Bank of America Merrill Lynch 2009 Energy Conference November, 2009 Pre-Salt Reservoir Hugo Repsold Junior E&P Strategy and Portfolio Management 1
DISCLAIMER The presentation may contain forecasts CAUTIONARY STATEMENT about future events. Such forecasts merely FOR US INVESTORS reflect the expectations of the Company's management. Such terms as anticipate, The United States…
PETROBRAS E&P OVERVIEW VALUE CREATION THROUGH EXPLORATION DELIVERING ACTUAL GROWTH CLOSING REMARKS 3
PETROBRAS E&P OVERVIEW 4
OVERVIEW OF DOMESTIC E&P Reserves (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%…
PETROBRAS OVERVIEW UPSTREAM EFFECTIVE STRATEGY 2009-2013 Discover and develop resources in Brazil and internationally, maintaining a reserves-to-production ratio of 15 years Develop an integrated Delineate and develop global…
DOMESTIC E&P PROFILE 2008 Production 2008 Proven Reserves (SPE) 15% 9% 10% 14% 13% 23% 58% 58% 2,176 thousand boed 14.09 billion boe Onshore Shallow water (0-300m) Deep water (300-1500m) Ultra-deep water ( 1500m) Current…
DOMESTIC PROVEN RESERVES PROFILE Proven Reserves as of Dec/2008 (SPE) (14.09 billion boe) Oil + Condensate < 22 22 API 85% (heavy) 22 31 API 10% 5% 50% (intermediate) 29% 15% 6% Associated Gas Non-Associated Gas Gas 31…
VALUE CREATION THROUGH EXPLORATION EXPLORATORY APPROACH AND RESULTS High Exploratory Success Index Worldwide Leadership in Deepwater Exploration High Reserves Incorporation Rates and Potential Continuous New Exploratory Frontiers…
ENHANCING RESERVES Santos Pre-Salt announced recoverable volumes including the transfer of rights, can more than double Brazilian reserves. million boe 30-35 bn boe 35,000 +5,000 30,000 Higher estimates 25,000 +5,400 20,000…
PURSUING NEW PROJECTS WHILE MAXIMIZING PRODUCTION FROM EXISTING ASSETS Petrobras Total Production (x 1000 boe/d) 5,729 223 7.5% p.y. 409 1.177 3,655 5.6% p.y. 8.8% p.y. 131 2,758 210 634 2,400 103 2,217 2,297 2,301 142…
NEW PRODUCTION UNITS Project Start up Type Oil and Gas Capacity Shipyard Leased Urugu-Tamba 25,000 bpd 1Q/10 FPSO Modec Cidade de Santos 10.0 MM m3/d Mexilho 2Q/10 Fix 15 MM m3/d Mau Jurong Cachalote/Baleia Franca 100,000 bpd…
THE PRE-SALT REGION The big blue area represents the expected Pre-salt location, with great potential for oil presence Currently, there is a production acceleration program in Jubarte (Whales Park) and an extended well test in Tupi…
PRE-SALT ACCOMPLISHMENTS TIMELINE 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2000-2001: BIDs 2 and 3: Acquisition of Santos Basin Pre- Salt blocks 11 exploratory wells drilled to date by Petrobras as operator: 100%…
PRE-SALT ACCOMPLISHMENTS TIMELINE 2008 2009 2010 2011 2012 2013 2014 2015 2016 Phase 0:Information gathering, appraisal wells, small scale production (EWTs) Last Updates 2009: 5 Rigs currently working in the cluster: 3 are…
10 NEW FPSOS 2012 2013 Phase 1A 2017 2020 Phase 1B Phase 1A - Projects Phase 1a: 1st phase of definitive development, Phase 1B - Projects Use of consolidated or rapidly-consolidating technologies to achieve production…
WELLS DRILLED AND TESTED IN SANTOS BASIN PRE SALT CLUSTER BLOCKS BLOCK PROSPECTS WELL TESTED/ BMS-8 TESTING BEM-TE-VI SPS-52 X BMS-9 CARIOCA SPS-50 X GUAR SPS-55 X IGUAU SPS-60 ABAR OESTE SPS-66 * BMS-10 PARATI RJS-617 X…
ESPRITO SANTO PRE SALT o nt UTG Cacimbas Infrastructure in-place: diversified and flexible portfolio; Sa Linhares Rio Doce Cango MG Pero P-34 at Jubarte field, first pre-salt production (Sep/08): ito UPGN Lagoa Parda…
Delivering actual growth People as the main foundation of our results No Employees Petrobras University * Novas Contrataes 22
NEW REGULATORY MODEL Production Transfer Sharing of Rights with Agreement compensation Pre-salt Petrobras 100% and Petrobras Operator Strategic Other companies Areas Up to 5 billion boe Trough Bidding Process Other Areas…
PRODUCTION SHARING AGREEMENTS Production sharing agreements Petrobras will operate all blocks under this regime, with a minimum stake of 30% Consortium between Petrobras, Petro-sal and the winning bidder will be managed by the…
OPERATORS ROLE AND INDUSTRY PRACTICES OPERATOR Responsible for conducting exploration and production activities providing critical resources: technology (usage and development), human resources and equipments Access to…
AGENTS ROLE OF PRODUCTION SHARING AGREEMENTS NATIONAL ENERGY POLICY COUNCIL - CNPE Bidding schedule and national content Blocks for exclusive contracts and blocks for bidding Technical and economical parameters of the contracts…
E&P TRANSFER OF RIGHTS WITH COMPENSATION Government may transfer to Petrobras, for compensation, without bidding, the rights to explore and produce oil in the pre-salt areas not under concession. These areas may or may not be…
PETROBRAS CAPITALIZATION The value of capitalization could be: Minimum: the same value of the transfer of rights with compensation Maximum: up to 3 times this value Petrobras will receive cash from minority Petrobras increase…
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