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CARLOS TADEU FRAGA Sep / 2012
Disclaimer
The presentation may contain forecasts about future events. Such forecasts 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. The Company is not obliged to update the
presentation/such forecasts in light of new information or future developments.
All projects forecasted herein are subject to approval by the appropriate stakeholders.
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.
CAUTIONARY STATEMENT FOR US INVESTORS
PRE-SALT BACKGROUND
STRATEGY
MAIN RESULTS
PERSPECTIVES
AGENDA
Pre-Salt - Key Facts
Pre-Salt - Key Facts
• 31 % under contract • 69 % to be granted through
upcoming bids
Pre-Salt - Key Facts
• 31 % under contract • 69 % to be granted through
upcoming bids
Some key facts:
Average water depth: 2100 m
Distance to coast: 300 km
Average salt thickness: 2 km
Average reservoir depth: 5 km
Declared Recoverable Volumes
· Lula: 6.5 billion boe · Lula - Iracema Area: 1.8 billion boe · Sapinhoá: 2.1 billion boe · Transfer of Rights: 5.0 billion boe
Total: 15.4 billion boe
Transfer of Rights:
100% Petrobras
Santos Pre-Salt Cluster vs Campos Basin
BM-S-11 (TUPI)
BM-S-11 (TUPI)
Santos Pre-Salt Cluster vs Campos Basin
BM-S-11 (TUPI)
Santos Pre-Salt Cluster vs Campos Basin
BM-S-11 (TUPI)
Santos Pre-Salt Cluster vs Campos Basin
BM-S-11 (TUPI)
Santos Pre-Salt Cluster vs Campos Basin
BM-S-11 (TUPI)
Santos Pre-Salt Cluster vs Campos Basin
40 times Guanabara Bay
Pre-Salt timeline
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
2000-2001: BIDs 2 and 3: Blocks acquisition of Santos Basin Pre-Salt blocks
2001-2004: Seismic acquisition and interpretation
3D Seismic
Pre-salt reservoir
6km
Pre-Salt timeline
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
May 2009: Lula field 1st oil - Lula EWT Sep 2008: Campos Basin 1st oil - ESS-103A
2005-2006: 1st wildcat well Santos Basin - Parati
2006: Lula (Tupi) discovery - RJS-628
2007: Caxaréu discovery - ESS-172
P-34 - Jubarte
2008 2009 2010 2011 2012 2013 2014 2015 2016
Oct 2010: 1st oil of Lula Pilot
Sep 2010: Transfer of Rights
Dec 2010: Declaration of Commerciality - Lula Field
Pre-Salt timeline
2008 2009 2010 2011 2012 2013 2014 2015 2016
Dec 2011: Declaration of Commerciality Sapinhoá Field
Dec 2010 to July 2011: Sapinhoá EWT
Pre-Salt timeline
Sapinhoá
Pre-salt Potential
Produced = 15.5 bi boe
15.4 bi boe*
Declared Recoverable
Volume
Lula + Sapinhoá
+ Transfer of Rights
* Declared volume operated by Petrobras
AGENDA
PRE-SALT BACKGROUND
STRATEGY
MAIN RESULTS
PERSPECTIVES
Thousand bpd
FPSO Cidade de Santos FPSO Cidade de Angra dos Reis P-56 P-57
Shallow
Water Deep Water
Deep & Ultra deep
Water Pre Salt
Deep Water Track Record
Uruguá Lula Pilot
Onshore
123 offshore units (45 floating and 78 fixed)
25 new offshore facilities over the last 5 years
Jubarte
Marlim Sul
Innovation acceleration
After 2017
• New technologies
Phase 1b
Production
2013/2017
• Sapinhoá Pilot
• Lula NE Pilot
• Sapinhoá N
• Iracema S
• Iracema N
• 8 Replicants FPSO`s
• 4 Transfer of Rights
production units
Phase 1a
Hulls + Topsides contracted
(First oil by 2016)
Hulls contracted
Topsides being contracted (First oil by 2016)
Contracted (First oil by 2014/2015)
Strategy
Information Gathering
2008/2018
• Appraisal Wells
• Extended Well Tests
• Lula Pilot
