Jefferies 2012 Global Energy Conference · Jefferies 2012 Global Energy Conference Pedro Augusto...

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Jefferies 2012 Global Energy Conference

Pedro Augusto BonesioPetrobras America CFO

November 2012

2

Disclaimer

The presentation may contain forward-looking statements aboutfuture events within the meaning of Section 27A of the Securities Actof 1933, as amended, and Section 21E of the Securities Exchange Actof 1934, as amended, that are not based on historical facts and arenot assurances of future results. Such forward-looking statementsmerely reflect the Company’s current views and estimates of futureeconomic circumstances, industry conditions, companyperformance and financial results. Such terms as "anticipate","believe", "expect", "forecast", "intend", "plan", "project", "seek","should", along with similar or analogous expressions, are used toidentify such forward-looking statements. Readers are cautioned thatthese statements are only projections and may differ materially fromactual future results or events. Readers are referred to thedocuments filed by the Company with the SEC, specifically theCompany’s most recent Annual Report on Form 20-F, which identifyimportant risk factors that could cause actual results to differ fromthose contained in the forward-looking statements, including, amongother things, risks relating to general economic and businessconditions, including crude oil and other commodity prices, refiningmargins and prevailing exchange rates, uncertainties inherent inmaking estimates of our oil and gas reserves including recentlydiscovered oil and gas reserves, international and Brazilian political,economic and social developments, receipt of governmentalapprovals and licenses and our ability to obtain financing.

We undertake no obligation to publicly update or revise anyforward-looking statements, whether as a result of newinformation or future events or for any other reason. Figuresfor 2012 on are estimates or targets.

All forward-looking statements are expressly qualified intheir entirety by this cautionary statement, and you shouldnot place reliance on any forward-looking statementcontained in this presentation.

NON-SEC COMPLIANT OIL AND GAS RESERVES:

CAUTIONARY STATEMENT FOR US INVESTORS

We present certain data in this presentation, such as oil andgas resources, that we are not permitted to present indocuments filed with the United States Securities andExchange Commission (SEC) under new Subpart 1200 toRegulation S-K because such terms do not qualify as proved,probable or possible reserves under Rule 4-10(a) ofRegulation S-X.

FORWARD-LOOKING STATEMENTS

PETROBRAS TODAYFully integrated across the hydrocarbon chain

15,71 billion boe

Shallow Water(0-300m)8%

Ultra-Deep Water(>1,500m)34%

Deep Water(300-1,500m)50%

Onshore8%

• 2.4 mm boed production

• 494 Concession Areas

• 303 production fields

• 90% of Brazilian production

• 20% of global DW and UDW

production

Exploration and Production

• 12 refineries (Brazil)

• 2.0 mm bpd refining capacity

• 11.2 mty materials nominal

capacity

Downstream

• 7,485 service stations

• 39.2% share of distribution

volume

• 20% share of service stations

Distribution

• 9,251 km of pipelines

• Participation in 21 of the 27

gas discos in Brazil

• 5,806 MW of generation

capacity

Gas and Power

• 28 countries

• 0.7 Bn boe of 1P(SPE)

• 245 th. boed production

• 231 th. bpd refining capacity

• Petrochemicals, Gas & Power

activities

International

• 3 new Biodiesel Plants

• Ethanol: Opening new

markets

• Largest domestic producer of

biodiesel

• 3rd producer of Ethanol in

Brazil

Biofuels

35.4

19.3

30.6

43.4

-1.6

11.0

4.1

-6.9-0.2

0.9

1.4

3.6

1.4

1.1

1.3

1.3

0.2

1.1

2.1

3.0

E&P RTM* G&P Distribution International

2008 2009 2010 2011(3) (3)(2) (2)

(1) Excludes Corporate and Elimination (2) Adjusted according average exchange rate (3) IFRS USD

Adjusted EBITDA per Segment (US$ bn) (1) 2011 Proven Reserves (SPE Criteria) - Brazil

