Petrobras (PBR)

Petrobras’ Proved Reserves in 2006 (Brazil and International):

On December 31^st, 2006 Petrobras' Proved Reserves of oil, condensate and natural gas amounted to 15.023 billion de boe, a 0.74% increase compared to last year, as per the SPE criteria, distributed as shown:

According to the SPE Criteria, 904 million boe were incorporated into Proved Reserves in 2006 and 794 million boe were produced, resulting in an increase of 110 million boe in relation to 2005 proved reserves (14.913 billion boe). Consequently, for each barrel of oil equivalent produced during 2006, 1.139 barrels were incorporated into Proved Reserves, resulting in a Reserve Replacement Index – RRI of 113.9% . The Reserves/Production ratio (R/P) was 18.9 years.

Proved reserves on December 31st, 2006 according to the SEC criteria amounted to 11.458 boe, distributed as follows:

According to the SEC Criteria, Proved Reserves decreased by 2.7% in 2006 compared with the previous year.

According to the same criteria, 475 million boe were incorporated into Proved Reserves during 2006, compared with production of 792 million boe, resulting in a decrease of 317 million boe in relation to 2005 proved reserves (11.775 billion boe). This corresponds to a Reserve Replacement Index – RRI of 60.0% or, in other words, for each barrel of oil equivalent produced, 0.6 barrel was incorporated into Proved Reserves. The Reserves/Production ratio (R/P) was 14.5 years.

Petrobras clarifies that the hydrocarbon reserve properties belong to their respective National States.

Almir Guilherme Barbassa
Diretor Financeiro e de Relações com Investidores

Petrobras’ Proved Reserves in 2006 (Brazil and International):

On December 31^st, 2006 Petrobras' Proved Reserves of oil, condensate and natural gas amounted to 15.023 billion de boe, a 0.74% increase compared to last year, as per the SPE criteria, distributed as shown:

According to the SPE Criteria, 904 million boe were incorporated into Proved Reserves in 2006 and 794 million boe were produced, resulting in an increase of 110 million boe in relation to 2005 proved reserves (14.913 billion boe). Consequently, for each barrel of oil equivalent produced during 2006, 1.139 barrels were incorporated into Proved Reserves, resulting in a Reserve Replacement Index – RRI of 113.9% . The Reserves/Production ratio (R/P) was 18.9 years.

Proved reserves on December 31st, 2006 according to the SEC criteria amounted to 11.458 boe, distributed as follows:

According to the SEC Criteria, Proved Reserves decreased by 2.7% in 2006 compared with the previous year.

According to the same criteria, 475 million boe were incorporated into Proved Reserves during 2006, compared with production of 792 million boe, resulting in a decrease of 317 million boe in relation to 2005 proved reserves (11.775 billion boe). This corresponds to a Reserve Replacement Index – RRI of 60.0% or, in other words, for each barrel of oil equivalent produced, 0.6 barrel was incorporated into Proved Reserves. The Reserves/Production ratio (R/P) was 14.5 years.

Petrobras clarifies that the hydrocarbon reserve properties belong to their respective National States.

Almir Guilherme Barbassa
Diretor Financeiro e de Relações com Investidores