Geosciences

Petrobras to explore off Portugal

May 18, 2007

Petrobras has signed an agreement with Galp Energia and Partex for exploration and production in four blocks of the Lusitaniana basin offshore Portugal north of Lisbon. With a 50% stake, Petrobras will be operator. Galp Energia and Partex, hold 30% and 20% interests, respectively.

Offshore staff

RIO DE JANEIRO, Brazil --Petrobras has signed an agreement with Galp Energia and Partex for exploration and production in four blocks of the Lusitaniana basin offshore Portugal north of Lisbon. With a 50% stake, Petrobras will be operator. Galp Energia and Partex, hold 30% and 20% interests, respectively.

The Camarão, Amêijoa, Mexilhão, and Ostra blocks are in water depths ranging from 200 to 3,000 m (656 to 9,842 ft) and cover a total area of 12,000 sq km (4,633 sq mi).

The agreement foresees an eight-year exploration period, which will involve seismic acquisitions and exploratory well drilling. Initial investments are expected to range from $20 to $30 million.

5/15/2007