1

PETROBRAS’ BUSINESS PLAN: INVESTMENT OPPORTUNITIES

José Sergio Gabrielli de Azevedo CEO

November, 7th 2011 CCBJ

2

478 497 387

834

1655

227 200 196

155

636

2 1 2

8

26

2009 2010 2011 2015 2020

Crude Oil Oil products Ethanol

(th

bo

ed)

Petrobras forecasts a sizeable rise in its exports ...

3

181

2.004 2.100

3.070

4.910

1.393 1.798 1.811

2.205

3.217

1.036

2.147 2.208

2.536

3.095

1980 2010 2011 2015 2020

Oil and NGL production - Brazil Throughput - Brazil Oil products demand (2 scenarios)

3.327

2.643

... which will happen, on the one hand, thanks to the expansion of its refining capacity ...

ABREU E LIMA 230 kbpd

(2012)

COMPERJ (1st train) 165 kbpd

(2013)

PREMIUM I (2nd train) 300 kbpd

(2019)

PREMIUM II 300 kbpd

(2017)

COMPERJ (2nd train) 165 kbpd

(2018)

PREMIUM I (1st train) 300 kbpd

(2016)

(th

ou

san

d b

pd

)

4

1.855 1.971 2.004 2.100

321 317 334 435

618

1.120

111 132 144 141

180

246

99 96 93

96

125

142

2008 2009 2010 2011 2015 2020

Oil Production - Brazil Natural Gas Production - Brazil Oil Production - International Natural Gas Production - International

2,386 2,516

6,418

3,993

1,148 543

Pre-Salt

’00

0 b

oe

/day

2,772

845 Transfer of Rights

13

+10 Post-Salt Projects

+8 Pre-Salt Projects

+1 Transfer of Rights

+ 35 Systems

Added Capacity

Oil: 2,300,000 bpd

2,575

3,070

4,910

… and, on the other, to the remarkable rises of its oil and gas production

5

This growth will demand critical resources …

Critical Resources Current Situation

(Dec/10)

Delivery Plan (to be contracted) Accumulated Value

By 2013 By 2015 By 2020

Drilling Rigs Water Depth Above 2.000 m 15 39 37 (1) 65 (2)

Supply and Special Vessel 287 423 479 568

Production Platforms (SS and FPSO) 44 54 61 94

Others (Jacket and TLWP) 78 80 81 83

(1) The contracts for two rigs reallocated from international operations expire in 2015 (2) Long-term demand will be adjusted according to new assessments

Water Depth 2006 2008 2010

Up to 1,000 meters 6 11 11

1,000 to 2,000 meters 19 19 21

Over 2,000 meters 2 3 15

2011 2012 2013

+2 +1 +1

+10 +13 +1

Supply Vessel Drilling Rig FPSO

DRILLING RIGS UNDER CONTRACT

6

US$ billion

… that will be increasingly built in brazil …

57,30% 59,70%

63,10% 59,90%

64,00% 66,00% 67,20% 68,50%

72,80%

57,00%

62,20%

70,00%

74,30% 75,40% 75,60% 75,60% 74,60% 76,10%

0%

10%

20%

30%

40%

50%

60%

70%

80%

0

10

20

30

40

50

60

2003 2004 2005 2006 2007 2008 2009 2010 2011

Investments in Brazil Total Investments Local Content (target) Local Content (actual)

7

2 Jack-ups under construction (P-59 and P-60) in São Roque (BA)

Inclusion of 900 new suppliers per year in Petrobras' Corporate Vendor List

13 new shipyards currently under construction, raising the total number to 50*

... as already happens with platforms at the new shipyards

*Source: Sinaval

Recently built platform:

P-57: BrasFels – RJ Capacity: 180 thous. boe/day Value: US$ 1.2 billion Delivered two months ahead of schedule

8 FPSOs (Pre-salt - P-66; P-67; P-68; P-69; P-70; P-71; P-72; P-73 ): Ecovix – Rio Grande (RS)

P-61: Brasfels (RJ) P-62: Jurong (ES)

P-63: QUIP (RS)

FPSO Cidade de Paraty: Brasfels (RJ) - modules and integration

FPSO Cidade de São Paulo: Brasfels (RJ) - modules and integration

Under Construction:

Under Construction:

Under Construction: P-55: Estaleiro Atlântico Sul – PE (hull) /QUIP- RS (modules)

P-58: Estaleiro Rio Grande –RS , UTC Engenharia S/A – RJ e EBE – RJ.

P-56: Brasfels (RJ)

8

OIL/WATER SUBSEA SEPARATION

- Resolves limitations from growing water production

- Separates water and oil under the sea, reinjecting water and relieving the size of the surface equipment on the platform

- Field: Marlim (Nov/2011)

RAW WATER INJECTION

- Increases production in existing systems

- 3 subsea systems for pumping raw water (with little treatment) to pressurize the reservoir, increasing recovery factor without increasing surface systems. Pioneer in the world in such water depth

- Field: Albacora (Dec/2011)

Petrobras will implement cutting-edge technologies ...

9

Other operators

International Research Centers

Suppliers

Brazilian Universities and Research Centers

Expenditures (investments and funding): US$1.3 billion / year

… and through partnerships and integration with suppliers, research centers and other oil companies …

10

US$

mill

ion

% o

f re

ven

ues

Source: EvaluateEnergy

... will continue to invest in R&D as a major source of competitive advantages

11 11