Petrobras (PBR)

Nigeria, we hold interests in two development blocks in which the Agbami field commenced production in July 2008 and the Akpo field, in March 2009. The Agbami field is located on blocks OML 127 and OML 128 and is operated by Chevron as a unitized development in which we hold a 13% interest. We expect peak production to reach 250 mbbl/d in early 2010. We expect the Akpo field on Block OML 130, operated by Total, in which we hold a 20% interest, to reach peak production of 185 mbbl/d in late 2009. Our investments in the Agbami and Akpo fields are estimated at U.S.$2.4 billion, of which we had invested U.S.$1.8 billion as of December 31, 2008. Block OML 130 also contains the Egina, Egina South and Preowei fields. The Egina field had its development plan approved by the Nigerian government in March 2009, while in the Preowei and Egina South fields exploration activities are underway. We are also the operator of block OPL 315, with a 45% interest, in which exploration activities are underway. We also operated block OPL 324, where we drilled two wells and concluded all exploratory efforts and which we relinquished in December 2008.