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PETROBRASPETROBRASExciting New Discoveries Offshore BrazilExciting New Discoveries Offshore Brazil
Theodore M. Helms
Investors Relations Executive Manager
MoneyShow - February, 2010
Pre-Salt Reservoir
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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.
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
DISCLAIMER
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Earth Planet as today
EARTH DEVELOPMENT
0 4960 Miles
SINBPA/Petrobras - Scotese
EARTH DEVELOPMENT
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PN – 2009-2013BRAZILIAN SE BASINS IN COMPARISON WITH GULF OF MEXI COBRAZILIAN SE BASINS IN COMPARISON WITH GULF OF MEXICO
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MAIN DISCOVERIES IN THE POST-SALT REGION *
* 2007 to 2009
Date Field Participation Fluids Water Depth (m)
Nov-2009 Rig FenceMarimbá BR(100%) Light Oil 400
Aug-2009 BM-C-36Aruanã
BR (100%) Light Oil 976
May-2009 BM-S-48Panoramix
BR(35%), Repsol(40%),Vale(12,5%),Voodside(12,5%)
N. Gas andCondensate 161
Nov-2008 BM-J-3Jequitinhonha BR (60%), STATOIL (40%) Oil 2,354
Sep-2008 BM-S-40/Sidon BR (100%) Light Oil 274
Jul-2008 Golfinho BR (100%) Light Oil 1,374
May-2008 BM-S-40/Tiro BR (100%) Light Oil 235
Dec-2007 BM-ES-5/Camarupim BR (65%), EL PASO (35%) N. Gas and
Condensate 708
May-2007 BM-ES-5/Camarupim
BR (65%), EL PASO (35%) N. Gas andCondensate 763
Mar-2007 BC-60/Caxaréu BR (100%) Light Oil 1,011
Aruanã(BM-C-36)
Marimbá
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EXPLORATORY APPROACH AND RESULTS
Long Term Strategic Vision
• High Exploratory Success Index• Worldwide Leadership in Deepwater Exploration• High Reserves Incorporation Rates and Potential• Continuous New Exploratory Frontiers Opening
Efficient Knowledge Management
Creativity and Risk Assumption Culture
Accurate Exploratory Risk Assessment
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0
250
500
750
1.000
1.250
1.500
1.750
2.000
2.250
2.500
2.750
2002 2003 2004 2005 2006 2007 2008 2009-2013
0%
10%
20%
30%
40%
50%
60%
70%
Exploration Capex
US$ mmSuccess Rate
EXPLORING TO LEVERAGE EXCITING FRONTIER PLAYS IN OUR OWN BACKYARD
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DOMESTIC PROVEN RESERVE
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20,000
25,000
30,000
Santos Pre-SaltAnnouncedDiscoveries(Tupi and Iara)
mi boe ~22 - 26 bn boe
Proven Reserves + Santos Pre-Salt
AnnouncedDiscoveries(Tupi and Iara)
5,000
10,000
15,000
2008 ProvenReserves
14,093
0
ANNOUNCED RECOVERABLE VOLUMES IN SANTOS PRE-SALT
Lower estimates8,000
Higher estimates+4,000
*SPE Criteria
Santos Pre-Salt announced recoverable volumes, can almost double Brazilian reserves.
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Petrobras Total Production (x 1000 boe/d)
1.335
232
4424
1.500
252
3522
1.540
25116185
1.493
26516894
1.684
27416396
1.778
277142101
1.792
273126110
1.855
321124100
1,971
31614197
2.680
634
210
131
3.920
1.177
409
223
2001 2002 2003 2004 2005 2006 2007 2008 2009 ..... 2013 2020.....
* Consider +- 2,5%
9.7% p.y.
2,4002,3012,2972,217
2,0202,0371,8101,635
5.6% p.y.
7.7% p.y.
3,655
5,729
Oil production - Brazil Gas production - Brazil Oil production - International Gas production - International
2,525
PURSUING NEW PROJECTS WHILE MAXIMIZING PRODUCTION FROM EXISTING ASSETS
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Santos Pre-Salt Cluster Vs. Campos BasinSANTOS PRE-SALT CLUSTER VS. CAMPOS BASIN
Blocks ConsortiumBMS-8
BMS-9
BMS-10
BMS-11
BMS-21
BMS-22BMS-24
BR (66%), SH (20%) e PTG (14%)
BR (45%), BG (30%) e RPS (25%)
BR (65%), BG (25%) e PAX (10%)
BR (65%), BG (25%) e PTG (10%)
BR (80%), PTG (20%)
EXX (40%), HES (40%) e BR (20%)
BR (80%), PTG (20%)
Shore Distance = 400 km
Total Area = 15.000 km2
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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
2001-2004: Largest seismic acquisition and interpretation in the world
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PRE-SALT ACCOMPLISHMENTS TIMELINE
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
2005-2006: 1st wildcat well: Parati
11 exploratory wells drilled to date by Petrobras as operator: 100% success rate in Santos Basin Pre-Salt Cluster
2009: Santos Basin Pre-Salt First Oil: Tupi EWT (May 1st)
2000-2001: BIDs 2 and 3: Acquisition of Santos Basin Pre-Salt blocks
2001-2004: Largest seismic acquisition and interpretation in the world
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PRE-SALT ACCOMPLISHMENTS TIMELINE
2008 2009 2010 2011 2012 2013 2014 2015
Phase 0:Information gathering, Appraisal wells, Small scale production (EWTs)
Last Updates 2009:
• 5 Rigs currently working in the cluster: • 3 are drilling new wells –TUPI NORDESTE + TUPI SUL P1 wells for EWT/Pilot in BMS-11 + ABARÉ in BMS-9;• 2 are doing Formation Tests – IARA and GUARÁ;• 2 new rigs will be allocated to the pre salt cluster shortly.
