Two Drilling Platforms for Peregrino Field

The partnership for Peregrino has entered into an agreement for the rent of two drilling platforms for use on the oil field offshore Brazil.

The platforms will be built by Kiewit Offshore Services Ltd. of Ingleside, Texas, and shall be ready for installation on the field in late 2009.

The agreement is subject to the authorities' approval of the Peregrino field development plan.

The Peregrino field is located about 85 kilometers offshore Brazil in about 100 meters of water. The recoverable reserves are estimated at approximately 300-to-600 million barrels of heavy oil.

The field will be developed with a floating production storage and off-loading vessel and two drilling platforms. There will be 30 horizontal production wells and seven water injection wells.

Production start up is planned for 2010.

License holders are Hydro as operator during the project planning phase with 50% and Anadarko as operator during the project execution and operation phases with 50%.

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