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PetrobrasUpdate
August, 2015
DISCLAIMERFORWARD-LOOKING STATEMENTS:
DISCLAIMER
The presentation may contain forward-looking statements about future events within
the meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended, that are not based on
historical facts and are not assurances of future results. Such forward-looking
statements merely reflect the Company’s current views and estimates of future
economic circumstances, industry conditions, company performance and financial
results. Such terms as "anticipate", "believe", "expect", "forecast", "intend", "plan",
"project", "seek", "should", along with similar or analogous expressions, are used to
identify such forward-looking statements. Readers are cautioned that these
statements are only projections and may differ materially from actual future results
or events. Readers are referred to the documents filed by the Company with the
SEC, specifically the Company’s most recent Annual Report on Form 20-F, which
identify important risk factors that could cause actual results to differ from those
contained in the forward-looking statements, including, among other things, risks
relating to general economic and business conditions, including crude oil and other
commodity prices, refining margins and prevailing exchange rates, uncertainties
inherent in making estimates of our oil and gas reserves including recently
discovered oil and gas reserves, international and Brazilian political, economic and
social developments, receipt of governmental approvals and licenses and our ability
to obtain financing.
We undertake no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information or future events or for any other
reason. Figures for 2014 on are estimates or targets.
All forward-looking statements are expressly qualified in their entirety by this
cautionary statement, and you should not place reliance on any forward-looking
statement contained in this presentation.
NON-SEC COMPLIANT OIL AND GAS RESERVES:
CAUTIONARY STATEMENT FOR US INVESTORS
We present certain data in this presentation, such as oil and gas resources, that we
are not permitted to present in documents filed with the United States Securities
and Exchange Commission (SEC) under new Subpart
1200 to Regulation S-K because such terms do not qualify as
proved, probable or possible reserves under Rule 4-10(a)
of Regulation S-X.
3
2015-2019 Business and Management Plan Targets
DELEVERAGE GENERATE VALUE FOR SHAREHOLDERS
Focus on profitabilityCapital discipline
Strengthening of performance management
� Net Leverage below 40%
� Net Debt / EBITDA below 3.0xBy 2018
By 2020� Net Leverage below 35%
� Net Debt / EBITDA below 2.5x
Prioritization of oil production
projects in Brazil, focusing on the
pre-salt
E&P
Downstream, G&P and
Other AreasMaintenance of Operations
4
Financial Planning Assumptions
Import parityOil Product Prices
in Brazil
Preço do BrentUS$ 60/bbl in 2015
US$ 70/bbl in the 2016-2019 period
Brent Prices(Average)
Nominal Exchange Rate
(Average)R$/US$
2015
3.10
2016
3.26
2017-2019
3.29
2020
3.56
No equity issuance
5
Divestments and Restructurings
US$ 42.6 billion as follows:
� Businesses restructurings
� Demobilization of assets
� Additional divestments
Divestments revised to US$ 15.1 billion
from US$ 13.7 billion2015-2016
2017-2018
6
InvestmentsReduction of 37% relative to 2014-2018 BMP
* Considers only financiability portfolio (implementation + under bidding process)** Includes Petrobras investments abroad*** Includes Distribution
6.3(5%)
12.8(10%)
2.6(2%)
108.6(83%)
Exploration and Production**
Gas & Power
Downstream***
Other Areas
2015-2019 BMP US$ 130.3 Billion
3,2(2%)
158,1(76%)
9,1(4%)
36,4(18%)
2014-2018 BMP*US$ 206.8 Billion
Redução de 37%3,2
(2%)
158,1(76%)
9,1(4%)
36,4(18%)
37% Reduction
7
Investments By Segment
89.4(82%)
3.0(3%) 11.3
(10%)4.9
(5%)
Operational Support
Investments Abroad
Exploration
Production Development
E&PUS$ 108.6 Billion
1.3(10%)
1.4(11%)
8.8(69%)
1.3(10%)
Others
Abreu e Lima Refinery
Distribution (BR Distribuidora)
Maintenance and Infrastructure
DownstreamUS$ 12.8 Billion
(1%)
5.0(80%)
0.3(5%)0.9
(14%)
LNG
Pipelines
Gas Chemical Units
Electricity
G&PUS$ 6.3 Billion
Note: Downstream total amount includes investments in Comperj to receive and treat natural gas, maintenance of equipment, among others.
