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Petrobras Issues Clarification: Papa Terra Project

Petrobras Petróleo Brasileiro S.A. - Petrobras wishes to clarify the news published today by the press and to confirm the content of the media release distributed by Chevron Corporation regarding the Papa Terra project.

The project, operated by Petrobras, is located in the Block BC-20 (Campos Basin), 110 km offshore in water depths of 1,190 meters. The project will feature the first tension leg well platform (TLWP) in Brazil which will be connected to an FPSO (floating production, storage and offloading).

The production estimation of the project is already contemplated in Petrobras' Business Plan for the period 2009-2013, which considers a production of 140,000 barrels of oil per day and the start up of the project in 2013.

Regarding the investment amount, Petrobras confirms the estimated amount announced by Chevron of US$ 5.2 billion, but clarifies that is not part of its disclosure policy to provide capex data for each project.

The Company notified Chevron about the need to comply with the JOA (Joint Operations Agreement) and informs that it will make some adjustments in the consortium disclosure policy.

Published 28/01/2010

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