Petrobras

Petrobras signs an exploration agreement for the Uruguayan continental shelf

Petrobras, in partnership with YPF and Petrogal (Galp Energia), signed an agreement with Ancap, the Uruguayan national oil company, in Montevideo, yesterday (2/9), for oil and natural gas exploration and production on the Uruguayan continental shelf. The agreement is in the production sharing mode, which implies in the participation of the Uruguayan government in the production.

The signature of the document completes the bidding process for the exploration blocks under the Ronda Uruguay 2009 for the Pelotas and Punta del Este Basins, held last July by the Uruguayan government and for which the partnership made the best offer for Blocks 3 and 4, located in the South-Southeastern region of the Punta del Este basin.

Block 3 is located 300 km off the coast, at depths ranging from 200 to 1,500 meters, while Block 4 is 150 km off the coast and at a depth of 100 to 200 meters.

Petrobras will be the operator for Block 4 (40%), while YPF will hold equal stakes, and Petrogal 20%. In Block 3, Petrobras holds 40% of the stakes, YPF will be the area’s operator (40%), and Petrogal holds the remaining 20% of the rights.

The Company will have four years to study the seismic data and decide if it will undertake drilling activities. In the tender, the Company committed to perform the 2D seismics and to complete the reprocessing of existing data.

Petrobras is world-renowned as one of the global leaders in deep-water oil exploration and production. To the Company, operating in Uruguay is important for the energetic integration of the Southern Cone.