Petrobras Uncorks Gas in Peru

Petrobras announced a new natural gas discovery in Lot 58, of which its Petrobras Energia Peru S.A. (PEP) subsidiary is the operator with a 100% interest, located in the Department of Cuzco, near Camisea.

The discovery was the result of the drilling of exploratory well Picha 2X, with a final depth of about 4,400 meters. The well is currently under assessment and is the second discovery made in this lot. The first, called Urubamba 1X, was announced in late 2009.

Preliminary estimates indicate a potential and recoverable volume of gas of 1.7 TCF (48 billion cubic meters) in the two exploratory wells.