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Form 20-F ___X___ Form 40-F _______

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PETRÓLEO BRASILEIRO S.A. - PETROBRAS
Public Company

PRESS RELEASE

Analysis of the TUPI area

(Rio de Janeiro, November 08, 2007). – PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA, BCBA: APBR/APBRA], a Brazilian international energy company, today announced that it has concluded its analysis of the formation tests for the second well (1-RJS-646) in the area referred to as Tupi in Block BM-S-11, located in Santos Basin. Based on its analysis, Petrobras estimates volumes of recoverable light oil and natural gas for Tupi of between 5 and 8 billion barrels. The gravity of the oil is 28° API. Petrobras is the operator in the area and holds a 65% working interest, with the remaining interests held by BG Group (25%) and Petrogal - Galp Energia (10%).

Petrobras has also concluded its regional analysis of the potential of the Pre–Salt areas of the South and Southeast basins in Brazil. Once confirmed, the estimated volumes of recoverable oil and gas of the pre-salt rocks would significantly increase Brazil’s petroleum reserves, placing it among a select group of countries with substantial oil and natural gas reserves.

The wells that reached the Pre-Salt and have been tested by Petrobras demonstrated, until now, high productivity for light oil and natural gas. These wells are located in the Espírito Santo, Campos, and Santos basins.

The Pre-Salt rock consists of reservoir that is found under an extensive layer of salt, which extends from the state of Espirito Santo to the state of Santa Catarina. The formation is more than 800 kilometers long and up to 200 kilometers wide, and is located in ultra-deep waters of between 1,500 and 3,000 meters and burial between 3,000 and 4,000 meters.

     Almir Guilherme Barbassa
CFO and Investor Relations Director
Petróleo Brasileiro S.A. – Petrobras

www.petrobras.com.br/ri/english
Contacts: PETRÓLEO BRASILEIRO S. A. – PETROBRAS
Investor Relations Department
E-mail: petroinvest@petrobras.com.br / acionistas@petrobras.com.br
Av. República do Chile, 65 – 22^nd floor - 20031-912 - Rio de Janeiro, RJ I Tel.: 55 (21) 3224-1510 / 9947

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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