2011-2015 english
TRANSCRIPT
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1
Press Conference
Jos SergioGabrielliCEO
July25th,2011
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2
This presentation may contain forward-lookingstatements. Such statements reflect only theexpectations of the Company's management
regarding the future conditions of the economy,the industry, the performance and financialresults of the Company, among other factors.Such terms as "anticipate", "believe", "expect","forecast", "intend", "plan", "project", "seek","should", along with similar expressions, areused to identify such statements. Thesepredictions evidently involve risks and
uncertainties, whether foreseen or not by theCompany. Consequently, these statements donot represent assurance of future results of theCompany. Therefore, the Company's futureresults of operations may differ from currentexpectations, and readers must not base theirexpectations solely on the information presentedherein. The Company is not obliged to update
the presentation and forward-looking statementsin light of new information or futuredevelopments. Amounts informed for the year2011 and upcoming years are either estimatesor targets.
The United States Securities and Exchange
Commission permits oil and gas companies,in their filings with the SEC, to discloseproved reserves that a company hasdemonstrated by actual production orconclusive formation tests to be economicallyand legally viable under existing economicand operating conditions. We use certainterms in this presentation, such as
discoveries, that the SECs guidelines strictlyprohibit us from including in filings with theSEC.
Cau t i ona r y s ta t emen t fo r U .S. i nvesto r s :
DISCLAIMER
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BusinessPlanContext
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INVESTMENTREQUIREMENTDUETOGROWINGWORLDWIDEOILDEMAND
Additionalcapacityrequiredin2020:38MMbpd
Incorporationof
new
discoveries
Alternativeenergysources
Increasedenergyefficiency
Source: WoodMackenzie
20
30
40
50
60
70
80
90
100
110
2000 2005 2010 2015 20220
30
40
50
60
70
80
90
100
110
2000 2005 2010 2015 2020
(Global Liquids Demand in MM bpd)
LIQUIDS DEMAND SCENARIO
Probable anddeveloping projects
Non-OPEC
OPEC
ProjectedDecline
ProjectedDecline
Non-OPEC
OPEC
Probable anddeveloping projects,and new discoveries*
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5Source:BPStatisticalReview2011
OECD
oil
consumption
decreases
0,04%p.y.
5
BRAZILISTHESEVENTHLARGESTWORLDOILCONSUMER
Braziloilconsumptiongrows2.1%p.y.;
1.61.71.82.02.3
2.42.42.62.83.2
3.3
4.5
9.1
EUA
China
Japan
India
Russia
SaudiArabia
Brazil
German
SouthCorea
Canada
Mexico
Iran
France
U
nitedKingdom
Total Oil Consumption per Country* 2010 (MM bpd)
19,15
Above 3MMbpd Between 23MMbpd Under 2MMbpd
TotalOilConsumption(ndex 1999=100)
90
110
130
150
170
190
210
230
1999 2001 2003 2005 2007 2009
BrazilEUAWorldOECDIndiaChina
*Including Ethanol +Biodiesel
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SUPPLIERCHAINDEVELOPMENTPOLICY
Sustainability Competitiveness
Health,Safetyand
theEnvironment
IndustrialPerformance
FiscalPolicy
Financeability Regulation
Fomentmicroandsmall
companies
IndustrialPolicy
Industrial
Capacity
ProfessionalQualification
Technological
Qualification
Qualification
MaximizeLocalContent
Strategic Guidelines
TechnologyStimulateSupplier
ChainIncreaseinDemand
PhaseI PhaseII PhaseIII
IndustrialReactivation
Consolidationof
Shipyards Establishmentof
SupplierChain
ProfessionalQualification
Technological
Researchand
Development
ConsolidationofProductionChain
LocalContentInternational
CompetitiveLevel>LocalContent
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1.855 1.971 2.004
321 317334
435
618
1.120
111 132144
141
180
246
2.100
99 9693 96
125
142
2008 2009 2010 2011 2015 2020
OilProduction Brazil NaturalGasProduction Brazil OilProduction International NaturalGasProduction International
2,386 2,516
4.9%p.Y.
6,418
3,993
1,148543 Pre-Salt
00
0boe/day
2,772
845
Transfer of Rights13
+10PostSaltProjects
+8PreSaltProjects
+1TransferofRights
+35Systems
AddedCapacity
Oil:2,300,000
bpd
2,575
Note:DoesnotincludeNonConsolidatedInternationalProduction.
Accomplishmentof30EWTs from2011to2015:13inthePreSalt,7inthetransferofrightsareaand10inthepostsalt;
PreSaltparticipationinthetotalproductionwillenhancefromthe current2%to18%in2015and40.5%in2020.
3,070
4,910
OIL,LNGANDNATURALGASPRODUCTION BRAZILANDINTERNATIONAL
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INCREASEINSALESVOLUMES
SalesVolume(thousandboe/day)
652 718 731 899
706699 586
231312 320
480
542 593634125
136 147
290
401
1,078
1,3151,2041,097
1,4531,739
997
2,317
436
738
906
9494 97
106
141
1717 17
38
79
3,4643,773 3,848
4,958
7,142
0
1.000
2.000
3.000
4.000
5.000
6.000
7.000
8.000
*2009 *2010 2011 2015 2020
Fertilizers
ElectricEnergy
Biofuels
International Sales(**)
Natural Gas(***)
Exports
OtherDistribuitors
S a l e s to BR
BP201115 PetrobrasTotalSalesVolume
6.6%p.y.
5.6%p.y.
(**) Internationalareasalesandoffshoretradingoperationsfreefromeliminations.
