Petrobras Confirms Oil Discovery in Amazon

Petrobras announced that the first data obtained from the Extended Well Test (EWT), which got underway in September at exploratory well 1-ICB-1-AM (Igarapé Chibata No. 1), confirms the discovery of a new accumulation of light oil (46º API) and natural gas in the city of Tefé (state of Amazonas), 630 km away from the city of Manaus and 32 km from the Urucu oil province. The Company already has three fields producing oil and natural gas in the city of Coari.

The 3,485-meter well was drilled in the Solimões Basin, in Block SOL-T-171, for which Petrobras owns the exploration and production rights. Thus far, the EWT data indicate that the well is capable of producing 2,500 barrels of oil per day, an excellent result when dealing with this type of basin in Brazil.

In addition to the EWT, expected to last a year, the Evaluation Plan, approved by the National Petroleum Agency (ANP), provides for the acquisition of new seismic data and the drilling of delimitation wells. This work aims to determine the extent of the accumulation, to quantify the reserves, and to prove the cost-effectiveness of the accumulation.

This exploratory success is the outcome of the resumption of the exploratory investments, made from 2005, in the onshore basins in the Amazon, as foreseen under the Company's Strategic Plan, which directs efforts to new frontiers where Petrobras' knowledge, technology, and operating experience afford it a competitive advantage.