Petrobras Reaffirms Tupi Estimate at 5-8B Barrels

Petrobras, would like to clarify the news published by the press about the results of extended well test (EWT) of Tupi, which started in May 2009. The EWT is occurring as planned by the company, whose main goal is to collect technical information for the development in pre-salt reservoirs.

The company reaffirms the estimated recoverable oil volume, broadly announced for Tupi, from 5 to 8 billion barrels. Only after the conclusion of the EWT and after the announcement of commerciality, Petrobras will have greater clarity of the number of platforms and their capabilities, necessary for the development and production of the area.

Brazil's largest discovery to date, Tupi was discovered in July 2006 and is located in block BM-S-11 in the Santos Basin, 155 miles (250 kilometers) from the southern coast of Rio de Janeiro.