Petrobras has provided clarification about news released Thursday concerning concession areas BM-ES-32 and BM-ES-23, located in the Espírito Santo Basin. Petrobras confirms the information about oil discoveries in block ES-M-594 (BM-ES-32), as disclosed to the market on December 16, 2010 and about discoveries in block ES-M-525 (BM-ES-23), as disclosed to the market on June 09 and 04, 2011.

The Company also informs that exploratory activities are taking place according to the commitments of each block, provided in the schedule agreed with the National Oil, Natural Gas and Biofuels Agency (ANP) and that new data which would support the announcement of estimated volume has not been obtained yet. The information released in the media is mere speculation, with a high degree of uncertainty. Any estimation of volume will depend on the result of the drilling activity and on tests to be executed in the region.

Petrobras is the operator of the consortium for the exploration of BM-ES-23 (65%), which is also comprised by Shell Brasil Petróleo Ltda (20%) and Inpex Petróleo Santos Ltda (15%) and is the operator of the consortium for the exploration of BM-ES-32 (60%), developed in partnership with Statoil (40%).

Tags: Petrobras