3


COMPTETITIVE ADVANTAGESUniquely positioned to integrate upstream and downstream operations

• Leader in deep-water production, with access to abundant oil reserves

• New exploratory frontier, adjacent to existing operations

• Dominant position in growing market, far from other refining centers

•Balance and integration between production, refining and demand

• Fully developed infrastructure for processing and transfporting gas

• Integration accross full energy and hydrocarbon chain in Brazil

Exploration & Production Downstream Gas & Power/ Biofuels/Petrochemicals

Abundant reserves 300 km away from the market

4


-

5,000

10,000

15,000

20,000

25,000

30,000

Onshore 0-300m 300-1500m > 1500m Pre-salt's Recovery Volume Transfer of Rights

* Lula/Iracema, Iara, Guará and Whales Park, ranging from 7.3 to 8.5 Billion boe

RESERVES AND RECOVERABLE VOLUMESRapid growth in reserves from discoveries in deep waters

Million boe

GaroupaNamorado

Marlim

Roncador

Whales Park, Mexilhão

Pre-salt: Lula andIracema

15,70 Bi boe

CarmópolisGuaricema

Pre-salt: Sapinhoá

Shallow-water

Proved Reserves – SPE criteria

5


95% 69% 42%

5%30%

28%1%

19%

12%

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Post-salt Pre-salt (Concession) Transfer of Rights New Discoveries*

PRODUCTION CURVE IN BRAZIL - OIL AND LNGPost-Salt, Pre-Salt and Transfer of Rights

Tho

usan

ds b

pd

Production Curve in Brazil – Oil and LNG Production

(*) Includes new opportunities in blocks where discoveries have already been found

2014

Norte Pq. Baleias (P-58)

Roncador IV (P-62)

Sapinhoá Norte (Cid. Ilhabela)

Iracema Sul(Cid. Mangaratiba)

2016

Lula Alto

Lula Central

Lula Sul

Franco 1

Carioca 1

Lula Norte

Franco 2

2012

Baleia Azul(Cid. Anchieta)

Baúna e Piracaba(Cid. Itajaí)

2013

Piloto Sapinhoá(Cid. São Paulo)

Piloto Lula NE (Cid. Paraty)

Papa-Terra (P-61 e P-63)

Roncador III (P-55)

