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Clarification about news: Papa Terra Project
Rio de Janeiro, January 27, 2010 – Petróleo Brasileiro S.A. – Petrobras whishes to clarify the news published today by the press and to confirm the content of the media release distributed by Chevron Corporation regarding the Papa Terra project.
The project, operated by Petrobras, is located in the Block BC-20 (Campos Basin), 110 km offshore in water depths of 1,190 meters. The project will feature the first tension leg well platform (TLWP) in Brazil which will be connected to an FPSO (floating production, storage and offloading).
The production estimation of the project is already contemplated in Petrobras´ Business Plan for the period 2009-2013, which considers a production of 140,000 barrels of oil per day and the start up of the project in 2013.
Regarding the investment amount, Petrobras confirms the estimated amount announced by Chevron of US$ 5.2 billion, but clarifies that is not part of its disclosure policy to provide capex data for each project.
The Company notified Chevron about the need to comply with the JOA (Joint Operations Agreement) and informs that it will make some adjustments in the consortium disclosure policy.
www.petrobras.com.br/ri/english
Contacts: PETRÓLEO BRASILEIRO S. A. – PETROBRAS
Investor Relations Department I E-mail: petroinvest@petrobras.com.br / acionistas@petrobras.com.br
Av. República do Chile, 65 – 22nd floor - 20031-912 - Rio de Janeiro, RJ I Tel.: 55 (21) 3224-1510 / 9947
This document may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act) that merely reflect the expectations of the Company’s management. Such terms as “anticipate”, “believe”, “expect”, “forecast”, “intend”, “plan”, “project”, “seek”, “should”, along with similar or analogous expressions, are used to identify such forward-looking statements. These predictions evidently involve risks and uncertainties, whether foreseen or not by the Company. Therefore, the future results of operations may differ from current expectations, and readers must not base their expectations exclusively on the information presented herein.
PETRÓLEO BRASILEIRO S.A--PETROBRAS |
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By: |
/S/ Almir Guilherme Barbassa
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Almir Guilherme Barbassa
Chief Financial Officer and Investor Relations Officer |
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This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act) that are not based on historical facts and are not assurances of future results. These forward-looking statements are based on management's current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results o
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