8
Oil Products Demand
842
402
573 587608
897
990
2,596
1,032
2010
2,141
2020
2,851
1,189
1,054
2015
2,627
1,032
1,008
2014
kbpd
Gasoline
5.0%p.y.
1.6%p.y.
Diesel Others
9
Deleverage ProjectionIncluding productivity gains and divestments/restructurings in 2017 and 2018
Net Debt / EBITDANet Leverage
50.8%
32.2%
20%
30%
40%
50%
60%
2015 2016 2017 2018 2019 2020
3.33
2.03
0,0
1,0
2,0
3,0
4,0
5,0
2015 2016 2017 2018 2019 2020
5.0
0.0
1.0
2.0
3.0
4.0
10
Moody’s
Petrobras Brazil
AaaAa1Aa2Aa3A1A2A3
Baa1Baa2Baa3Ba1Ba2Ba3B1B2B3C
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Baa1Baa2Baa3Ba1Ba2Ba3B1B2B3C
O
-
+
S&P
Petrobras Brazil
AAAAA+AA
AA-A+A
A-BBB+BBB
BBB-BB+BB
BB-B+B
B-C
AAAAA+AA
AA-A+A
A-BBB+BBB
BBB-BB+BB
BB-B+B
B-C
Fitch
Petrobras Brazil
AAAAA+AA
AA-A+A
A-BBB+BBB
BBB-BB+BB
BB-B+B
B-C
AAAAA+AA
AA-A+A
A-BBB+BBB
BBB-BB+BB
BB-B+B
B-C
O --
-
Positive outlook Stable outlook Negative outlook
O
Petrobras Global Rating Petrobras Intrinsic Risk
Investment Grade
Non Investment Grade
Rating Agencies Scale – Petrobras and Brazil Current Rating
O
Exploration & ProductionUpdate
12
Production Systems on the Pre-Salt LayerProduction peak of 811 kbbl on June 26, 2015, with 40 wells. Petrobras share= 586 kbbl
FPSO Cid. Angra dos Reis5 production wells
FPSO Cid. Paraty5 production wells
FPSO Cid. São Paulo4 production wells
FPSO Cid. Mangaratiba3 production wells
FPSO Cid. Ilhabela3 production wells
FPSO Dynamic
Producer1 production well
P-58 (*)5 production wells
FPSO Capixaba (*)2 production wells
FPSO Cid. Anchieta4 production wells
P-48 (*)2 production wells
P-53 (*)4 production wells
EWT
Lula/Iracema
Sapinhoá
Parque das Baleias
Marlim Leste + Marlim
Santos BasinPre-salt
Avg. WI – 60%327 kbbl
Campos BasinPre-salt
WI – 100%259 kbbl
* Post-salt and pre-salt production
FPSO Cid. São Vicente1 production well
P-20 (*)1 production well
13
ATAPU
LIBRA
BUZIOS
LULA / IRACEMA
SURURU
JÚPITERSÉPIA
SUL DE SURURU
OESTE DE ATAPU
SUL DE LULA
CARCARÁ
CARAMBA
LAPASAPINHOÁ
NORTE DE BERBIGÃO
ITAPÚ
SUL DE SAPINHOÁ
SAGITÁRIO
BERBIGÃOSUL DE BERBIGÃO
IRACEMA
NORTE DE SURURU
152126
101 9985 79
158
102
89 8666 58
0
50
100
150
200
250
300
350
Until2010
2011 2012 2013 2014 1Q15
Reduction of Well-Construction Time(55% of capex)
Pre-Salt PerformanceFast production growth, low lifting cost and continuous reduction of well-construction time
Average Reduction17% p.a. 9.07
14.57 14.97
Pre-salt* PetrobrasAverage
MajorsAverage
2014 Lifting Cost (US$/boe)
days
0
100
200
300
400
500
600
700
800
Oil Operated Production on the Pre-salt
2008 2009 2010 2011 2012 2013 2014 2015
PRODUCTION SHARING
TRANSFER OF RIGHTS
CONCESSION
Daily Production Record811 th. bpd on Jun. 26th
Ave
rage
Mon
thly
Pro
duct
ion
(kbp
d)
SANTOS BASINPRE-SALT
POLE
Breakeven = US$54/boe