2015

Iracema Norte

2017

Lula Ext. Sul

Iara Horst

NE Tupi

Carimbé

Aruanã

Iara NW

Franco 3

2018

Franco 4

Sul de Guará

Júpiter

Carcará

Sul Pq. Baleias

Franco 5

Espadarte I

2020

Espadarte III

Florim

2019

Maromba

Bonito

Entorno de Iara

2,022

2,500

4,200

Stable Prod. (± 2%) 4-6% p.y. Growth

6


Project Capacity 1st Oil HullTop Side /Integration

Local Content

Commit. Target

Baleia AzulFPSO Cid. Anchieta

100 kbpd Sep/2012 ExistingSBM

Cingapura0% 44%

Baúna and PiracabaFPSO Cid. Itajaí

80 kbpd Dec/2012Jurong

CingapuraOdebrecht and Teekay

Cingapura60% 81%

Sapinhoá Pilot FPSO Cid. São Paulo

120 kbpd Jan/2013Cosco Shipyard

ChinaSchahin/Modec

Brasfels30% 50%

Lula NE Pilot FPSO Cid. Paraty

120 kbpd May/2013Keppel Shipyard

CingapuraQGOG/SBMBrasfels

30% 30%

Papa-TerraP-63

140 kbpd July/2013Cosco Shipyard

ChinaQuip

Rio Grande0% 65%

Roncador Module III P-55

180 kbpd Sep/2013EASBrasil

QuipRio Grande

0% 65%

Papa-TerraP-61

NaturalGas

Oct/2013FloatecBrasfels

FloatecBrasfels

0% 65%

Parque das BaleiasP-58

180 kbpd Jan/2014Queiróz GalvãoRio Grande

Queiróz GalvãoRio Grande

0% 58%

Roncador Module IV P-62

180 kbpd Mar/2014Camargo Corrêa/IESA

EASCamargo Corrêa/IESA

EAS0% 65%

Sapinhoá Norte FPSO Cid. Ilhabela

150 kbpd Sep/2014QGOG/SBM

ChinaQGOG/SBMSBM/BRASA

30% 47%

Lula - Iracema SulFPSO Cid. Mangaratiba

150 kbpd Nov/2014Cosco Shipyard

ChinaNot define 30% 47%

NEW PRODUCTION UNITS - 2012-2014New platforms built domestically and abroad will contribute to production

* Note: “FPSO Cid. XX” = Leased / “P-XX” = Owned 7


PRE-SALTShaded area represents the defined boundaries

8

• Total area of the Province : 149,000 km2

• Area under concession : 45,615 km2 (30,6%)• Area not under concession : 103,385 km2 (69,4%)• Area with Petrobras interest : 39,615 km2 (26,6%)

Petrobras - Exploration

Petrobras/Partners - Exploration

Petrobras - Production

Evaluation Plan

Transfer of Rights

15 biggest producing fields in Campos Basin: ~5,300 km2

6 blocks in Santos Pre-salt (BR operator): ~9,800 km2

3 biggest producing fields in Campos Basin: 1,539 km2

Lula field in Santos Basin: 1,523 km2

ANP data

8


FPSO Cidade de Anchieta – Baleia Azul

Operating since sep/10/12Production Ramp up(bpd)

Sep/12 29,700

Oct/12 52,185

Nov/12 52,185

Dec/12 72,000

Peak (100 kbpd): Feb/13

Interconnection of Producing Wells

1st Well sep/10/12

2nd Well sep/21/12

3rd Well sep/26/12

4th Well nov/12/12

5th Well nov/13/12

Local Content - Mandatory: 0% / Forecast Accomplishment : 44%


Cópia 001

Confidencial

UO-BSPlatforms: 6Production: 85 mbpd

Other UO’s

UO-BC Assets

Transfer of Rights

PROEF – UO-BC(Program to recover operational efficiency in Campos Basin Op. Unit )

2008 2009 2010 2011 2012 2013 2014 2015 2016

9088

81

7674

7171

80

8889

PROEF Targets

Opperational Efficiency(%

)

UO-SULPlatform: 1Production: 24 mbpd

UO-BCPlatforms: 29Production: 452 mbpd

UO-ESPlatforms: 7Production: 259 mbpd

UO-RIOPlatforms: 13Production: 866 mbpd


173 E&P Blocks (9 shelf, 164 deepwater); 127 Operated by Petrobras (March, 2012)

(122 Exploration Blocks , with total area close to 3,000 km2)

Petrobras Exploration in GoM deepwaters

Outstanding 2001-2011 Exploration Results:* Exploration Wells: 33 drilled wells; 22 discoveries (67%)

* Wildcat Wells: 19 drilled wells; 11 discoveries (58%)

Miocene Play

Lower Tertiary Play

Discoveries under Development or Appraisal

Production assets

Petrobras’ blocks in the GoM

Petrobras’ next Exploration Drilling Wildcat Wells

Pliocene Play

Tiber

Cascade

ChinookStones

St.Malo

Logan

Urca

Gila OlympicIpanema

Enterprise

Lucius

Hadrian NorthHadrian South


This image

currently be displayed.

CASCADE AND CHINOOK Main Highlights

1. First FPSO in the US Gulf of Mexico.

2. Deepest floating production system

(8,200 ft).

3. First use of Purpose-built Jones Act

shuttle tankers in the US.

4. First pull-in of umbilicals using subsea

winch operated by ROV’s.

5. Deepest and highest pressure rated free

standing hybrid risers (8,200 ft at 10,000

psi).

6. Deepest pipe-in-pipe flowline (8,800 ft).

7. Deepest subsea boosting system

(8,800ft).

