Petrobras Argentina Does Not Migrate the Contracts

Source: www.gulfoilandgas.com 11/24/2010, Location: South America

Petroleo Brasileiro S.A - Petrobras announces that its subsidiary Petrobras Argentina S.A. (Petrobras Argentina) did not accept the final arrangements proposed by the government of Ecuador to migrate the exploration contracts of the Block 18 and Palo Azul Unified Field, to service contracts.

Petrobras Argentina holds a participation in these assets through Ecuador TLC S.A., in which company Petrobras Argentina holds 30% of the stocks.

Block 18 and the Palo Azul Unified Field are located in the Eastern Basin of Ecuador, with oil production, corresponding to the stakes held by Petrobras Argentina S.A., of some 2,400 barrels per day, only 3% of the company's total consolidated oil and gas production.

The company will take the necessary steps in order to secure the payment of the compensation provided for under the contract, which will determine the economic implications of not migrating to Service Contracts.

Petrobras Argentina will maintain its presence in Ecuador, mainly by means of the stakes it holds in Sociedad Oleoducto de Crudos Pesados S.A.


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