Petrobras Estimates Tupi Reserves at 5 - 8 Billion BOE

Petrobras has concluded its analysis of the formation tests for the second well (1-RJS-646) in the area referred to as Tupi in Block BM-S-11, located in Santos Basin. Based on its analysis, Petrobras estimates volumes of recoverable light oil and natural gas for Tupi of between 5 and 8 billion barrels. The gravity of the oil is 28 degrees API. Petrobras is the operator in the area and holds a 65% working interest, with the remaining interests held by BG Group (25%) and Petrogal - Galp Energia (10%).

Petrobras has also concluded its regional analysis of the potential of the Pre–Salt areas of the South and Southeast basins in Brazil. Once confirmed, the estimated volumes of recoverable oil and gas of the pre-salt rocks would significantly increase Brazil's petroleum reserves, placing it among a select group of countries with substantial oil and natural gas reserves.

The wells that reached the Pre-Salt and have been tested by Petrobras demonstrated, until now, high productivity for light oil and natural gas. These wells are located in the Espirito Santo, Campos, and Santos basins.

The Pre-Salt rock consists of reservoir that is found under an extensive layer of salt, which extends from the state of Espirito Santo to the state of Santa Catarina. The formation is more than 800 kilometers long and up to 200 kilometers wide, and is located in ultra-deep waters of between 1,500 and 3,000 meters and at a depth between 3,000 and 4,000 meters.