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New Petrobras technology boosts reservoir productivity

(Rio de Janeiro, October 16, 2007). – PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA, BCBA: APBR/APBRA], a Brazilian international energy company, announces that it has successfully completed the first 100 days of operation of the Submarine Centrifuge Pumping System (BCSS), installed at well JUB-6, in the Jubarte Field, in the Espírito Santo portion of the Campos Basin. The well, where production was anticipated to top out at 10,000 barrels per day, is now producing 24,000 barrels a day using the new system, a 140% increase.

The technology, developed by Petrobras together with its vendors, has great potential not only to increase producer field productivity, but to make commercial production viable in deepwater fields, particularly those containing heavy oil. In addition to its application in large accumulations to raise the oil recovery factor, the system can be used to make commercial production viable at smaller or marginal fields previously considered commercially unviable.

The system, part of the Heavy Oil Technological Program (Propes), is fundamentally important to maintain Brazilian oil self-sufficiency, since most of the Brazilian oil reserves hold heavy and extra-heavy oil, and the challenges involved in pumping this type of oil are very big.

The equipment went online in the first half of 2007 and will be followed-up on closely through the end of 2007 for the company to consolidate its mastery over the technology. The next BCSS is planned to be installed in a well in the Marlim Leste field, in the Campos Basin.

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.

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.