Petrobras (PBR)

Discovery of Important Gas Accumulations
in Shallow Waters of the Santos Basin

(Rio de Janeiro, January 26, 2009). – PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA, BCBA: APBR/APBRA], a Brazilian international energy company, announces the discovery in shallow waters at the southern end of the Santos Basin, in the state of São Paulo, of a thick gas column in reservoirs above the post-salt section as a result of drilling of exploratory well 6-BRSA-661-SPS (6-SPS-53) by the Consortium established by Petrobras (63% - Operator) and Repsol (37%) to explore Block BM-S-7,

The well is located about 210 km southeast of the city of Santos, off the coast of the state of São Paulo in a water depth of 214 m (see below). Approved by the ANP (the National Petroleum, Natural Gas and Biofuels Agency), this drilling is part of exploratory activities in accordance with the Evaluation Plan at well 1-BSS-68 where natural gas had been identified in post-salt section reservoirs.

The find was confirmed through cable tests conducted in the sandstone reservoirs situated at a minimum depth of 3,970 meters.

The Consortium is to proceed with its exploratory activities through formation testing to be executed at levels where gas has already been found, thus making it possible to assess the commercial viability of this discovery.

This find is of major importance due to the potential for gas production in the shallow offshore area of the southern Santos Basin.

www.petrobras.com.br/ri/english
Contacts: PETRÓLEO BRASILEIRO S. A. – PETROBRAS
Investor Relations Department | E-mail: petroinvest@petrobras.com.br / acionistas@petrobras.com.br
Av. República do Chile, 65 – 22^nd floor - 20031-912 - Rio de Janeiro, RJ | Tel.: 55 (21) 3224-1510 / 9947

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