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This excerpt taken from the PBR 20-F filed May 22, 2009. We do not own
any of the crude oil and natural gas reserves in
Brazil.
A guaranteed source of crude oil and natural gas reserves is
essential to an oil and gas company’s sustained production
and generation of income. Under Brazilian law, the Brazilian
government owns all crude oil and natural gas reserves in Brazil
and the concessionaire owns the oil and gas it produces. We
possess the exclusive right to develop our reserves pursuant to
concession agreements awarded to us by the Brazilian government
and we own the hydrocarbons we produce under the concession
agreements, but if the Brazilian government were to restrict or
prevent us from exploiting these crude oil and natural gas
reserves, our ability to generate income would be adversely
affected.
This excerpt taken from the PBR 20-F filed Jun 30, 2005. We do not own any of the crude oil and natural gas reserves in Brazil.
A guaranteed source of crude oil and natural gas reserves is essential to an oil and gas company’s sustained production and generation of income. Under Brazilian law, the Brazilian government owns all crude oil and natural gas reserves in Brazil. We possess the exclusive right to develop our reserves pursuant to concession agreements awarded to us by the Brazilian government, but if the Brazilian government were to restrict or prevent us from exploiting these crude oil and natural gas reserves, our ability to generate income would be adversely affected.
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