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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Share purchase in Petrobras Energía Perú

(Rio de Janeiro, December 21, 2007). – PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA, BCBA: APBR/APBRA], a Brazilian international energy company, announces that it has authorized its Petrobras International Braspetro – PIBBV subsidiary, located in The Netherlands, to purchase 40% of Petrobras Energía Perú S.A’s joint stock, of Petrobras Energia S.A.- PESA, for $423.3 million.

Petrobras Energía Perú S.A.’s joint stock belongs to Valores Internacional de España S.L which, in turn, is a subsidiary of Petrobras Energia S.A. (PESA), headquartered in Argentina. With the authorization, control over Petrobras Energia Perú S.A. is now shared by PESA (59.79%) and PIBBV (40%).

Petrobras Energía Perú S.A.’s main asset is the exploration of Lot X, in the Talara Basin, where it holds a 100% share, and the production of 15,000 barrels of oil equivalent per day. Petrobras Energía Perú S.A. also participates in five exploration lots that are still in their initial prospecting phase.

The resources obtained by Petrobras Energía S.A. will allow the execution of part of its strategic plan, which foresees boosting its investments in Argentina.

The operation was approved by Petrobras Energía S.A.’s Board, based on a favorable opinion issued by its Audit Committee, which took the opinions of two internationally-renowned independent evaluation companies into account.

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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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