Petrobras (PBR)

Light oil discovery in the Campos Basin

Rio de Janeiro, November 16, 2009 – Petróleo Brasileiro S.A. - Petrobras, announces it has completed the drilling of exploratory extension well 3-MA-32A, located in shallow waters in a new producing area that extends to the north of the Marimbá field in the Campos Basin (post-salt).

It was detected the presence of light oil (29º API) in 30-meter thick reservoirs of good porosity and permeability. The recoverable oil volume has been estimated at 25 million barrels. This new discovery will increase Marimbá field’s recoverable volume by 27%.

This success was the outcome of the revision of the area's geological model and of the application of new seismic data interpretation techniques.

Since there is already production infrastructure installed in the area, the new well is expected to be interconnected to platform P-8 and to start producing no later than next August.

This discovery is the result of the strategy of exploring new producing areas that neighbor installed units aiming to take advantage of the capacity of exiting facilities, which reduces production costs for the Company, as well as to speed up the production of new volumes of oil.

www.petrobras.com.br/ri/english
Contacts: PETRÓLEO BRASILEIRO S. A. – PETROBRAS
Investor Relations Department I E-mail: petroinvest@petrobras.com.br / acionistas@petrobras.com.br
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