Petrobras (PBR)

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REFAP has a policy of using swaps (US$ vs. CDI) for reducing exchange exposure. The Exchange Protection Committee evaluates the risks that the Company is exposed to and recommends carrying out operations for contracting exchange hedge for future settlement at the cost of the Interbank Deposit Certificate (CDI), plus the exchange coupon. The exclusive purpose of the policy is to reduce exchange exposure.

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Petrobras also conducted a regional assessment of the oil potential of the presalt that extends through the basins in the South and Southeast of Brazil. The estimated recoverable volumes of oil and gas for the presalt reservoirs, if confirmed, will significantly increase the existing figures on the quantity of oil in Brazilian basins.

On January 2008, another large Natural Gas and Condensate field was discovered in the Santos Basin, called Júpiter, reinforcing the expectation on the field potencial. The block BM-S-24 is explored by the consortium formed by Petrobras (80% - Operator) and Galp Energia (20%).

These areas are still in the exploration stage and more detailed studies and further drilling will be necessary to delimit and evaluate the best means of developing the field. From the exploration phase to the end of the development of the proven reserves in the field, several years of studies and investments will be required until commercial production of oil and gas can start.