Last Thursday (Nov. 6), during a formal ceremony held in Lima, we completed the sale of 100% of the shares of our wholly-owned subsidiary Petrobras Energia Peru (PEP) to the China National Petroleum Corporation - CNPC for the sum of $2.6 billion. The sale was finalized with a cash payment of $2.2 billion to Petrobras, after the deduction of the due tax and the meeting of all of the conditions set down in the contract that was signed on November 13, 2013.

The transaction included: 100% of Lot X, a mature field that produced 13,000 barrels of oil equivalent per day in 2013; a 46.16% stake in Lot 57, an operational field producing natural gas and condensate, operated by partner Repsol; and 100% of Lot 58, an exploration block close to Lot 57, where significant discoveries of natural gas and condensate have recently been made.

We had operations in Peru for 10 years, with notable performance in exploration and production, having applied our technical knowledge and experience to discovery, development and production in Lots X, 57 and 58, thereby contributing to the growth of the oil and gas industry in that country.

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.

About CNPC

CNPC is China's largest oil and gas producer and supplier, as well as one of the world's major oilfield service providers and a globally reputed contractor in engineering construction. With a presence in almost 70 countries, we are seeking an even greater international role. We provide energy in a profitable manner, and always attach great importance to our social and environmental responsibilities.