ONGC and Petrobras announce swap agreements and entry of Petrobras in India 04 June, 2007 Press Release Oil and Natural Gas Corporation Ltd. (ONGC), the numero uno E&P company of India, and Petroleo Brasileiro SA (Petrobras), the Brazilian Oil Major, today announced that they have reached agreement on swapping of interests in offshore blocks in India and Brazil. This announcement marks an increased presence of ONGC Videsh Limited’s (OVL) presence in Brazil and the entry of Petrobras into India. The agreement was signed today by Mr. R S Sharma, Chairman, ONGC Group of companies, Mr. R S Butola, CEO of ONGC Videsh Ltd. (OVL) and Mr. Jose Sergio Gabrielli De Azevedo, President of Board of Directors of Petrobras, in the presence of Hon’ble Prime Minister of India Dr. Manmohan Singh and the visiting Brasilian President HE Luiz Inácio Lula da Silva, at the Hyderabad House in New Delhi. Speaking on the development, Mr. Jose Sergio Gabrielli De Azevedo, President and CEO of Petrobras said, “India was always a strategic country for us. We are extremely pleased at the development. The nature of this deal emphasizes the strength of our relationship with ONGC and our belief in the Indian story.” Mr. Butola signatory to the Agreement said, “Brazil is an important element of our global growth strategy. We believe that an increased interest in the area is attractive and re-confirms our commitment to growth in Brazil.” Earlier, Petrobras had accommodated OVL by waiving its right of pre emption in the offshore block BC-10 in favor of OVL and a 15 per cent interest in the block was transferred to OVL. Thereafter, the companies had entered into a MoU to jointly participate in the oil and gas exploration in Brazil, India and third countries. Today’s agreement is a first step towards the strategic partnership. Mr. Sharma said, "This agreement is the culmination of the MoU that we had signed with Petrobras in September 2006 in Brasilia, which has been very fruitful. We are extremely pleased to join hands with Petrobras as it broadens our portfolio in Latin America. We look forward to partnering with Petrobras, one of the most renowned companies in deepwater operations. We strongly believe that the expertise of Petrobras in Deepwaters will be utilized in the development of our offshore blocks in India.”