Platts Names Petrobras 'Oil and Gas Producer of the Year'

Petrobras was named the oil and gas producer of the year by the 2008 Platts Global Energy Awards, an award granted annually by Platts, one of the global leaders in information about energy and commodities.

Approximately 200 companies and executives from upwards of 22 countries competed in several categories. The winners were announced during a ceremony that brought some 500 industry executives together in New York, last Wednesday (12/03).

Competing for the title of Hydrocarbon Producer of the Year, Petrobras went up against companies from the United States and China National Offshore Oil Corporation (CNOOC). Criteria such as exploration results, financial return, strategic vision and operating excellence were evaluated. To be the winner, the Company showed high standards of quality in exploration and production, particularly in exploration for new discoveries and technological achievements for extraction in new frontiers. Safety and environment standards and consistent shareholder returns were also considered.

New Discoveries and Increased Production

In 2008, Petrobras announced new oil discoveries in the Santos, Espirito Santo, Campos, and Jequitinhonha Basins. In the Santos Basin pre-salt layer alone, the company estimates recoverable volumes of 9.5 billion and 14 billion barrels of oil and gas in barrel equivalent in the Tupi, Iara, and Jupiter areas. In September, the Company started producing in the pre-salt in the Espírito Santo sea, in the Jubarte Field, located in the Campos Basin.

Also this year, Petrobras put another five platforms online. In the first nine months of the year, it produced 2.3 million barrels of oil equivalent (boe) per day, 5% more than a year earlier. In October, total production topped-out at 2.440 million boe/day, up 9.4% over the previous month's mark.



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