Petrobras hereby clarifies news published by the press regarding the revision of its Business Plan and the postponement of the hiring of drilling rigs:
As informed on October 17 2008, the Company postponed the announcement of its Business Plan to the end of the year on account of the need to complete project analyses due to the new conjunctural conditions.
The Business Plan is still being prepared so, therefore, at this time the Company has no information to make any statement regarding the postponement or anticipation of its projects and, thus, about the possible impact this may have on its estimated production curve for the upcoming years. The Company’s current goals and investments were set forth in the Business Plan announced in August 2007, which considers the 2008-2012 period.
Petrobras’ strategy to anticipate light oil and natural gas production has been on track since 2003, after 30 new discoveries were made outside of the Campos Basin, as widely announced by the company. This strategy aims to make Company projects profitable due to the better quality and price of the light oil, and to increasing the natural gas supply to meet the needs of the Natural Gas Production Anticipation Plan (PLANGAS).
Insofar as the drilling units are concerned, in May 2008, Petrobras announced its intention to hire 40 drilling vessels and semi-submersible drilling rigs to operate in deep and ultradeep waters. The 12 first units that were contracted are expected to kick-off operations by 2012. No date has been set for the bidding of the 28 other units, which are to be built in Brazil. This will not delay the programmed operation date for these units, however, which are scheduled to go online between 2013 and 2017.