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Revision of the Invitations to Bid on the P-51 and P-52 Platforms

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(Rio de Janeiro, February 25, 2003). – PETROLEO BRASILEIRO S.A – Petrobras, (BOVESPA: PETR3 / PETR4, NYSE: PBR / PBRA, LATIBEX: XPBR / XPBRA), Brazil’s largest oil and gas, petrochemicals and energy company, announces that the Executive Board today aproved a revision of the bidding and contractual requirements of the invitations to bid on the P-51 and P-52 platforms, in order to include a minimum required level of local content, as follows:

COMPRESSION MODULES

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detailed engineering, construction and assembly of the modules to be executed entirely in Brazil;

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Minimum 75% (seventy five per cent) local content of contract specifications, by value, excluding the compressor motors.

GENERATION MODULES

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detailed engineering, construction and assembly of the modules to be executed entirely in Brazil;

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Minimum 75% (seventy five per cent) local content of contract specifications, by value, excluding the turbines.

EPC – HULL AND TOPSIDES

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detailed engineering, construction and assembly of the Topsides and integration with the finished unit to be executed entirely in Brazil;

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Minimum 60% (sixty per cent) local content of Topsides contract specifications, by value;

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as regards the hull, it is up to the bidding parties to define place of construction and percentage of local content.

The Board further decided :

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To set the deadline for presentation of proposals for, at the maximum, 60 ( sixty) consecutive days from the date of publication of the respective circulars;

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To extend the original contractual deadline for the EPC – Hull and Topsides for a further 60 (sixty) consecutive days;

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To determine that the Invitation to Bid for the Compression Modules be modified to conform to Decree 2.745, given the requirement that construction be executed in Brazil.

http://www.petrobras.com.br/ri/ingles

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Contacts:
Petróleo Brasileiro S.A - PETROBRAS
Investor Relations Department
Luciana Bastos de Freitas Rachid - Executive Manager
E-mail: petroinvest@petrobras.com.br
Av. República do Chile, 65 - 4th floor
20031-912 - Rio de Janeiro, RJ
(55-21) 2534-1510 / 2534-9947

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This document may contain forecasts that merely reflect the expectations of the Company's management. Such terms as "anticipate", "believe", "expect", "forecast", "intend", "plan", "project", "seek", "should", along with similar or analogous expressions, are used to identify such forecasts. These predictions evidently involve risks and uncertainties, whether foreseen or not by the Company. Therefore, the future results of operations may differ from current expectations, and readers must not base their expectations exclusively on the information presented herein.

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This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates offuture economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.

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