8. Deepest gas export pipeline (8,200 ft).

9. First single trip multi-zone – Frac Pack

System application (3 zones) in deep

wells (27,000 ft).


Local Content/Suppliers


BRAZIL LEADERSHIP Offshore discoveries create growing need for local industry

Source:

Industry recognition that Brazil is leading the world in offshore discoveries

14

Cumulative Global Deepwater Reserves Discovered (2P)


PETROBRAS LEADERSHIP IN OFFSHORE PROJECTSPetrobras dominates demand for new offshore equipment

Global Offshore Projects

0 5 10 15 20 25 30 35

Outros

HESS

GAZPROM

STATOIL

EXXONMOBIL

ENI

TOTAL

BP

CHEVRON

SHELL

PETROBRAS

FLNG

FPSO

SEMI

SPAR

TLP

Outros

Petrobras: Dominant position in the global offshore industry

Source: PFC Energy Service Sector team, Jun/2012

Note: Includes offshore projects in conceptual phase, FEED, under bidding or under construction

• An increase in global

offshore capacity is

necessary to meet

Petrobras’ demands

• Constructions in Brazil:

scale gains and

standardizationOTHERS

Others


BrasFels Shipyard - RJ

1

2

3

Cid. São PauloCid. ParatyP-61

View of BrasFels Shipyard, in Angra dos Reis – RJ (08//3112).(1) P-61 (LC:65%): Construction of the HULL of the TLWP and integration of TOPSIDE (deckbox and modules constructed in Singapore). (2) FPSO Cidade de São Paulo (LC:65%): Conversion of the HULL in China and integration of 15 modules, constructed in Brasfels (5 mod), Enaval (1 mod), Thailand (8 mod) and China (2

mod). (3) FPSO Cidade de Paraty (LC:65%): Conversion of the HULL and integration of 15 modules constructed in (5), Nuclep (4), Enaval (2) and Singapore (4).

4.200

2.500

2,022

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Cid. São Paulo

Cid. Paraty

P-61

Current Jobs: 7,000


0

10

20

30

40

50

60

70

80

90

100

Jan-09

Apr-09

Jul-0

9

Oct-09

Jan-10

Apr-10

Jul-1

0

Oct-10

Jan-11

Apr-11

Jul-1

1

Oct-11

Jan-12

Apr-12

Jul-1

2

Oct-12

Jan-13

Apr-13

Jul-1

3

Oct-13

Jan-14

Apr-14

Jul-1

4

Oct-14

Jan-15

Apr-15

Jul-1

5

Oct-15

% Accrued

Baseline Baseline - BP 12-16 Accomplished Forecast

Entrada em Operação

Projetada: Jan/13

Entrada em Operação EVTE: Dez/12

1

2

3

4

FPSO Cidade de São Paulo – Sapinhoá Pilot (1st Oil: Jan/13)

IMPLEMENTATION LANDMARKS:

1 – Beginning of Construction of the 1st Well

2 – Production Unit (PU) in the Site

3 – 1stWell Interconnection Start

4 – Last Well Interconection

Start-Up Forecast:Jan/13

Start-Up EVTE: Dec/12

Source: Petrobras.

PHYSICAL PROGRESS OF THE PROJECT – S CURVE


18

Atlântico Sul Shipyard – PE

Atântico Sul Shipyard (Ipojuca-PE): Construction of Zumbi dos Palmares ship in drydock and integration of the P-62 on the dock of the shipyard (08.29.12).(1) P-62: Integration of the FPSO to 15 modules, including 3 built in EAS, 7 in the UTC and 5 in the Nuclep construction sites.(2) SHIP Zumbi dos Palmares of Suezmax (2nd ship of PROMEF 1) in drydock, (3) Panel manufacturing workshops and pre-assembly of blocks; (4) Future area for construction of 6 Setebrasil drilling rigs; (5) Future area for Promar Shipyard, responsible for the construction of 8 gas tankers for Promef Phase 2.

