Petrobras to Charter FPSO for the Golfinho II Field

Petrobras has sent a letter of intention to Saipem, a subsidiary of the Italian ENI Group with respect the chartering of a FPSO (Floating, Production, Storage and Offloading Platform), part of the project for developing Module II of the Golfinho Field, located on the continental shelf in the state of Espírito Santo.

The charter contract is to be signed with Saipem, worth US$ 600 million, establishes an operational term of nine years, which can be extended for a further three years.

The FPSO will have a production capacity of 100 thousand barrels/day and will be able to store up to 1.6 million barrels. The FPSO will be located in a water depth of 1,350 meters in the Espírito Santo Basin and the development program foresees the installation coming on stream in the first half of 2007.

The Golfinho Field has reserves of light oil with an API of between 28º and 40º. The find was made in July 2003 following the drilling of the 1-ESS-123 well.

Module I of the Golfinho Field will be developed with the FPSO Capixaba, chartered by the Monaco- registered company, SBM. The respective contract worth US$ 560 million was signed in November last year. The floating platform is being converted in Singapore and is expected to arrive on site in the Golfinho Field in the first half of 2006. It will have a capacity to produce 100 thousand barrels/day and an additional storage capacity of 1.6 million barrels.

In addition to the oil from this field being of excellent quality, the start-up of these two platforms will contribute to Petrobras reaching targets set in its Strategic Plan. It also brings national self-sufficiency a step closer, diminishing external vulnerability and the need for importing light oil necessary for the Company's refinery throughput.


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