Petrobras Reshuffles Stocks

Petrobras authorized its Petrobras International Braspetro (PIBBV) subsidiary, located in The Netherlands, to purchase 40% of Petrobras Energia Peru S.A's joint stock for $423.3 million.

Petrobras Energia Peru S.A.'s joint stock belongs to Valores Internacional de Espana S.L which, in turn, is a subsidiary of Petrobras Energia S.A. (PESA), headquartered in Argentina. With the authorization, control over Petrobras Energia Peru S.A. is now shared by PESA (59.79%) and PIBBV (40%).

Petrobras Energia Peru S.A.'s main asset is the exploration of Lot X, in the Talara Basin, where it holds a 100% share, and the production of 15,000 barrels of oil equivalent per day. Petrobras Energia Peru S.A. also participates in five exploration lots that are still in their initial prospecting phase.

The resources obtained by Petrobras Energiia S.A. will allow the execution of part of its strategic plan, which foresees boosting its investments in Argentina.

The operation was approved by Petrobras Energia S.A.'s Board, based on a favorable opinion issued by its Audit Committee, which took the opinions of two internationally-renowned independent evaluation companies into account.