Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. 

Form 20-F ___X___ Form 40-F _______

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes _______ No___X____

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Important Gas and Condensate field discovered in the Pre-Salt layer

(Rio de Janeiro, January 21, 2008). – PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA, BCBA: APBR/APBRA], a Brazilian international energy company, announces that the consortium formed by Petrobras (80% - Operator) and Galp Energia (20%) to explore the block BM-S-24, in ultradeep Santos Basin waters, informs that the well 1-BRSA-559-RJS (1-RJS-652) has proved the existence of a large Natural Gas and Condensate field in the Santos Basin’s pre-salt layer. This pioneer well, called Jupiter, is at a final depth of 5,252 meters, 290 km off the coast of the state of Rio de Janeiro and 37 km east of the Tupi area, at a water depth of 2,187 meters (see the figure below).

The discovery was communicated to the ANP today, and is located in reservoirs at depths of some 5,100 meters. The hydrocarbon-bearing interval is more than 120 meters, and the area of this structure may be similar in dimension to that of the Tupi area.

The Consortium will proceed with the required activities and will make the investments necessary not only to check this new field’s dimensions, but also to determine the Natural Gas and Condensate-bearing reservoir characteristics by proposing a Discovery Assessment Plan, which is currently being elaborated and will be forwarded to the ANP as provided for in the Concession Agreement.

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www.petrobras.com.br/ri/english
Contacts: PETRÓLEO BRASILEIRO S. A. – PETROBRAS
Investor Relations Department I 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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