2016
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10 NEW FPSOS
Phase 1A - Projects
Phase 1a: 1st phase of definitive development,
• Use of consolidated or rapidly-consolidating technologies to achieve production targets
• Generate cash-flow to support Phase 1b
First 2 FPSOs to be chartered (2013-2014)
• Oil Production: 120,000 bpd
• Gas Compression: 5 M m³/d
Additional 8 FPSOs (2015-2016)• Construction of the hulls at the Rio Grande
Shipyard• All identical units, manufactured in series• Process plant under study:
− Oil Production: 150,000 bpd− Gas Compression: 5.5 M m³/d− Water-Alternating-Gas injection
capability
Phase 1B - Projects• 2nd phase of definitive development
• Significant production increase
• Innovation acceleration
• Massive use of new technologies specially tailored for Pre-Salt conditions
2012 2017 2020Phase 1A
Phase 1B…
2013
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INVESTMENT PROGRAM FORECAST
ProductionInfrastructure0.5%
Gas Transfer5.2%
Oil Transfer4.7%
Exploratory Appraisal1.9%
ProductionDevelopment87.7%
32%Units
49%Wells
19%Subsea
Investment (Program %)
17%
12%
58%
13%
Exploration
Santos Pre-salt
Development
International
Total Investments of US$ 104.6 billion in E&P through 2013, of which US$ 92 billion will be spent in Brazil
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Petrobras Pre-salt Oil Production (x 1000 b/d)
2013 2015 2017 2020
62 152
160
422
463
873
632
1.183
Pre-Salt Petrobras Pre-Salt Partners
219
1,336
1,815
582
Pre-salt Capex Through 2020
Petrobras Total Pre-salt Capex (Production Development)
Santos Basin Pre-salt
Espírito Santo Pre-salt (includes post-salt fields)
2009-2013 2009-2020
28.9
18.4
10.3
111.4
98.8
12.6
PRE-SALT OIL PRODUCTION
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PRE-SALT CHALLENGES
• Logistic Issues
• Approximately 300 km to shore
• Personnel transportation (air and sea)
• Fluids and cargo transportation
• Reservoir Issues
• Carbonate reservoir characterization
• Microbial layered reservoir
• High productivity
• CO2 Issues
• Capture, separation, storage and re-injection
• Corrosion effect: equipment specification
• All CO2 will be injected into the reservoir
• WAG: environmental and EOR
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CO2 separation / capture technology
Offshore logistical hub
Pre-Salt Definitive
Development
Floating LNGOffshore gas
storage in salt caves
Offshore produced fluid handling hubs
Water-alternating-gas (HC or CO 2)
injectionExtended-reach
and deviated wells (salt)
Dry completion systems (SPAR, TLP, FPDSO, …)
Reservoir Characterization
CO2 storage in saline aquifers,
depleted fields, salt caves
Deepwater CALM buoy
Flow Assurance and formation
damage control
MAJOR TECHNOLOGICAL DEVELOPMENTS UNDER EVALUATION
PLANSAL - Pre-Salt Development Master Plan
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CONTINUOUS OPTIMIZATION PROCESS
February 2008 December 2008
Planned CAPEX
100%
84%
February 2008 December 2008
Planned Recovered Volume
100%
127%
Improving hydrocarbon recovery... Reducing CAPEX...
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Pro
duct
ion
(bpd
)
1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55
1.800.00
1.600.00
1.200.00
1.000.00
800.00
400.00
0
Numbers of Years
Production since foundingof Petrobras (1954)
Discovery of Garoupa in the Campos basin (1954)
Discovery of giant fields in Campos basin inc. Albacora/Marlim
Discovery of the Pre-Salt, including Parati (2006)
2.000.000
IMPRESSIVE RECORD OF ACCELERATING DEVELOPMENT
• Pre–Salt Complete Potential View vs. Campos Basin Incremental View• Petrobras and Oil Industry expertise in deep water exploitation• Petrobras and Brazilian macroeconomics• Price Scenario vs. Estimated costs
