of having used the calculation method initially determined by ANP.

Petrobras filed for a Writ of Security and obtained an injunction suspending the collection of the differences of the Special Participation mentioned in ANP Board Resolution 400/2007. The administrative collection that had been stayed through an injunction granted in a Writ of Security was resumed due to the dismissal of the claim by Petrobras. The Company filed an appeal with the Civil Appeals Court and also filed for a temporary stay, both of which were awaiting a hearing by the court.

The judgment of the action in the lower court, which was unfavorable to the Company, was confirmed by the regional federal court in a court decision published on September 30, 2009, against which Petrobras has filed appeals to the higher courts in Brasilia. However, on account of the following agreement that was announced, the parties (Petrobras and ANP) are drawing up a joint petition for the closing of the process.

For the purpose of resolving the conflict resulting from the additional collection for special participation of the Marlim Field, Petrobras, the National Agency of Petroleum, Natural Gas and Bio Fuels (ANP) and the State of Rio de Janeiro, in the sphere of mediation with the Chamber of Conciliation and Arbitration of the Federal Public Administration of the General Advocacy of the Union (CCAF/AGU), reached an understanding for reviewing the calculation method adopted for restating the amount owed, as well as its settlement by the Company.

The amount, after the due revisions, was a balance of R$ 2.048.310 thousand as of September 30, 2009 (R$2.065.360 thousand on the date of the agreement).

In addition to the consensus that the parties reached with respect to the new calculation methodology for the debt, the proposal that Petrobras sent to ANP also considers its settlement in 08 (eight) consecutive, monthly payments, restated by the benchmark (SELIC) rate, where the first, in the amount of R$ 258.170 thousand was paid in October 30, 2009.

The payment in question definitively closes all and any legal and administrative litigation related to the issue.