Rio, 9/212005 (Agência Brasil - ABr) - Yesterday Petrobras announced that its subsidiary, Petrobras America, had discovered a "high quality" natural gas well during its first drilling operation in the Gulf of Mexico in an area known as Garden Banks 244, at a depth of 640 meters.

A note from Petrobras reports that it owns 80% of the exploration block where the gas was found (the other 20% is owned by Mariner Energy) and intends to put the well into production at the beginning of 2007. Petrobras says it will invest US$1.5 billion in the Gulf of Mexico over the next five years.

At the moment, Petrobras is extracting some 2,000 barrels of oil and gas daily in the Gulf of Mexico, but it has vast exploration rights (in 121 exploration blocks and is the principal operator in another 31 exploration blocks) mostly in deep or ultra-deep water, where the corporation is a world leader in technology and experience.

At the moment, in its international operations, Petrobras extracts some 260,000 barrels of oil and gas daily, mostly in Argentina and Venezuela.

Translator: Allen Bennett