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Petrobras at a Glance
Eduardo A. Molinari
March, 2009
Disclaimer
The presentation may contain forecasts about future events. Suchforecasts merely reflect the expectations of the Company's management. Such terms as "anticipate", "believe", "expect", "forecast", "intend", "plan", "project", "seek", "should", alongwith similar or analogous expressions, are used to identify suchforecasts. 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. The Company is not obliged to update the presentation/such forecasts in light of new information or future developments.
Cautionary Statement for US investors:The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this presentation, such as oil and gas resources, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC.
2.62.6
Investment Plan by Business Segment2009-2013
US$ 174.4 billion
1.5
25%
2%2%
7%3%
2%
59%
E&P
RTC
G&E
Petrochemicals
Biofuels
Distribution
Corporate
104.6 (*)43.4
11.8
5.63.0
2.83.2
(*) US$ 17.0 billion in Exploration
E&P CAPEX 2009/13 : US$ 104.6 billion E&P CAPEX 2009/13 : US$ 104.6 billion
E&P Business Plan 2009-2013
13%
18%
57%
12%
Exploration
Santos Pre salt
Production Development
International
59.9
18.6
13.812.6
Petrobras Total Production (000 b/d)
8.8% p.y.2,4002,3082,3052,2232,0272,042
1,8121,637
5.6% p.y.
5,729
3,655
2,757
7.5% p.y.
25
WITH SIGNIFICANT UPSIDE POTENTIAL
1.335 1.500 1.540 1.493 1.684 1.778 1.792 1.855 2.0502.680
3.920
232252 251 265
274 277 273 321463
634
1.177
161 168163 142 126 124
142
210
409
131
223
3544
10310010910196
94852324
2001 2002 2003 2004 2005 2006 2007 2008 2009 2013 2020
Oil production ‐ Brazi l Ga s producti on ‐ Bra zil Oil Product ‐ Internationa l Ga s Product ‐ Inte rna ti onal
ESTIMATED OIL PRODUCTION IN BRAZIL
PETROBRAS DOMESTIC PRODUCTION (thousand bpd)
Out of the 824 k bpd in domestic production growth up to 2013, 566 k bpd will come from fields where we have already declared commerciality
2008 2009 2013 2015 2020
L ight Oil ≤ 31º AP I Medium O il Heavy Oil ≥ 22º API
1,855
2,6803,340
3,920
2,050
In the Business Plan 2008‐2012, the domestic oil target for 2015 was 2,812 k bpd. The new target represents an increase of 19% (+528 k bpd)
The biggest contribution in the domestic production growth of 1,240 k bpd between 2013 and 2020 will come from pre salt production
08
1414
1212
1010
88
66
44
22
00
Onshore
60 62 64 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 0604
Billion boe1414
1212
1010
88
66
44
22
00
13.92
Shallow water (0 - 300 m)Deepwater (> 300m)
11.01
3.8
9.3
6.0
14.09
Oil and Gas Proven Reserves (SPE)
Accumulated hydrocarbon production until Dec/2008: 12.26 billion boe
Overview of Domestic E&POverview of Domestic E&PReserves (at December 31, 2008)• Proven reserves of 14.09 billion boe
(SPE) or 10.27 billion boe (SEC)• Reserve life of 18.9 years (SPE) and
13.8 (SEC)• Internal Reserve Replacement of
123% (SPE) and 27% (SEC)
Production (2008)• 2,176 thousand boed (1,855 thousand
bpd oil)• 5-year CAGR of 5.6% (5.9% oil)
Lifting Cost• US$ 9.26/boe (2008)Exploratory Area (2008)• 155.0 thousand km² (Petrobras +
Partners)• 256 thousand km² (Other Companies)Total: 411 thousand km².
