Petrobras and Ecuador extend agreement

20/10/2008

Last Friday, in Quito, the government of Ecuador and Petrobras signed "Minutes of Understandings” to extend for one year, in the production concession system, their current agreement for Block 18.

In a year, the Ecuadorian government and Petrobras will decide whether they will sign a new agreement or if the Company will return the block to Ecuador in exchange for compensation for the non-depreciated part of the investments.

Petrobras press release