The early production system of the Búzios field, located in the Santos Basin pre-salt cluster, went into operation last Tuesday (Mar. 10). This is the first large-scale, long-term production in the Transfer of Rights area. Production will take place by means of the Dynamic Producer platform vessel, which is interconnected to well 2-ANP-1-RJS, and its average production will be restricted to 15,000 barrels of oil per day due to gas use limitations.

We intend to produce through this early system for six months. This time will be used to obtain essential information to optimize the first definitive production system for the field, which will use platform P-74, currently in its final stage of conversion at the Inhaúma shipyard, in Rio de Janeiro.

The Búzios well is located some 200 kilometers off the coast of Rio de Janeiro, at a water depth of 1,600 to 2,100 meters. We announced its declaration of commerciality in December 2013.

About the Transfer of Rights

The Transfer of Rights is an onerous contract that we signed with the Union for a number of areas and fields located in the Santos Basin pre-salt cluster. As permitted by law, this contract authorized us to undertake, by making the payment due to the Union, research and oil and natural gas production activities in these areas, up to the limit of 5 billion barrels of oil equivalent (oil and gas).

About Petrobras

We have upwards of 100 production platforms, 16 refineries, 30,000 kilometers of pipelines and more than 6,000 service stations. Our proved reserves are around 14 billion barrels of oil, a figure expected to double in the next few years. With the discovery of oil and gas in the pre-salt region, Brazil may become the world's fourth biggest oil producer in 2030.

We have built a track record of overcoming challenges since 1953, when the company was created. The main one was developing technology to explore and produce oil in deep and ultra-deep waters, where upwards of 90% of our reserves are nestled. With innovation and daringness, we are now the Brazilian company that makes the applies for the most patents in Brazil and abroad.