1

2

3

4

5


Rio Grande Shipyard – ERG1 - RS

View of Rio Grande Shipyard ERG1 – RS (09/03/12).(1) Steel plates of Ecovix; (2) Sub-blocks of the Hulls of the replicants of Ecovix; (3) QUIP modules for Topside and integration of P-55; (4) Modules of the IESA; (5) Pre edification area , with details for the yellow blocks of the Goliath crane type of the Konecranes (biggest crane in the world: 210m high and capacity of 2 thousand ton) delivered in Aug/12; (6)Work integration of P-55; (7)Work construction of Rio Grande Shipyard ERG 2, where will be constructed 3 Drilling Rigs of Setebrasil (NS Cassino, NS Curumim e NS Salinas)

1

2

3

3

4

5

6

7

P-55

P-69

P-66

P-67

P-68

P-70

P-71

P-72

P-73

Empregos Atuais: 3.500

4.200

2.500

2,022

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

P-66

P-67

P-68

P-69

P-55

P-70

P-71

P-73

Current Jobs: 3,500


ATTRACTING TECHNOLOGICAL CENTERS TO BRAZIL Goods and Services Suppliers

50 Thematic Networks, 120 Universities and Research Centers

At the UFRJ technological complex, 9 R&D centers are already in construction/operation:

Other Companies with development plans fortechnological centers in Brazil:

• Weatherford

• Wellstream

• FMC Technologies

• Usiminas

• TenarisConfab

• Siemens

• Schlumberger

• Baker Hughes

• General Electric

• Halliburton

• Vallourec & Mannesman

• Cameron

• IBM

Source: Petrobras

CENPES Expansion (Mar/2012)

• Technip

Goods and Services Suppliers: Offshore Companies instaling in Brazil

� NKT Flexibles, Grupo Technip, Wellstream, Prysmian and Butting (Submarines Pipes); Duco and Nexans, Oceaneering (MSD) and MFX (Umbilicals); Aker, FMC, GE e Cameron (Submarines Equipments); Rolls-Royce and Dresser-Rand (Tturbomachinery); MEP Pellegrini (Offshore Cranes); V&M do Brasil (Pipes to drill and Tubing CRA); USIMINAS and Confab (Steel Plates and Wider Diameter Pipelines); Metasa (Offhore Steel Structures); e Emerson (Automação).


DRILLING RIGS AVAILABILITYNecessity met with imported and domestic units

Num

ber o

f Drilling Rigs

(Water Dep

th > 2.000

m)

33 new domestic drilling rigs from 2016 on: Local Content between 55% and 65%

Drilling Rigs: Imported vs. Domestic

42 42 42 42 42

• Mid-term needs for drilling rigs are now largely satisfied. Future intermediate demand will be limited to specific situations and needs.

• Starting in 2016, Brazilian built rigs expected to begin replacing internationally built fleet as their contracts expire (and subject to total fleet needs).

• If for any reason the domestic rigs are not completed as scheduled, Petrobras has the possibilty of renewing some or all of expiring leases.


Downstream


1980 2000 9M12 2016 2020

Oil and NGL Production Refinery Output Products Demand (2 scenarios)

COMPERJ(1st phase)

165,000 bpd

Abreu e LimaRefinery (RNE)230,000 bpd

INTEGRATION AND BALANCEConstruction of new refineries intended to meet Brazilian demand

PREMIUM I(1st phase)300,000 bpd

PREMIUM I(2nd phase)300,000 bpd

PREMIUM II300,000 bpd

COMPERJ(2nd phase)300,000 bpd

Thous bpd

2,788

3,380

1,641

2,200

3,350

181

1,980

2,500

4,200

1,393

1,992

1,036

2,274

1,814

1,323

... ... ... ...