*Lula/Iracema field
14* Top 5 fields in average productivity per well. Sources: Norwegian Petroleum Directorate and Bureau of Ocean Energy Management
Pre-salt ProductivityAverage productivity above 30 kbpd
39
36 35 34
33 31
30 28 27
24
SPH
-7
SPH
-1
SPH
-5
LL-2
7
JUB
-34
RJS
-681
RJS
-647
SPH
-8
LL-2
2
SPS-
55
Top 10 PBR Pre-salt Wells
17
7 6 6 5
Sval
in
Hym
e
Gud
run
Bøy
la
Kna
rr
North Sea*
24
20
1514 13 13 13 13 13 13
RO
-158
RO
-41
MLL
-10
RO
-66
SPS-
92
RO
-133
RO
-8
RO
-153
JUB
-51
BA
N-1
Top 10 PBR Post-salt WellsApr/15, Source: NPDMay/15May/15
13 1211 10 10
Sain
t M
alo
Luci
us
Tub
ular
Bel
ls
East
Ans
tey
Jack
US GoM*Apr/15, Source: BOEM
15
Adjustments on Offshore Projects Schedule = 2015-2019 BMPVariations on production systems first-oil years in comparison with 2014-18 BMP
1 year delayRev. of Marlim
Lula Sul
Atapu Sul
Berbigão
Sépia
Búzios 1
2 years delayLula Norte
Búzios 4
3 years delayLula Oeste
Búzios 2
After 2020ES Águas Profundas
SE Águas Profundas 1
Parque das Baleias Sul
Maromba 1
Carcará
Júpiter
Espadarte 3
SE Águas Profundas 2
Rev. of Marlim 2
Itapu
No alterationIracema Norte
Lapa
Lula Alto
Lula Central
Tartaruga Verde e
Mestiça
Lula Ext. Sul / Sul de
Lula
Búzios 3
Iara NE / Atapu Norte
Búzios 5
Libra
Post-salt
Pre-salt
16
New Offshore Production Systems in BrazilAverage capacity of oil processing is150 kbpd and production peak in 2 years
2.02.1
2.2
2.8
2.0 2.1
1,4
2014 2015 2016 2017 2018 2019 2020
mill
ion
bpd
PAPA TERRA (Mar/15)
IRACEMA NORTE(3Q)
LULA ALTO (1H)
LULA CENTRAL(1H)
LAPA (2H)
TLD de LIBRA (2H)
LULA SUL Replicant FPSO
BÚZIOS 1 FPSO ToR
BÚZIOS 3 FPSO ToR
TARTARUGA VERDE E MESTIÇA
LULA EXT. SUL Replicant FPSO
LULA NORTE Replicant FPSO
ATAPU NORTE/PILOTO SURURUReplicant FPSO
ATAPU SULReplicant FPSO
BÚZIOS 2 FPSO ToR
BÚZIOS 4 FPSO ToR
SÉPIA
REVITALIZAÇÃO DE MARLIM 1
BÚZIOS 5
BERBIGÃO / SURURU
Replicant FPSO
PRE –SALT(CONCESSION)
TRANSFER OF RIGHTS
POST -SALT
PRODUCTION SHARING
To be contracted
LIBRA PILOT
LULA OESTE
+ New Systems
Current Systems Production+ Ramp-up + Complementary
17
Vitória
ES
RJ
CamposBasin
Parque das Baleias
CangoáPeroá
CanapuGolfinho
Camarupim
Carapó
RoncadorAlbacora
Marlim
Barracuda
Garoupa
Carapicu
Xerelete
Papa-Terra
Maromba
Carataí
Pampo
Controlled production reduction on Campos BasinReduction of 9.9% on the production in five years
1,6941,526
1.000
1.500
2.000
2.500
2009 2010 2011 2012 2013 2014
Oil production (kbbl/d)
Brazil
Campos Basin
- 2.1% CAGR
100 km
86% 75%
Campos Basin Share on Petrobrasproduction in Brazil
84% 83% 82% 79%
18
Oil, NGL and Natural Gas Production in Brazil and AbroadComparison with 2014-2018 BMP
2.7 2.8 2.9
3.7
2.7
3.1 3.2
5.3
2014 2015 2016 2017 2018 2019 2020
2015-2019 BMP 2014-2018 BMP
Million boed
PetrobrasUpdate
August, 2015