Petrobras Clarifies on Operatorship of Brazil's Pre-Salt Blocks

Petrobras, in response to written notice received from Securities and Exchange Commission of Brazil, has clarified on news published in the Brazilian Press, titled "Petrobras will be the operator of all blocks."

Under the terms of clause IX of article 20 of the Federal Constitution, mineral resources, including the subsoil, belong to the Federal Union, and the Government is solely responsible for all the decisions on how it will be explored.

The National Petroleum Agency (ANP), implemented ten years ago by Decree # 2455, of January 14, 1998, is in charge of regulating the activities that integrate the oil, natural gas, and biofuel industry in Brazil, and is responsible for executing the National Policy for the oil, natural gas, and biofuel energy sector, pursuant to the Oil Law (Law # 9478/1997).

It is publicly known that there is an Interministerial Commission studying the new rules for oil exploration and production in strategic areas, including the pre-salt region, as well as, the analysis have not been completed and approved by the President of the Federative Republic of Brazil yet.

Petrobras CFO and Investors Relations Officer inquired the representative of the controller shareholder about the issue discussed by the press who confirmed that the analysis about the alternatives to the Brazilian regulatory framework are still under development and no decision has been taken yet by the Federal Government.