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This excerpt taken from the PBR 20-F filed May 22, 2009. Ecuador, we hold a
30% interest in Block 18. We also have a 11.42%
stake in the 500 km (311 mile) Oleoducto de Crudos Pesados
(OCP) crude oil pipeline with capacity of 450 mbbl/d. In October
2008, we signed an agreement with the Ecuadorian government
establishing a one-year deadline to renegotiate our concession
in Block 18. On December 31, 2008, we relinquished our
concession to explore Block 31 in accordance with an
agreement with the Ecuadorian government and wrote off
U.S.$77 million related to that block. Our production
averaged 11.40 mboe/d in 2008. At December 31, 2008, our
proved reserves were approximately 6.6 mmboe, representing a
85.16% decline from 2007 due to production and reserve
reclassifications.
We have held service contracts for the Cuervito and Fronterizo
blocks in the Burgos Basin of
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