Phase 0
2 FPSOs performing EWTs
1st oil just 4 years after discovery
Contracted (First oil by 2013)
Oil Transfer
In operation
Under Construction
Gas Transfer
COMPERJ
Rota 1
Rota 3
25
0 km
Rota 2
OPERATION
CONSTRUCTION
DESIGN
Capacity
(million m3/day) Status
1 - LULA-MXL + UTGCA 10 Operation
2 - CABIÚNAS 16 Construction
Aug/14
3 - MARICÁ 18 Design - Aug/16
AGENDA
PRE-SALT BACKGROUND
STRATEGY
MAIN RESULTS
PERSPECTIVES
Main Results - Exploration
Main Results - Exploration
Main Results - Exploration
Main Results - Exploration
Success
> 90%
> 80%
Santos Basin Campos + Santos Basin
32 wells
73 wells
Success
Exploratory wells drilled
Main Results - EWT
EWT Period Block
Lula Apr/09 to Dec/10 BM-S-11
Lula NE Apr/11 to Nov/11 BM-S-11
Sapinhoá Dec/10 to Jul/11 BM-S-9
Carioca NE Oct/11 to Feb/12 BM-S-9
Iracema S Since Feb/12 BM-S-11
· Very good lateral continuity
· High productivity
• Sucessfull pionering CO2 reinjection in deep water
• Very high productivity
• First horizontal well
• Fast track project
Main Results - Lula Pilot
Production Output
BC
PPSBS 113 mil bpd
78 mil bpd
85 k bpd
192 k bpd
Jan / 2011
Sep / 2012
107 k bpd
85 k bpd
54 k bpd
31 k bpd
100 million
boe
SEP/2008
AUG/2012
EDISE
Typical Mega Project
Technological Highlights - Subsurface
See through salt
Good reservoir characterization
Suitable geological and flow model
Poços
Technological highlights - Wells Construction
Safety and
reliable wells
Cost-effective and high productivity wells for pre-salt conditions
Technological highlights - Subsea
Safety and reliable subsea systems
Cost-effective for ultra deep water projects
Technological highlights · Floating Production Units
Suitable for pre-salt fluids
and contaminants
AGENDA
PRE-SALT BACKGROUND
STRATEGY
MAIN RESULTS
PERSPECTIVES
Energy Landscape · Consumption
2010
12001 Mtoe
Others 5207 Mtoe
Oil & Gas 6794 Mtoe
2030
16206 Mtoe
Others 6486 Mtoe
Oil & Gas 9720 Mtoe
1990
8109 Mtoe
Others 3147 Mtoe
Oil & Gas 4962 Mtoe
Source: IEA, 2010
Energy Landscape · Major Offshore Discoveries
Thunder Horse (GoM)
Marlim, Albacora, Roncador (Brazil)
Girassol (Lower Congo Basin)
Zafiro, Bonga (Niger Delta)
Energy Landscape · Major Offshore Discoveries
Source: Oil & Gas Journal 2010
Established
Emerging
Frontier
Major Offshore Discoveries
Havis, Goliat, Barents Sea Avaldsnes-Aldous,
North Sea
Moccasin, US GoM
Zaedyus, French Guyana
Lula, Cernambi, Sapinhoá, Franco Brazilian Pre-salt
Cameia-1, Cobalt and Azul-1, Angola Pre-salt
Aphrodite, Mediterranean
Multiple, Mozambique
2012 Exploration Projects
2030 - Oil and NGLs Production Forecast (million b/d)
Europe
Asia Pacific
South America
Africa
Asia
North and Central America
Middle East
Source: WoodMackenzie, 2010
+ 17 %
Energy Landscape · 2030
2030 - Offshore Oil and NGLs Production Forecast (million b/d)
Europe
Asia Pacific
South America
Africa
Asia
North and Central America
Middle East
Source: WoodMackenzie, 2010
+ 26 %
Energy Landscape · 2030
Europe
Asia Pacific
South America
Africa
Asia
North and Central America
Middle East
2030 - Deepwater Oil and NGLs Production Forecast (million b/d)
Source: WoodMackenzie, 2010
+ 90 %
Energy Landscape · 2030
Perspectives
Pre-Salt (concession) 5%
Pos-Salt 95%
Transfer of Rights 1% Pre-Salt (concession)
30%
Pos-Salt 69%
New Discoveries 11% Pre-Salt
(Transfer of Rights)
19%
Pre-Salt (concession)
