Dear Mr/Mrs Ramin Farzanehfar,

 

Petrobras submits declarations of commerciality for the Aruanã and Oliva accumulations, in the post-salt of Campos Basin

 

Rio de Janeiro, January 3rd, 2013 – Petróleo Brasileiro S.A – On December 28th, Petrobras submitted the Declarations of Commerciality to Brazil’s National Petroleum, Natural Gas and Biofuels Agency (ANP) for the oil and gas accumulations of the Aruanã and Oliva areas, located in concession BM-C-36, block C-M-401, in the post-salt of Campos Basin.


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

The estimated total recoverable volumes for these new fields are indicated in the table below:

 

 

Sincerely,

Investor Relations.

 

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The Tartaruga Verde accumulation is 127 km from the city of Macaé, off the coast of Rio de Janeiro state.

It is located at a water depth of 976 meters, at a depth of 2993 meters, with an oil/water contact (OWC) verified at -3123 meters.

The Tartaruga Mestiça accumulation is approximately .5 km northeast of Tartaruga Verde, at a water depth of 934 meters, at a depth of 2,870 meters, with an 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 also sent to the ANP the final report of the Discovery Assessment Plan - PAD (1-BRSA-713-RJS – discovery well), initiated in 2010, whose exploratory program resulted in the delimitation of these two accumulations.

During the PAD period five wells were drilled, three of which were in the Tartaruga Verde area and two in the Tartaruga Mestiça area.

In addition to this exploratory effort, 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 the optimization of the Development Plans (DP).

The Declarations of Commerciality of these new fields were made more than six months ahead of schedule, considering the June 30th, 2013 deadline of the Assessment Plan.

This makes it possible to start the definitive production of these areas by 2017, as considered in the 2012-2016 Business and Management Plan.

Petrobras has a stake of 100% in these fields.