This excerpt taken from the PBR 6-K filed Sep 21, 2005.
Petrobras confirms gas field in the USA
(Rio de Janeiro, September 20, 2005). PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA], a Brazilian international energy company, announces that it has found gas reserves in the first well operated by its subsidiary Petrobras America in deep waters in the American Gulf Of Mexico, in an extension of the Cottonwood discovery, situated in the Garden Banks 244 Block.
The well was drilled in water 640 meters deep by the drilling unit Lorris Bouzigard, contracted by the Company for this operation. High quality gas reserves were found, with a total thickness of 40 meters. The result confirms the company strategy for the block, where other wells drilled by the previous operator discovered only non-commercial volumes of oil and gas.
With the confirmation of the extension of this gas field, Petrobras America intends to implement an accelerated development program for these reserves, aiming to begin production by the start of 2007. Petrobras has an 80% participation in this discovery and is the block operator. Mariner Energy Inc. is the other partner, with the remaining 20%.
The Garden Banks site is one of the four focus areas selected by Petrobras with precedence for its exploratory activities in the American sector of the Gulf of Mexico. The other areas of interest are the ultra-deep waters of the Gulf, ultra-deep gas objectives in shallow waters and the west portion of the region. According to the Business Plan for 2006-2010, recently announced by Petrobras, the investment total to be allocated by the company in the American Gulf of Mexico, during this period, will reach US$ 1.5 billion.
Petróleo Brasileiro S.A PETROBRAS
Investor Relations Department
Raul Adalberto de Campos Executive Manager
Av. República do Chile, 65 - 4th floor
20031-912 Rio de Janeiro, RJ
(55-21) 3224-1510 / 9947
This document may contain forecasts that merely reflect the expectations of the Companys management. Such terms as anticipate, believe, expect, forecast, intend, plan, project, seek, should, along with similar or analogous expressions, are used to identify such forecasts. These predictions evidently involve risks and uncertainties, whether foreseen or not by the Company. Therefore, the future results of operations may differ from current expectations, and readers must not base their expectations exclusively on the information presented herein.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: September 20, 2005
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