Petrobras and PDVSA Sign Agreements in Brazil

The presidents of Petrobras, Jose Sergio Gabrielli de Azevedo, and of Petroleos da Venezuela S.A. (PDVSA), Rafael Ramirez, held a working meeting on December 7th, at the Palacio do Planalto, in Brasilia. Four agreements were signed between the two companies during the event.

Letter of Intent to mobilize good and service vendors, in Brazil and Venezuela

New agreement aimed at encouraging competitiveness among Brazilian and Venezuelan vendors for the projects developed jointly by Petrobras and PDVSA, in both countries. The agreement foresees wide-ranging and equal treatment of issues relative to national good and service content, both Brazilian and Venezuelan, in all agreements signed by the two companies.

Memorandum of Understanding to develop a Joint Project at the Orinoco Range, and the Abreu e Lima refinery, in Pernambuco

Renewal, for another year, of the joint memorandum of understanding for the extra-heavy oil exploration projects in the Carabobo-1 block, in the Orinoco Range region, in Venezuela, and the Abreu e Lima Refinery project, to be built in the State of Pernambuco.

Additive to the Agreement to study the joint development of the Mariscal Sucre Project, involving Petrobras and PDVSA

Extension of the pre-agreement for the joint development of the Mariscal Sucre project, composed of four gas fields located in the Paria Gulf, Venezuela. The Agreement will be renewed through March 2007 to give the companies the chance to wrap the project's negotiations up.

Additive to the Letter of Intent to Identify Hydrocarbon Business Opportunities in Block 5 of the Deltana Platform Project

Renewal of the letter of intent for the exploratory activities at Block 5, located in the Deltana Platform region, in Venezuela, through March 2007. The goal of the renewal is to allow additional information to be acquired to assist the two companies in their decision-making process.