Petrobras (PBR)

Petrobras’ Proved Reserves in 2005 (Brazil and International):

On December 31^st, 2005 Petrobras' Proved Reserves of oil, condensate and natural gas amounted to 14.913 billion boe, as per the SPE Criteria, distributed as shown:

The volume of proved reserves in 2005 represents an increase of 0.13% over the previous year.

According to the SPE Criteria, 0,785 billion boe were incorporated into Proved Reserves in 2005 and 0.767 billion boe were produced, resulting in an increase of 0.018 billion boe in relation to 2004 proved reserves (14.895 billion boe). Consequently, for each barrel of oil equivalent produced during 2005, 1.023 barrels were incorporated into Proved Reserves, resulting in a Reserve Replacement Index – RRI of 102.3% . The Reserves/Production ratio (R/P) was 19.6 years.

According to the SEC Criteria, Proved Reserves decreased by 0.4% in 2005 compared with the previous year.

According to the same criteria, 0.722 billion boe were incorporated into Proved Reserves during 2005, compared with production of 0.767 billion boe, resulting in a decrease of 0.045 billion boe in relation to 2004 proved reserves (11.820 billion boe). This corresponds to a Reserve Replacement Index – RRI of 94.13% or, in other words, for each barrel of oil equivalent produced during 2005, 0.941 barrels were incorporated into Proved Reserves. The Reserves/Production ratio (R/P) was 15.4 years.