Petrobras Discredits Speculation over Persian Gulf Discovery

Petrobras does not confirm it has made a discovery in the Persian Gulf, as announced by the press. During a press conference held on Feb. 13th, the director of the Company's International Area, Jorge Luiz Zelada, said Petrobras has found evidence of hydrocarbons in an exploration block in in Iran, which is not economically viable, and that the technical reports have not been completed yet.

According to the oil industry's standards, evidence of hydrocarbons cannot be considered an economically viable accumulation before the data has been assessed and drilling tests done.