28% Pos-Salt
42%
2011 2.022 k bpd
2016 2.500 k bpd
2020 4.200 k bpd
4.200
2.500
2.022
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Florim Dez/20
Espadarte III
Ent. de Iara Dez/19
Franco 5 Dez/18
Bonito
Maromba
Espadarte I
Sul Parque das Baleias
Franco 3 Dez/17
NE Tupi Jul/17
Carimbé
Aruanã
Iara NW Out/17
Iara Horst Jun/17
Lula Ext Sul Jan/17
Carcará Mar/18
Júpiter Mar/18
Sul de Guará Jan/18
Franco 4 Jan/18
Lula Central Mar/16
Lula Sul Jun/16
Franco 1 Jul/16
Carioca 1 Ago/16
Franco 2 Dez/16
Lula Alto Jan/16
Lula Norte Set/16
Iracema Norte
Dez/15
Sapinhoá Norte (C. de
IlhaBela) Set/14
Norte Parque das Baleias
(P-58)
Roncador IV (P-62)
Iracema Sul (Cidade de
Mangaratiba)Nov/14
Piloto Sapinhoá
(Cidade de São Paulo)
Jan/13
Piloto Lula NE (Cidade de
Paraty) Mai/13
Papa Terra (P-61 e P-63)
Roncador III (P-55)
Baúna e Piracaba
(Cidade de Itajaí)
Baleia Azul (Cidade de Anchieta)
Oil Production
4.200
2.500
2.022
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Florim Dez/20
Ent. de Iara Dez/19
Franco 5 Dez/18
Sul Parque das Baleias
Franco 3 Dez/17
NE Tupi Jul/17
Iara NW Out/17
Iara Horst Jun/17
Lula Ext Sul Jan/17
Carcará Mar/18
Júpiter Mar/18
Sul de Guará Jan/18
Franco 4 Jan/18
Lula Central Mar/16 Lula Sul Jun/16
Franco 1 Jul/16
Carioca 1 Ago/16
Franco 2 Dez/16
Lula Alto Jan/16
Lula Norte Set/16
Iracema Norte
Dez/15
Sapinhoá Norte (C. de
IlhaBela)
Set/14
Norte Parque das Baleias
(P-58)
Iracema Sul (Cidade de
Mangaratiba)Nov/14
Piloto Sapinhoá
(Cidade de São Paulo)
Jan/13
Piloto Lula NE (Cidade de
Paraty) Mai/13
Baleia Azul (Cidade de Anchieta)
Baleia Azul (FPSO Cidade de Anchieta)
1st oil: September 2012
Oil Production
Perspective
4.200
2.500
2.022
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Iracema
Norte
Florim
Entorno de Iara
Sapinhoá Norte
(Cid. Ilhabela)
Iracema Sul
(Cid. Mangaratiba)
Lula Alto
Lula Central
Lula Sul
Franco 1
Carioca 1
Lula Norte
Franco 2
Lula Ext. Sul
Iara Horst
NE Tupi
Iara NW
Franco 3
Franco 4
Sul de Guará
Júpiter
Carcará
Franco 5
Piloto Sapinhoá
(Cid. São Paulo)
Piloto Lula NE
(Cid. Paraty)
Sapinhoá Pilot (FPSO Cidade de São Paulo)
1st oil: January 2013
Perspective
Oil Production
Lula NE Pilot
(FPSO Cidade de Paraty)
1st oil: May 2013
4.200
2.500
2.022
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Iracema
Norte
Florim
Entorno de Iara
Sapinhoá Norte
(Cid. Ilhabela)
Iracema Sul
(Cid. Mangaratiba)
Lula Alto
Lula Central
Lula Sul
Franco 1
Carioca 1
Lula Norte
Franco 2
Lula Ext. Sul
Iara Horst
NE Tupi
Iara NW
Franco 3
Franco 4
Sul de Guará
Júpiter
Carcará
Franco 5
Piloto Sapinhoá
(Cid. São Paulo)
Piloto Lula NE
(Cid. Paraty)
Perspective
Oil Production
Sapinhoá Norte (FPSO Cidade de Ilhabela)
1st oil: September 2014
4.200
2.500
2.022
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Iracema
Norte
Florim
Entorno de Iara
Sapinhoá Norte
(Cid. Ilhabela)
Iracema Sul
(Cid. Mangaratiba)
Lula Alto
Lula Central
Lula Sul
Franco 1
Carioca 1
Lula Norte
Franco 2
Lula Ext. Sul
Iara Horst
NE Tupi
Iara NW
Franco 3
Franco 4
Sul de Guará
Júpiter
Carcará
Franco 5
Piloto Sapinhoá
(Cid. São Paulo)
Piloto Lula NE
(Cid. Paraty)
Perspective
Oil Production
4.200
2.500
2.022
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Iracema
Norte
Florim
Entorno de Iara
Sapinhoá Norte
(Cid. Ilhabela)
Iracema Sul
(Cid. Mangaratiba)
Lula Alto
Lula Central
