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PBR » Topics » Campos Basin Drilling Operations

This excerpt taken from the PBR 20-F filed May 22, 2009.
Campos Basin Drilling Operations
 
On February 3, 2006, IBAMA imposed a fine on us for our alleged breach of the August 11, 2004 Termo de Ajustamento de Conduta (TAC) with IBAMA relating to drilling operations in the Campos Basin, in an adjusted amount of R$122.9 million. We are contesting the fine through an administrative proceeding. We believe the drilling performed by us along the Brazilian coast, including the drilling performed in the Campos Basin, is legitimate based on IBAMA’s previous drilling license, Federal Government Decree of December 9, 2002, and the August 11, 2004 TAC, which is still valid.


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