Petrobras Clarifies Unification of Pre-Salt Areas, Unknown Source

Petrobras, in response to written notice CVM/SEP/GEA-2/No.195/08, regarding the report "To make this area unification viable (...) Petrobras is suggesting the oil company's capital be increased by some 100 billion," published by the O Globo newspaper, on August 20, 2008, has clarified that:

  • a) The Company does not know who the source of the article was.
  • b) In the regulatory framework in effect in Brazil, unification is foreseen in art. 27 of Law No. 9478, of 08/06/1997 (Oil Law), and mandatory when an oil or natural gas field extends itself over two or more contiguous blocks, the exploratory and production rights for which belong to different concessionaires. The unification of the areas described by the article does not require any additional capital contribution to Petrobras.
  • c) In order for the unification to be carried out, there must be previous agreement among the concessionaires, the ANP must approve the procedure, the concessionaries must prepare a Development Plan, the stakes each one will have in the common field must be determined, and a decision must be made regarding which company will be the Operator for the unified area's development and production activities, among other contractual matters.
  • d) The Company does not have enough data that indicates the Pre-salt Region in the Santos Basin will require unification.
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