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1
PETROBRAS
PETROBRAS OVERVIEW
November 15, 2006
Petroleum, Gas and Petrochemical
Latibex
Almir BarbassaCFO and Investor Relations Officer
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PETROBRAS
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.
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.
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PETROBRAS
Energy
Industry
Imported OilProducts
ImportedOil
Imported Gas
International OilProduction
LNG
H - Bio
DomesticNatural GasProduction
Biodiesel Oil Productssold in Brazil
InternationalSales
OtherRenewables
Infrastructure
Petrochemical Plants
Brazilian OilProduction
Throughputin Brazil
InternationalRefining
Integration of the Company's Activities
Ethanol
4
PETROBRAS
Vertical Integration ComparisonMajors Average *
2,735
3,176
4,793
4,329
1,630
1,579
National Oil Companies Average **
Petrobras2,296
2,114
Product Sales (thous. bpd)
Refining (thous. bpd)Production (thous. boed)
* Majors: BP, Exxon, Total, Royal Dutch Shell, Chevron, Conoco and Repsol-YPF ** NOC: PEMEX, PDVSA, Saudi Amraco, KPC, Pertamina and Sonatrach
*** 2004 figures, except for Petrobras (2005)Source: PIW Intelligence and Petrobras
2,217
3,400Year 2011
2011: New Refinery will add 200
thous. bpd capacity2010:
Pasadena Refinery revamp concluded – processing 70
thous. bpd of heavy oil
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PETROBRAS
Investment Plan
Note: Includes International
31.0
12.41.0
1.0
49.3
23.07.5
3.32.31.8
E&P Downstream G&EPetrochemical Distribution Corporate
9%4%
3% 26%
56%
3%
Business Plan 2007-2011US$ 87.1 billion
86%
14%
Brazil International
US$ 12.1 bi
US$ 75.0 bi
49.3
23.0
7.53.32.21.8
PETROBRAS
6
• P-50 is currently producing 164,000 bpd and should reach its production peak by the end of the year.• FPSO Capixaba is producing 35,000 bpd and should reach its full capacity in 2007.• P-34 is being tested on the ocean and its start-up is scheduled to November.• The start-up of FPSO Rio de Janeiro was anticipated form 2007 to December 2006.
In 2006, two platforms, P-50 and FPSO Capixaba, have started operating. Until the end of the year, other two platforms will start-up operation, adding a production
capacity of 440 thousand bpd to the country.
Albacora LesteCapacity 180,000 bpd
April 2006
P-50
Golfinho Mod. 1Capacity 100,000 bpd
May 2006
FPSO Capixaba
Jubarte Phase 1 Capacity 60,000 bpd
November 2006
P-34
Espadarte Mod. IICap.: 100,000 bpd
December 2006
FPSO Cidade do Rio de Janeiro
Main Projects contributing to the production growth in 2006
PETROBRAS
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1.9792.061
2.195
2.368
2.374
1.400
1.600
1.800
2.000
2.200
2.400
2.600
2007 2008 2009 2010 2011
Parque das Conchas100,000 bpd
2011
Parque das Conchas100,000 bpd
2011
Marlim LesteP-53
180,000 bpd2009
Marlim LesteP-53
180,000 bpd2009
Frade100,000 bpd
2009
Frade100,000 bpd
2009
RoncadorP-52
180,000 bpdDec/2007
RoncadorP-52
180,000 bpdDec/2007
RoncadorP-54
180,000 bpdOct/2007
RoncadorP-54
180,000 bpdOct/2007
Marlim SulModule 2
P-51180,000 bpd
2008
Marlim SulModule 2
P-51180,000 bpd
2008
Piranema20,000 bpdApr/2007
Piranema20,000 bpdApr/2007
JubartePhase 2
P-57180,000 bpd
2010
JubartePhase 2
P-57180,000 bpd
2010
ESS-130Golfinho Mód. 3
(FPSO)100,000 bpd
2008
ESS-130Golfinho Mód. 3
(FPSO)100,000 bpd
2008
Cidade de VitóriaGolfinho Mod. 2
100,000 bpdMay/2007
Cidade de VitóriaGolfinho Mod. 2
100,000 bpdMay/2007
RoncadorP-55
180,000 bpd2011
RoncadorP-55
180,000 bpd2011Th
ousa
ndbp
d
Main Oil and NGL E&P Projects in Brazil – 2007-2011Additional Capacity
(bpd) 280,000180,000280,000280,000480,00020112010200920082007
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PETROBRAS
Natural gas domestic supply
7070.6
65.2
49.4
34.1
27.5
0
10
20
30
40
50
60
70
80
2006 2007 2008 2009 2010 2011
AlbacoraLeste(P-50)2006 Golfinho Mod 1
2006
Jubarte(P-34)2006
Manati2006
Piranema2006
UrucuNatural gas
sales2007
GolfinhoMod 22007
Roncador(P-54)2007
Peroá-CangoaPhase 2
2007Roncador
(P-52)2007
CavaloMarinho
2010
Marlim Leste(P-53)2009
Mexilhão2009
Marlim SulMod 2(P-51)2008
Frade2009
Roncador(P-55)2011
Jubarte Fase 2(P-57)2010
SPS252009
AlbacoraComplemental
2007
NG
associated
NG
non associated
Peroá-CangoaPhase 1
2006
EspadarteMod. 22007
ESS1642008
Canapu2008
ESS1302008
Tambaú/Uruguá2010
RJS6332010
Parque das Conchas
2011
Million m3/day
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PETROBRAS
• Production will raise from the current 15.8 million to 40 million m3 per day in 2008 in the Southeast.
