PBR » Topics » 23 Guarantees on concession contracts for petroleum exploration

This excerpt taken from the PBR 6-K filed Nov 12, 2008.

23 Guarantees on concession contracts for petroleum exploration

Petrobras gave guarantees to the National Petroleum Agency (ANP) in the total amount of R$ 5.555.290 thousand for the Minimum Exploration Programs established in the concession agreements for exploration areas, with R$ 3.554.991 thousand, net of commitments already undertaken, remaining in force. Of this amount, R$ 2.653.954 thousand refers to a lien on the oil from previously identified fields already in production, and R$ 901.037 thousand refers to bank guarantees.

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