Rio de Janeiro, February 28th, 2012 – Petróleo Brasileiro S.A. - Petrobras announces the discovery of a new hydrocarbon accumulation in the pre-salt layer, in the south of Campos Basin, off the coast of Rio de Janeiro. The discovery took place during drilling of the prospect unofficially known as Pão de Açúcar, in block BM-C-33. The discovery well is located at a water depth of 2,800 meters and is 195 kilometers off the coast of Rio de Janeiro State.

Repsol-Sinopec Brasil is the operator of the area with a 35% stake, in partnership with Statoil (35%) and Petrobras (30%).

The drilled well detected a total hydrocarbon column of 480 meters in thickness, with approximately 350 meters of hydrocarbon-bearing reservoirs. The formation test, performed on a partial section of one of the reservoirs (of roughly 220 meters), indicated a production of 5,000 barrels of oil and 807 thousand cubic meters of gas per day.

The consortium will conduct additional analyses in the area, using data obtained from this well, to confirm the extension and volume of the discovery. The Pão de Açúcar well confirms the huge potential of block BM-C-33, where the prospects of Seat and Gávea were discovered.