Petrobras Confirms Pre-Salt Jupiter Discovery in Santos Basin

Petrobras completed the drilling of the well known as Jupiter, in Block BM-S-24, and has confirmed the existence of a large natural gas and light oil field in the pre-salt layer. The Jupiter well was drilled using the drillship Ocean Clipper. The consortium, responsible for the exploration of this block in the Santos Basin, is formed by Petrobras (80%) and Galp Energia (20%). The drilling confirmed the discovery that was announced on January 21, 2008.

Well 1-BRSA-559A-RJS (1-RJS-652A) is located 290 km off the coast of the State of Rio de Janeiro and 37 km east of the Tupi area, at 2,187 meters from the water line. The final depth that was reached was 5,773 meters from the surface of the sea.

The well, the drilling of which had been interrupted for operating reasons since January, was deepened and proved the continuity of the natural gas and light oil reservoirs, in addition to a high content of Carbon Dioxide (CO2). Several oil samples were collected and are currently under analysis in Petrobras' Research Center (CENPES) in order for it to be possible better assess the relative percentages of its components. When in production, the CO2, identified preliminarily, will not be discarded to the atmosphere, rather re-injected, contributing to increase the oil Recovery Factor in these reservoirs.

The Jupiter discovery, which proved the significant thickness of the porous reservoirs, was communicated to the NPA today. It will be possible to estimate the oil and gas volumes after the fluid samples collected from this well are analyzed and new wells are drilled.

The Consortium will give continuity to the activities and the investments that are required to check the dimensions of the new field, in addition to the characteristics of the reservoirs. An Action Plan will be submitted to the NPA, as provided for in the Concession Agreement.

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