Petróleo Brasileiro SA - Petrobras (BOVESPA:PETR4) has denied the sale of its assets in Argentina. Maria das Gracas Foster, President at Petrobras, told Brazilian senators that no decision had been made yet. La Nacion, Clarin and El Cronista, citing unnamed sources, reported that Petrobras had agreed on May 13, 2013 to sell 51% of Petrobras Argentina SA BASE:PESA) assets to Oil Combustibles SA. He added that while Petrobras was in talks over the future of its Petrobras Argentina, it had not yet made a decision. "(Petrobras Argentina) is in our divestment portfolio. The Petrobras board of directors has not taken any position. We are in talks with several Argentine companies. We have no deadline for taking a decision and we are not in a hurry," he said. Reuters added that a spokesman for Oil Combustibles did not directly confirm or deny the press reports, saying simply: "The negotiations with Petrobras are very advanced." Petrobras Argentina was not immediately available to comment.

Petrobras announced a new discovery in an area of the country's presalt zone that was granted to it by the government four years ago. The company said that it struck good quality oil in the Santos Basin in an area called Entorno de Iara located 235 km (146 miles) off the coast of Rio de Janeiro state in water depths of 2,266 meters (7,434 feet). The well was completed at a depth of 5,580 meters yielding wire test samples of 26° API gravity oil from carbonate reservoirs. Petrobras said that it plans to conduct a formation test and will drill an additional well in the area to evaluate the productivity of the oil-bearing reservoirs. Entorno de Iara is part of the exploration acreage referred to as the Transfer of Rights Area. During a corporate restructuring in 2010, Brazil's government granted Petrobras the rights to develop an estimated 5 billion boe from the Transfer of Rights Area in exchange for an increase in the government's shareholding in the company. Petrobras plans to spend $1.4 billion exploring the Transfer of Rights area over the next five years.

Petróleo Brasileiro SA - Petrobras announced earnings results for the full year of 2012. For the year, the company reported net income of BRL 20,894,905,121.60. The company provided capital expenditure guidance for the full year of 2013. Capital expenditure budget for fiscal year 2013, in the amount of BRL 66,920,847,184.00.