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Aruanã and Oliva Accumulations Renamed and Declared Commercial by Petrobras (Brazil)

January 3, 2013

Aruanã and Oliva Accumulations Renamed and Declared Commercial by Petrobras (Brazil)

 Petrobras, Brazil’s state-controlled oil company, today announced it has submitted Declarations of Commerciality to Brazil’s National Petroleum, Natural Gas and Biofuels Agency (ANP) for the oil and gas accumulations in the Aruanã and Oliva areas, located in concession BM-C-36, block C-M-401, in the Campos Basin post-salt, in Brazil.

In the proposal sent to the ANP, Petrobras suggests that the Aruanã accumulation be named Tartaruga Verde and the Oliva accumulation Tartaruga Mestiça.

According to Petrobras,  Tartaruga Verde holds 230 Million Barrels of Oil Equivalent (MM Boe) while Tartaruga Mestiça contains 121 MM Boe

Tartaruga Verde is 127 km from Macaé off thecoast of Rio de Janeiro state at a water depth of 976 meters and total depth of 2993 meters,with oil/water contact (OWC) verified at -3123 meters.

Tartaruga Mestiça is approximately 0.5 km northeast of Tartaruga Verde at a water depth of 934 meters and total depth of 2,870 meters, with oil/water contact (OWC) verified at 3,064 meters.

Both accumulations contain good quality oil (27º API)and are located in Albian-age carbonate reservoirs.

Petrobras has also sent ANP the final report of the Discovery Assessment Plan – PAD (1-BRSA-713-RJS – discovery well) commenced in 2010 and resulting in the delimitation of these two accumulations.

During the assessment period five wells were drilled, three  in Tartaruga Verde and two in  Tartaruga Mestiça. In addition to this exploratory work, four cased-hole drill-stem tests (DST) and two extended well tests (EWT) were carried out. The results of these EWTs indicated excellent productivity and revealed information on the characteristics of the reservoirs that will be essential for optimizing Development Plans (DP).

The Declarations of Commerciality for these two new fields were submitted over six months ahead of schedule, based on the June 30th,2013 deadline in the Assessment Plan. This means that definitive production in these areas is now scheduled to start in 2017, in line with the 2012-2016 Business and Management Plan. Petrobras has a 100% stake in these fields.

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January 3, 2013