Petrobras Magazine

Letter to our readers

In this edition of Petrobras Magazine, you will read about how Petrobras has grown in Brazil and abroad, exhibiting its trademark throughout the world, and how the company’s concern with the environment and sustainability has increased as well.

In the “Engineering” section, you will learn about how the Petrobras offshore production will be increased with reduced costs thanks to an undertaking which will make Petrobras the first manufacturer in the world of mass-produced FPSO platform hulls. This is the Rio Grande dry dock complex, under construction in the Brazilian state of Rio Grande do Sul.

In the “International” section, the focus is Nigeria, more specifically the Niger River Delta, where Petrobras and its partners have started production of oil and gas in the giant Agbami field. The giant Akpo field will begin production in late 2008. The first exploratory well will be drilled in block OLP 315 in late 2008 or early 2009= and other innovations are yet to be announced. The Agbami and Akpo production alone will total around 70,000 bpd.

In “Marketing,” you will see how Petrobras, ever more daring, has arrived in Hollywood. This undertaking was made possible thanks to a marketing agreement signed with Warner Bros. and Village Roadshow Pictures, which gave Petrobras the right to exhibit its trademark in the Speed Racer movie, in the related videogame, and in promotional events for the release of the film.

The growth of Petrobras, in several areas, is in total harmony with the environment. You will read about this in the article on energy efficiency in the “Gas and Energy” section. The idea is to consume more energy in growth but to make this consumption efficient, reducing waste and losses and ensuring that the energy lost into the atmosphere is increasingly clean.

In this context, Petrobras strives to be an increasingly sustainable company. A recent example of this concern was the inauguration of the ecofriendly building of Petrobras University in Rio de Janeiro. The information about this is in the “Sustainability” section. The company’s booth at the World Petroleum Congress (WPC 2008), made totally of recycled material, eflected this position, in line with the theme of the event: “A World in Transition: Energy Supply in Support of Sustainable Growth.” More details are given in the “Exploration and Production” section.

The global climatic changes in progress and the initiatives to mitigate these changes are also on the Petrobras agenda, especially for the team that is part of the Intergovernmental Panel on Climate Change (IPCC) and shared the 2007 Nobel Peace Prize with the ex-vice-president of the United States, Al Gore. You will find out about this in the “Interview” section, where Paulo Cunha, a technical consultant of the Petrobras R&D center (CENPES) and an IPCC scientist, provides details about the prize and the Petrobras efforts to mitigate climate change and global warming.

Finally, in the “Environment” section, you will learn about how, thanks to an agreement signed between Petrobras and the Marine Animal Rehabilitation Center (CRAM), the company will contribute to the rescue, rehabilitation, and return to the sea of an average of 400 marine animals each year.

These are the topics of this edition. Pleasant reading!