• Development of two new oil and gas fields in Espírito Santo;
• Increase of natural gas supply from the Marlim field (Campos Basin);
• Expansion of gas production in the Merluza field (Santos Basin).
• Demand Flexibilization
• Refineries, Distributors and flex-fuel thermoelectric plants ( LNG, diesel and alcohol)
New investments will reduce the country’s dependence on imported gas.
Natural Gas supply extension in Southeast 2006 - 2008
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PETROBRAS
PLANGÁS – Dec. 2008
ESSESS--164164
ESSESS--130130
MexilhãoMexilhão UruguáUruguá
TambaúTambaú
Golfinho + Golfinho + CanapuCanapu
PeroáPeroá (10 MM m3/d)(10 MM m3/d)
MerluzaMerluza
PqPq. . BaleiasBaleias + + BC10BC10
Vitória
NamoradoNamorado
PlataformasPlataformas dadaUNUN--BC e UNBC e UN--RIORIO
REDUCREDUC
CabiúnasCabiúnasCampinasCampinas
RPBC
GaroupaGaroupa
EnchovaEnchovaPampoPampo
Ubu
MerluzaMerluza -- IIII(BM(BM--SS--3/ BM3/ BM--SS--7, 7,
SPSSPS--25)25)LagostaLagosta
Belo HorizonteBelo Horizonte
CaraguatatubaCaraguatatubaRio de JaneiroRio de Janeiro
Total Southeast:40 MM m3/d(+ 24,2 MM m3/d)
(*) Schedules under evaluation
CacimbasCacimbas (20 MM m3/d)(20 MM m3/d)
Lagoa parda
+6,4 MM m3/d (*)+6,4 MM m3/d (*)
(*) Additional to the current supply
PóloPólo Golfinho Golfinho +16,3 MM m3/d (*)+16,3 MM m3/d (*)
+1,5 MM m3/d (*)+1,5 MM m3/d (*)
•Development of new fields in Espírito Santos field (1-ESS-164 and 1-ESS-130)
• Increase in Marlim supply (Campos Basin)• Merluza production expansion (Santos Basin)
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PETROBRAS
26%31%
19% 24%
Refining
Pipelines & Terminals Transport
Ship Transport
Petrochemical
13%
12%
14%
61%
US$ 23.1 billion in the downstream segment…
US$ 14.2
US$ 3.2
US$ 3.0
US$ 2.8
...of which US$ 14.2 billion in refining
Investment Plan – Downstream
US$ 2.7
US$ 4.4 US$ 3.7
Expansion
Product Quality
Conversion
HSE, Maintenance and Other
US$ 3.4
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PETROBRAS
New Refinery in Pernambuco• Investment: US$ 2.5 billion;
• Throughput capacity: 200 thousand heavy oil barrels (50% Petrobras oil / 50% PDVSA oil);
• Focusing diesel and LPG production maximization, the new refinery will aim the growth of oil products demand in the Northeast.
•The Northeast Region, which responds for 19% of oil products demand and holds only one refinery in Bahia, will no longer be a fuel importer (either from refineries in Brazil or abroad);
• Costs reduction: oil products transportation are more expensive than for crude oil.
Additional refining capacity
New Refinery in the USA• Petrobras has acquired 50% of the Passadena Refinery System Inc. (PRSI), located in Texas, USA;
•Total Investment: US$ 370 million;
•The refinery, which already has a capacity of 100,000 bbl/day, will be upgraded to handle 70,000 bbl/day of heavy oil and feedstock (including Marlim field’s production);
• The upgraded refinery will be ready in four years. After the revamp project all products will match USA highest standards.
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PETROBRAS
Nitrogenated Fertilizers Unit III
PTA Pernambuco
Fafen BA
Acrylic Complex /SAP
Rio de Janeiro Petrochemical Complex
Main Projects Basic Petrochemical Unit:- 150,000 bbl/d of Marlim Oil;- Products: Diesel, LPG, Ethylene, Propylene, PX, Benzene and Coke.
Petrochemical Integrated Complex:- Polypropylene;- Polyethylene; - PTA; - Ethylene glycol; - PET; - Styrene;- Phenol.
Downstream Investments - Petrochemical investments
• Investments of US$ 3.3 billion in Petrochemicals;
• Reducing the Brazilian deficit and adding value to Downstream production.