Petrobras, Repsol Sinopec and Statoil JV confirms discovery of two levels of good quality oil in ultra-deep waters off coast of Rio de Janeiro

RIO DE JANIERO , June 29, 2011 (press release) – Petrobras informs that the joint venture formed by Petrobras, Repsol Sinopec and Statoil confirm the discovery of 2 levels of good quality oil in the exploration well 1-REPF-11A-RJS informally known as Gávea, which represents another discovery made in the pre-salt Campos Basin.

The joint venture is currently incorporating the results from the well into the evaluations before deciding on how to further explore and appraise the area.

The well, located at 190 kilometers off the coast of Rio de Janeiro, in a water depth of 2,708 meters reaching a final depth of 6,851 meters.

Petrobras and the consortium informed the Brazilian authorities about the existence of signs of hydrocarbons in the Gávea exploratory well in March 2011 for the first level and in April 2011 for the second one.

Repsol Sinopec is the operator of the consortium, with 35% stake, together with Statoil (35%) and Petrobras (30%).

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