INTEGRATION BETWEEN OIL PRODUCTION, REFINING CAPACITY AND DOMESTIC MARKET

Projects Under Implementation Projects Under Evaluation

23

2,7413,159

2,200

24


DOWNSTREAM2012-2016 Investments

201620152012 20142013

2012-2016 Investment Profile

US$ billion

� High utilization factor on the current assets, combining

flexibility to increase margins

� End of the first investment cycle in Quality

� RNEST and 1st Phase of COMPERJ coming online

� New refineries under evaluation (Phase I)

2012-2016 INVESTMENT HIGHLIGHTS Projects Under Evaluation

Implementation of projects depends mainly on:

a. Alignment of new refineries costs to

international standards;

b. Regulatory requirements;

c. Resources Availability (Financiability);

d. Competition for financial capacity;

Petrochemical

Fleet Expansion

Logistics for Oil

Quality and Conversion

Operational Improvement

Refining Capacity Expansion

Biofuels

Projects Under Evaluation

R$

/bb

lIm

po

rted

Vo

lum

ns kb

bl / d

Gasoline ImportsARP USGC (with volumes sold in Brazil)

R$

/bb

l

PRICING POLICYLong Term Oil Products Price Parity in Brazil

Jan-Apr/12

ARP BRAZIL* x ARP USGC **

Diesel ImportsARP Brazil

(*) Comprises Diesel, Gasoline, LPG, Jet Fuel and Fuel Oil

(**) USGC price weighted with volumes sold in the Brazilian market

2012: temporary gap between domestic and international prices combined with higher imports.

2009 and 2010: domestic prices were above international.

0

100

200

300

400

500

600

700

800

900

40

60

80

100

120

140

160

180

200

220

240

2602008 2009 2010 2011

Losses

200720062005200420032002

Gains

jan

-12

jan

-11

jan

-10

jan

-09

jan

-08

jan

-07

jan

-06

jan

-05

jan

-04

jan

-02

jan

-03

ARP: Average Realization Price

USGC: US Golf Coast 25


Business and Management

Plan


2012-2016 CAPEXApproved by Petrobras Board of Directors in June 13, 2012

2012-2016 PeriodUS$ 236.5 Billion

*4.5% of investments abroad, 90% in E&P

• Parity with Imported Oil Products Prices

• Maintenance of Investment Grade:

- Leverage lower than 35%

- Net Debt/EBITDA lower than 2.5x

• There is no issuance of new shares

• Divestments of US$ 14.8 Billion, focusing on assets outside Brazil

Financing Assumptions

28%

Distribution BiofuelRTM G&E PetrochemicalE&P Corporate

60.0%(US$ 141.8 Billion)

27.7%(US$ 65.5 Billion)

1.3%(US$ 3.0 Billion)





E&P

The image part with relationship ID rId18 was not found in the file.2012-2016 CAPEXUnder Evaluation: 147 Projects (RTM, G&E, Petrochemical, Distribution and Biofuels)

2012-2016 Period

US$ 27.8 Billion

* E&P abroad

17% (*)(US$ 4.6 Billion)

50%(US$ 13.9 Billion)

21%(US$ 6.0 Billion)

5%(US$ 1.3 Billion)

7%(US$ 1.9 Billion)

Corporate

Biofuel

Distribution

G&E

Petrochemical

RTM

International E&P

0%(US$ 0.1 Billion)

Progression to next phase dependent on:

a. Results of the viability studies;

b. Availability of financial resources;

c. Competiveness vis a vis other projects;

d. Costs of new refineries competitive with

international standards;

e. Availability of domestic NG for fertilizer plants

and new thermoelectrical units; and

f. Others.

Creativity � Simplicity � Cost ReductionCreativity � Simplicity � Cost Reduction


CHALLENGES

• Critical Resources (goods and services, human resources)

• Infrastructure and logistics

• Developing industry to meet local content requirements

• Cost pressures

OPPORTUNITIES

• Abundant oil reserves

• A Growing domestic market

• Maximizing scale, standardization, and integration

• Developing new technologies

• Monetizing natural gas

CONCLUSIONA Portfolio of opportunities and challenges

29

30

Information:

Investor Relations

+55 21 3224-1510

[email protected]

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