Pursuant to Rule 13a-16 or 15d-16 of the
20035-900 - Rio de Janeiro, RJ
Federative Republic of Brazil
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes _______ No___X____
Petrobras announces a discovery in the Gulf of Mexico
(Rio de Janeiro, October 29, 2003). - PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE:
PBR/PBRA, Latibex: XPBR/XPBRA], a Brazilian international energy company, announces that it has made a
major hydrocarbon discovery on the deepwater St. Malo prospect in the Gulf of Mexico through its
subsidiary Petrobras America Inc. based in Houston.
The discovery well encountered more than 450 feet of oil net pay over a gross interval of 1,400 feet,
indicating that St. Malo is a major hydrocarbon accumulation. The company indicated that it intends to
pursue an aggressive development program with further appraisal drilling expected to occur in 2004.
This was the third consecutive significant discovery made by Petrobras in the deepwaters of the Gulf of
Mexico in the last two years, which had earlier successfully tested the Cascade and Chinook prospects.
Although not being the operator of either of these latter drillings Petrobras played an essential role in
the development of these prospects that targeted sections that until then had been virtually unexplored
in this part of the GoM.
The St. Malo result corroborates the successful strategy adopted by Petrobras in its pursue of
international deepwater E&P projects and consolidates the position of the company as one of the main
players in the very deepwaters of the Gulf of Mexico, where the company holds a participation position in
several other prospects of similar of even higher potential.
The St. Malo well spud on July 6th and was drilled to a depth of 29,066ft at an estimated cost of $62
million. The well is located in 6,900ft of water at about 250 miles south-southwest of New Orleans.
The co-venturers in the St. Malo prospect are Petrobras with 25%, Unocal (operator) with 28.75%, Devon
Energy with 22.5%, ChevronTexaco with 12.5%, EnCana Gulf of Mexico with 6.25%, ExxonMobil with 3.75% and
Eni Petroleum with 1.25%.
http: //www.petrobras.com.br/ri/english
Contacts:
Petróleo Brasileiro
S.A – PETROBRAS
Investor Relations Department
Luciana
Bastos de Freitas Rachid – Executive Manager
E-mail:
petroinvest@petrobras.com.br
Av. República do
Chile, 65 - 4th floor
20031-912 – Rio de
Janeiro, RJ
(55-21) 2534-1510 / 2534-9947
This document may contain forecasts 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 forecasts. 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.
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PETRÓLEO BRASILEIRO
S.A--PETROBRAS | ||
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By: |
/S/ José Sergio Gabrielli de Azevedo
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José Sergio Gabrielli de Azevedo
Chief Financial
Officer and Investor Relations Director
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This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates offuture 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 of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.