Petrobras Successful Bidder on Venezuelan Offshore Block

Petrobras International Braspetro B.V. and Teikoku Oil Co., Ltd. were the successful bidders on the Moruy II Block, in Venezuela's second offshore exploration bidding round, Rafael Urdaneta Project – Phase B. The Exploration License is expected to be awarded at the end of November, 2005.

The Block covers and area of 874 kilometers and is located in the south eastern part of the Gulf of Venezuela, which is just to the north of Lake Maracaibo and approximately 450 kilometers to the west of Caracas, the capital of Venezuela. The working interest of the Block is to be owned 50% by Petrobras (Operator) and 50% by Teikoku. The term of the license, including 3-year initial exploration period with 1-year extension at its option is 30 years and we expect to invest approx US$ 20 million in the initial exploration period.

Petrobras and Teikoku have, through subsidiaries, joint operations for gas exploration and development projects, i.e. San Carlos and Tinaco blocks in Venezuela (subject to the government approval) and Cuervito and Fronterizo blocks in Mexico, as well as for oil exploration and development projects, i.e. Blocks 18 and 31 in Ecuador (subject to the government approval). Accordingly, this is the fourth joint operation for Petrobras and Teikoku.

The conclusion of this operation is in line with Petrobras' Strategic Plan objectives of consolidating its position as an integrated energy company with a strong international presence and a leader in the Latin American market.

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