Lula Sul
Franco 1
Carioca 1
Lula Norte
Franco 2
Lula Ext. Sul
Iara Horst
NE Tupi
Iara NW
Franco 3
Franco 4
Sul de Guará
Júpiter
Carcará
Franco 5
Piloto Sapinhoá
(Cid. São Paulo)
Piloto Lula NE
(Cid. Paraty)
Oil Production
Perspective
Iracema Sul Project
(FPSO Cidade de Mangaratiba) 1st oil: November 2014
4.200
2.500
2.022
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Iracema
Norte
Florim
Entorno de Iara
Sapinhoá Norte
(Cid. Ilhabela)
Iracema Sul
(Cid. Mangaratiba)
Lula Alto
Lula Central
Lula Sul
Franco 1
Carioca 1
Lula Norte
Franco 2
Lula Ext. Sul
Iara Horst
NE Tupi
Iara NW
Franco 3
Franco 4
Sul de Guará
Júpiter
Carcará
Franco 5
Piloto Sapinhoá
(Cid. São Paulo)
Piloto Lula NE
(Cid. Paraty)
Replicants FPSO Lula Alto (P66)
1st oil: January 2016
Oil Production
Perspective
4.200
2.500
2.022
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Iracema
Norte
Florim
Entorno de Iara
Sapinhoá Norte
(Cid. Ilhabela)
Iracema Sul
(Cid. Mangaratiba)
Lula Alto
Lula Central
Lula Sul
Franco 1
Carioca 1
Lula Norte
Franco 2
Lula Ext. Sul
Iara Horst
NE Tupi
Iara NW
Franco 3
Franco 4
Sul de Guará
Júpiter
Carcará
Franco 5
Piloto Sapinhoá
(Cid. São Paulo)
Piloto Lula NE
(Cid. Paraty)
Transfer of rights FPSOs Franco-1 (P74)
1st oil: July 2016
Oil Production
Perspective
E&P-PRESAL - R1 LULA ALTO - P-66 (Projeto Completo)ACOMPANHAMENTO FÍSICO DO PROJETO - CURVA S
Fase II - Projeto Conceitual
MARCOS DE IMPLANTAÇÃO
1 - Conclusão da Fase Avaliação de Oportunidade (Portão 1) (P: jun-12 / R: jun-12) (P: 100% / R: 100%)
2 - Conclusão da Fase de Projeto Conceitual (Portão 2) (P:maio-13 / Proj:maio-13) (P: 5,5% / R: 5,5%)
3 - Emissão da Licença Prévia (LP) (P:jan-14 / Proj:jan-14)
4 - Conclusão da Fase de Projeto Básico (Portão 3) (P:mar-14 / Proj:mar-14) (P: 0% / R: 0%)
5 - Início da Construção 1º Poço (P:jun-14 / Proj:jun-14)
6 - Emissão da Licença de Instalação (LI) (P:dez-14 / Proj:dez-14)
7 - Chegada da UEP na Locação (P:set-15 / Proj:set-15)
8 - Início da Interligação do 1º Poço (P:dez-15 / Proj:dez-15)
9 - Emissão da Licença de Operação (LO) (P: dez-15 / Proj:dez-15)
10 - Interligação do último poço (P:mar-18 / Proj:mar-18)
Fonte: SAP 31/08/12. Data da medição pela Diretoria de Exploração e Produção: 14/09/12Linha de Base: EVTE da Fase I, aprovado em 22/06/2012, Ata DE 4.950 / Projetado: set/12
0
10
20
30
40
50
60
70
80
90
100
mar
-10
jun-
10
set-
10
dez-
10
mar
-11
jun-
11
set-
11
dez-
11
mar
-12
jun-
12
set-
12
dez-
12
mar
-13
jun-
13
set-
13
dez-
13
mar
-14
jun-
14
set-
14
dez-
14
mar
-15
jun-
15
set-
15
dez-
15
mar
-16
jun-
16
set-
16
dez-
16
mar
-17
jun-
17
set-
17
dez-
17
mar
-18
% A
cum
ulad
o
Linha de Base Linha Base - PNG 12-16 Realizado Projetado
1º Óleo Projetado:
jan/16
1º Óleo (PNG 12-16):
jan/16
Aprovações Data Ata DE Data de Partida
Fase I
Fase II
Fase III
22/06/12
-
-
Ata 4.950
-
-
08/01/16
-
-
Justif.2
1
2 3
45
79
108
Previsto PNG:Realizado:
13,0% 3,0 p.p.AcumuladoNo mês
12,0%2,4 p.p.
Referência: agosto/12
6
1º Óleo EVTE: jan/16
INVESTMENTS 2012-2016
Petrobras Investments in Pre-salt: US$ 69,6 bi
Total: Petrobras + Partners US$ 93,1 bi
85 % 58,9 bi 15%
10,7 bi
Santos Basin
Campos Basin
Development
Exploration
Infra
82 % 48,3 bi
14 % 8,1 bi
4 % 2,4 bi
Santos Basin
For more information: Investor Relations www.petrobras.com.br/ri +55 21 3224-1510 [email protected]