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This excerpt taken from the PBR 20-F filed May 22, 2009. Discussions
on Possible Changes to the Oil Law
The recent discovery of large petroleum and natural gas reserves
in the pre-salt geological layer of the Campos and Santos Basins
has prompted discussions on possible changes to the existing oil
legislation. The Brazilian government created an
inter-ministerial committee by presidential decree on
July 17, 2008 to consider changes in the regulation of
exploration and production activities in areas of the pre-salt
geological layer not subject to existing concessions. The Chair
of our Board of Directors, Dilma Vana Rousseff, and our Chief
Executive Officer, J.S. Gabrielli de Azevedo, are members of the
committee. The committee has not yet made a formal
recommendation to the Brazilian government on this matter.
We cannot estimate the impact that any change to the Oil Law
would have on Petrobras, or when any new regulations may become
effective.
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