Dear Mr/Mrs Ramin Farzanehfar,

Declaration of Commerciality for Guará Area

 

 

 

Rio de Janeiro, December 29, 2011 – Petróleo Brasileiro S.A.

– Petrobras, as operator of the consortium of Block BM-S-9, informed that it submitted today the Declaration of Commerciality for the Guará area to the National Petroleum, Natural Gas and Biofuels Agency (ANP).

 

The new field will be called as Sapinhoá and the estimated total recoverable volume informed was 2.1 billion barrels of oil equivalent (boe).

Sapinhoá is another giant field discovered in the Brazilian pre-salt layer and one of the biggest in the country, comprised of reservoirs with good quality oil (30º API).

 

The consortium also submitted the final Evaluation Plan final report of the area.

The Development Plan report will be submitted to the ANP in February 2012.

The Declaration of Commerciality takes place following the execution of the Exploratory Evaluation Program in the area, which was conducted from the first drilled well in 2008.

 

Four wells were drilled in the area, including one to get data about the reservoir.

In addition, four formation tests were conducted in three of the wells and a five-month extended well test (EWT) in the discovery well.

The EWT confirmed the excellent productivity of the discovery well. The flow was maintained throughout the entire test period and the test showed relevant information about the carbonate reservoirs for the optimization of the development plan.

 

The Declaration of Commerciality for the field was anticipated by a year, considering that the deadline for the Evaluation Plan approved by the ANP was December 31, 2012.

 

The exploratory success obtained in the area reaffirms the high potential of the pre-salt and signals a promising outlook for the Company’s output production growth and oil and natural gas reserves increase.

Petrobras is the operator of Block BM-S-9, in partnership with BG Group (30%) and Repsol Sinopec Brasil (25%).

  

 

 

Sincerely,

Investor Relations.

 

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