Number of Concessions in BrazilNumber of Concessions in Brazil
Explor Contracts 77 109 186 154 340
Evaluation Plans 15 20 35 0 35
Production 282 27 309 38 347
374 156 722Total 530 192
Concessions Total Brazil100%
W.I Parnerships TotalOther
Companies
Petrobras Concessions
Explor Contracts 77 109 186 154 340
Evaluation Plans 15 20 35 0 35
Production 282 27 309 38 347
374 156 722Total 530 192
Concessions Total Brazil100%
W.I Parnerships TotalOther
Companies
Petrobras Concessions
Tupi PilotFPSO Cidade de Angra dos Reis
100,000 bpd
Tupi PilotFPSO Cidade de Angra dos Reis
100,000 bpd
FPSO Frade100,000 bpdFPSO Frade100,000 bpd
2,680
2,580
2,430
2,250
2,050
1,855
1400
1600
1800
2000
2200
2400
2600
2800
2008 2009 2010 2011 2012 2013
Parque das Conchas
FPSO Espírito Santo
100,000 bpd
Parque das Conchas
FPSO Espírito Santo
100,000 bpd
Marlim SulModule 2SS P-51
180,000 bpdJan/24/09
Marlim SulModule 2SS P-51
180,000 bpdJan/24/09
Marlim LesteFPSO Cidade de
Niterói100,000 bpdFeb/26/09
Marlim LesteFPSO Cidade de
Niterói100,000 bpdFeb/26/09
Thousand bpd
Marlim Sul
SS P-56Module 3
100,000 bpd
Marlim Sul
SS P-56Module 3
100,000 bpd
JubarteFPSO P-57180,000 bpd
JubarteFPSO P-57180,000 bpd
Major Oil Projects
Tupi TLDFPSO BW Cidade
de S.Vicente30,000 bpd
Tupi TLDFPSO BW Cidade
de S.Vicente30,000 bpd
Cachalote andBaleia Franca
FPSO Capixaba100,000 bpd
Cachalote andBaleia Franca
FPSO Capixaba100,000 bpd
Roncador FPSO P-62Module 4
100,000 bpd
Roncador FPSO P-62Module 4
100,000 bpd
Marlim LesteFPU P-53
180,000 bpdNov/30/08
Marlim LesteFPU P-53
180,000 bpdNov/30/08
CachaloteFPSO Seillean
25,000 bpdDec/16/08
CachaloteFPSO Seillean
25,000 bpdDec/16/08
Roncador SS P-55Module 3
180,000 bpd
Roncador SS P-55Module 3
180,000 bpd
Papa-Terra TLWP P-61 &FPSO P-63150,000 bpd
Papa-Terra TLWP P-61 &FPSO P-63150,000 bpd
Guará 1 PilotFPSO
100,000 bpd
Guará 1 PilotFPSO
100,000 bpd
Anticipation ofBaleia Azul
FPSO Espadarte
100,000 bpd
Anticipation ofBaleia Azul
FPSO Espadarte
100,000 bpd
PN 2009-2013
BadejoFPSO Cidade Rio
das Ostras15,000 bpdMar/31/08
BadejoFPSO Cidade Rio
das Ostras15,000 bpdMar/31/08
Pre-salt Projects
PLATAFORM / FIELD CAPACITY FIRST OIL PRODUCTION (*) (bpd)
NUMBER OF WELLS
CONNECTED
NUMBER OF WELLS
PLANNED
P-53 / Marlim Leste180 k bpd6.0 million m3/d 11/30/2008 48,375 3 producers 13 producers and
8 injectors
P-51 / Marlim Sul 180 k bpd6.0 million m3/d
01/24/2009 45,909 2 producers and 1 injector
10 producers and9 injectors
FPSO Cidade de Niterói / /Marlim Leste
100 k bpd3.5 million m3/d
02/26/2009 32,940 1 producer9 oil producers
and1 gas producer
STATUS OF RECENT PRODUCTION UNITS
P-51 P-53 FPSO Cidade de Niterói
* Em 03/02/2009
71717167
50
33
0
10
20
30
40
50
60
70
80
2008 2009 2010 2011 2012 2013
Marlim LesteFPSO
Cidade NiteróiFeb/26/09
Marlim LesteFPSO
Cidade NiteróiFeb/26/09
LagostaLagosta
Parque das Conchas
FPSO Espírito Santo
Parque das Conchas
FPSO Espírito Santo
Marlim LesteFPU P-53Nov/30/08
Marlim LesteFPU P-53Nov/30/08
Marlim SulModule 2SS P-51
Jan/24/09
Marlim SulModule 2SS P-51
Jan/24/09
Marlim SulModule 3 SS P-56
Marlim SulModule 3 SS P-56
PeroáPhase 2
Jan/28/08
PeroáPhase 2
Jan/28/08
CanapuCanapu
MexilhãoPMXL 1
MexilhãoPMXL 1
Uruguá/TambaúFPSO
Cidade de Santos
Uruguá/TambaúFPSO
Cidade de SantosCamarupim
FPSOSão Mateus
CamarupimFPSO
São Mateus
Tupi PilotFPSO Cidade deAngra dos Reis
Tupi PilotFPSO Cidade deAngra dos Reis Jubarte
FPSO P-57
Jubarte
FPSO P-57Cachaloteand Baleia
FrancaFPSO Capixaba
100,000 bpd
Cachaloteand Baleia
FrancaFPSO Capixaba
100,000 bpd
RoncadorMódulo 4
FPSO P-62
RoncadorMódulo 4
FPSO P-62
Manatiexpansion
Manatiexpansion
Juruá/AraracangaJuruá/Araracanga
Anticipation ofBaleia Azul
FPSO Espadarte
Anticipation ofBaleia Azul
FPSO Espadarte
Guará 1 Pilot
FPSO
Guará 1 Pilot
FPSO
RoncadorModule 3 SS P-55
RoncadorModule 3 SS P-55
Domestic Natural Gas Supply Curve
Million m3/day
Associated Gas
Non Associated Gas
PN 2009-2013
FPSO FradeFPSO Frade
Papa-Terra TLWP P-61 and
FPSO P-63
Papa-Terra TLWP P-61 and
FPSO P-63
Pre-Salt Projects
Domestic E&PDomestic E&P
Pre-Salt Overview
Wells drilled
Santos
Whale’s Park
The pre salt province: a new era for Petrobras
Wells tested
FieldsExploratory blocksPre salt
Total area of the Province: 112,000 km2Area under concession: 41,000 km2 (38%)Area not under concession: 71,000 km2 (62%)Area with Petrobras interest: 35,000 km2 (31%)
Pre-salt discoveries in the Campos Basin(Espírito Santo State)
Pre-salt discoveries in the Campos Basin(Espírito Santo State)
GaseneGasene
77 km
Catuá
Jubarte
Cachalote
Ostra
Abalone
Argonauta
Náutil usFranca
Azul
Anã
Pirambú
Caxar éuMangangá
20 km
N
S
4-ESS-149 1-ESS-122
1-ESS-116
3-ESS-110HPA
4-ESS-135
1-ESS-119
BLA
BAZ
CTU
1-ESS-125
3-ESS-175
1-ESS-103
6-CHT-4
4-ESS-172
4-ESS-172-ES 4-ESS-175-ES
1-ESS-103A-ESJUB
BFR
CHT
MGG
NAU
PRB
CXR
Well tests showed high productivity in the pre-salt reservoirs.
