Petrobras Takes Stake Senegalese Exploration Block

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Petrobras has purchased a 40% participation in the exploration of the Rufisque Profond block, in Senegal, Western Africa. Water depths in the block range from 150 to 3,000 meters and the block covers a 7,294-square-meter area. The participation was purchased from Edison Spa, the operator, which until then held 95% of the block's interests. The remaining 5% belong to Petrosen (the Senegalese national oil company).

Senegal adopts the production sharing contract system. The contract for the Rufisque Profond block was signed between Edison Spa and Petrosen in 2004.

The exploration, spread-out into three periods, is in the 3D seismic realization phase and is currently seeking to increase knowledge regarding the area and, thus, better define the block's exploratory potential. Only eight wells have been drilled in the Senegalese offshore region, all of which in shallow waters. Deep-water blocks have thus far remained unexplored. It is possible light oil, with an API classification ranging form 30 to 40 degrees, will be found in the area.

In the purchase and sell agreement it signed with Edison Spa, Petrobras committed to reimburse 42.1% of the passed costs, and to offer a greater participation in the 1,500 square kilometers of 3D seismic, which is already in the phase of acquisition.

This participation in Senegal is in line with Petrobras' International Strategy for Western Africa and is an opportunity that may contribute to growing and diversifying the Company's project portfolio and to consolidating it in the African continent with a selective performance.

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