Petrobras Announces Commerciality of Tupi and Iracema Offshore Brazil

Petrobras, as the operator of Block BMS-11, located in the Santos Basin, announces that it submitted today the Declaration of Commerciality of the oil and gas accumulations in the Tupi and Iracema areas to the National Petroleum Agency (ANP). In the proposal submitted to the ANP, the names suggested for these accumulations were Lula Field and Cernambi Field, respectively, for Tupi and Iracema.

In the Tupi area, Lula Field, the recoverable volume is 6.5 billion barrels of oil equivalent, with 28 degrees API. In the Iracema area, Cernambi Field, the recoverable volume is 1.8 billion, with 30 degrees API. The total recoverable volume is 8.3 billion barrels of oil equivalent.

The Lula Field will be the first supergiant oil field in Brazil (recoverable volumes above 5 billion boe), while the Cernambi Field is among the top-five giant fields in Brazil.

The Final Report on the Evaluation Plan and the Development Plan (PD) for the two fields are also being submitted to the ANP together with the Declaration of Commerciality.

The Declaration of Commerciality is being made after the completion of the Exploratory Program for the area, considering that the first well was drilled in October 2006. The 11 wells drilled in these two areas and the Extended Well Test (EWT) in the Tupi area, which started in April 2009, generated the key information on which the total recoverable volume was estimated, as well as the Production Development Plans.

The exploratory success achieved in the area represents the high potential of pre-salt, which is already contributing to the growth of the Company’s production curve and of its oil and gas reserves.

Block BMS-11 is operated by Petrobras, which holds 65% of the concession. BG Group, with 25% of the stakes, and Galp Energia, with a 10% interest, are the other parties to the consortium.

Source: Petrobras, December 30, 2010;

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