Tupi and Neighbouring Blocks
BM-S-17
BM-S-42
BM-S-42
133 km
166 km
PMXL
22 km
290 km
200 km
BM-S-22(OGUM)
BM-S-24(JÚPITER)
BM-S-11(TUPI)
BM-S-11(I AR A)
BM-S-10(PAR ATI)
BM-S-21 (C AR AMB A)
BM-S-8(BEM-TE-VI) BM-S-9
(C ARIOC A)BM-S-9
(GU AR Á)
Iara 3 to 4 billion boe
Tupi 5 to 8 billion boe
Consortia for Pre-salt blocks inthe Santos Basin
1 block 100% Petrobras
8 blocks with partners, Petrobras operates
1 block as non-operating partner
BR (60%), BG (40%)BM-S-52
BR ((60%), BG (20%), REPSOL (20%)BM-S-50
BR (80%), PETROGAL (20%)BM-S-24
ESSO (40%), AMERADA (40%), BR (20%)BM-S-22
BR (80%), PETROGAL (20%)BM-S-21
BR (100%)BM-S-17
BR (65%), BF (25%), PETROGAL (10%)BM-S-11
BR (65%), BG (25%), PARTEX (10%)BM-S-10
BR (45%), BG (30%), REPSOL(25%)BM-S-9
BR (66%), SHELL (20%), PETROGAL (14%)BM-S-8
ConsortiumBlock
8731,183160
463
632
157 422
62
2013 2015 2017 2020
Pre‐Salt Petrobras Pre‐salt Partners
PRE‐SALT OIL PRODUCTION
Petrobras Pre‐salt Oil Production (000 b/d)
2009-2013 2009 -2020
Petrobras Total Pre-salt Capex (Production Development) 28.9 111.4
Santos Basin 18.6 98.8 Espírito Santo Basin 10.3 12.6
Petrobras Pre‐salt Capex Through 2020
219
1,336
1,815
582
Next Steps in TupiNext Steps in Tupi
Domestic E&PDomestic E&P
DRILLWELL P1
Wather Depth: 2,200m
PHASE 1WELL 3-RJS-646
6 MONTHS
6 “ PRODUCTION4” SERVICE
EHU6“ PRODUCTION
4” SERVICEEHU PHASE 3
WELL 3-RJS-6463 MONTHS
LINERELOCATION
PHASE 2WELL P1
6 MONTHS
• Capacity: 30,000 bpd• Test Duration: 15 months• API: 28-42o
FPSO BW Cidade de São Vicente
1st Oil: May/2009
Extended Well Test inTupi
Tupi EWT – Picture
PoçosProdutores
Tupi Pilot System – Production Unit
First Oil: December/2010
CAPACITIES
Water Depth 2,140 m
Capacity 100,000 bpd
Gas Capacity 5 million m³/d
Water InjectionWater Production
100 thousand bpd90 thousand bpd
API 20 – 30 º API
Wells5 Oil Producers (+4 spares)
2 Water Injectors (+3 spares)1 Gas Injector (+1 spare)
N
Production PilotMain goal: investigate recovery mechanisms and well geometries.CO2 will be separated and reinjected in the reservoir.
Pilot Project Scope
LEGEND
PIPELINE
WATER
OILGAS INJECTION
UTGCA
UGNRPBC
TEFRAN
TUPI Area
URG
PMXL
PMLZ-1
170 Km
248 Km
212 Km
145 Km
To service the Pilot
Gas Pipeline Network for the TupiPilot, Uruguá and Tambaú Fields
PlannedExisting
Under Construction
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