press release

Petrobras-Unocal-El Paso Joint Venture Discovers Gas Field in Rio Grande do Norte

The following news release was issued by Petrleo Brasileiro S.A. (Petrobras)

Rio De Janeiro, Aug. 16, 2001 -- Petrobras is forwarding the Evaluation Plan for the gas discovery made by the 1-RNS-144 wildcat well to the National Petroleum Agency, on the Rio Grande do Norte continental shelf in a water depth of 17 m.

The new pool discovered at a depth of 3,913 m and adjacent to the Pescada and Arabaiana Fields, is located around 70 km to the northeast of the Guamar Gas Plant. The concession is operated by a joint venture, with Petrobras holding a 65% share, in association with the American companies Unocal and El Paso, which each have a 17.5% share. An initial estimate places the reserve of the gas pool at close to 7 billion m3.

Updated: August 2001