Offshore staff

RIO DE JANEIRO, Brazil -- Petrobras has purchased a 40% participation in the Rufisque Profond block offshore Senegal. The block lies in 150-3,000 m (492-9,842 ft) water depth.

Petrobras purchased the interest from Edison Spa, the operator, which had held 95% interest. The remaining 5% belongs to Senegal's national oil company Petrosen. In the purchase and sell agreement, Petrobras agreed to reimburse 42.1% of the passed costs and to offer a greater participation in the 1,500 sq km (579 sq mi) of 3D seismic survey now under way.

Participation offshore Senegal is in line with Petrobras' international strategy for West Africa and is an opportunity that could contribute to growing and diversifying the company's project portfolio and to consolidating its interests in the African continent, Petrobras says.

Only eight wells have been drilled in the Senegalese offshore region, all in shallow water. Deepwater blocks have thus far remained unexplored. Petrobras hopes to find light oil in the area.

2/7/2007