(***) Natural Gas was converted to boe/d.
(*) Accomplished
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InvestmentsProgram
201115
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57%31%
6%
2%1%1% 2%
E&P RTC
Gs,Energia&GsQumica PetroqumicaDistribuio Biocombustveis
Corporativo
201014BusinessPlan
5%ofinvestmentswillbemadeoverseas,87%ofwhichinE&P.
201115BusinessPlan
US$224.7 billionUS$224.1 billion
BP20112015INVESTMENTSVS.BP201014
53%
33%
2% 1%1% 2%
8%
(*)US$22.8billioninExploration
Natural Gas, Energy and GasChemic
Downstream
Corporate
RTM
Petrochemicals
Biofuels
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224,0
10,88,6
1,5
23,7
32,1
224,70,6
6,4
180,0
185,0
190,0
195,0
200,0
205,0
210,0
215,0
220,0
225,0
230,0
changeininvestmentscarried
over
from201014BPto201115BP 192,6
213,2
201014BP Forex rateimpact
Exclusions ChangeinBudget
ChangeinSchedule
NewProjects
201115BPChangeinScope
ChangeinBusinessModel
(US$billion)
MAINCHANGES:BP20102014VS.BP20112015
87%ofnewprojectsfocusedinE&P,highlighttothetransferofrightsarea(US$12.4billion).
224.0 224.7
213.2
192.6
10.8
23.7
6.4
8.6
32.1
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419.7
20.6
11.2 5.0
41.6
53.3
389.06.5
9.0
300.0
320.0
340.0
360.0
380.0
400.0
420.0
440.0
399.1
changeininvestmentscarriedover
from201014BPto201115BP335.7
201014BP Forex rateimpact
Exclusions ChangeinBudget
ChangeinSchedule
NewProjects
201115BPChangeinScope
ChangeinBusinessModel
(R$billion)
MAINCHANGES:BP20102014VS.20112015
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Exploration&Production
+US$8.7billion
NewProjects
InclusionoftheTransferofRights
NewPreSaltUnits(Lula)
OperatingInfrastructure
NewDiscoveriesandR&D
Excluded,Revisedand/orPostponedProjects
Projectsdiscontinuedafterunsuccessful
exploratory
phase
RevisionofProductionDevelopmentProjects
KEYCHANGESINPORTFOLIOReassignmentofE&Pinvestments
Gas&Energy
US$4.6billion
Supply
(includesPetrochemicals)
US$4.3billion
NewProjects
NewHPPs
Excluded,Revisedand/orPostponedProjects
Revisionof
the
construction
of
gas
pipelineandcompressorstation
ExclusionofHPPprojectsfrom2010auctions
NewProjects
Lubricantsunit(Comperj)
Pipelines
Expansionof
the
monobuoys
system(SoFranciscodoSul)
Revap's adequacy
Excluded,Revisedand/orPostponedProjects
Fueloilstorageforthermal
powerplants
JetfuellogisticsforBraslia
PostponementofPremiumIRefinery
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CorporateChallenges
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Fomentworkforceeducation
Maintenanceofrelationswithuniversities
and
technicalcolleges
Competitiveremuneration
Retentionprogram
Sustainablehealthandpensionplan
Fomentworkforceeducation
Maintenanceofrelationswithuniversities
and
technicalcolleges
Competitiveremuneration
Retentionprogram
Sustainablehealthandpensionplan
Managerial
development Trainingofnewmanagers/succession
Rotationofmanagersandspecialists
Onsitetraining
Managerial
development Trainingofnewmanagers/succession
Rotationofmanagersandspecialists
Onsitetraining
Internalandexternalmobility
Allocationofnewemployees
Careerplan
Internalandexternalmobility
Allocationofnewemployees
Careerplan
HRPoliciesHRPolicies ServiceprovidermanagementServiceprovidermanagementCompetencymanagementCompetencymanagement
Disseminationofknowledge
PetrobrasMentor
Lessonslearned
Disseminationofknowledge
PetrobrasMentor
Lessonslearned
HumanResourcesPlanningHumanResourcesPlanning
Attraction
and
retentionAttraction
and
retention
Trainingand
development
Trainingand
development
Careerand
movement
Careerand
movement
Knowledge
management
Knowledge
management
CultureandvaluesCultureandvaluesCommitmentand
satisfactionCommitmentand
satisfactionHRcommunicationsHRcommunications
EnvironmentalManagementEnvironmentalManagement
UnionrelationsUnionrelations
HUMANRESOURCES
To
become
an
international
benchmark
for
people
management
in
the
energysector,itsemployeesbeingitsgreatestasset.
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HUMANRESOURCES
InJan/11
61.070 63.67365.971 68.968 74.422
24.34725.528
26.72227.985
28.608
2011 2012 2013 2014 2015
ProjeodeEfetivodoSistemaPetrobras
Controladora OutrasEmpresasdoSistemaPetrobras
85.41789.201
92.69396.953
103.030
0
5.000
10.000
15.000
20.000
25.000
30.000
35.000
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
0
500
1000
1500
2000
2500
3000
Personnel Produc tion
55%
E&PPersonnel P
roduction
(thou
s.bbl/d)
Estima
ted
PN20112015requiresextrahumanresources
51%ofthepersonnelwereadmittedlessthan
10
years
ago,
while
46%
work
for
Petrobras
for
over20years
Upstreamsegmentwillbethemainsponsorofthepersonnelincrease,whichfollowsproductiongrowth.
Human Resources Projection
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COMMITMENTTOENERGYEFFICIENCYANDREDUCINGGHGEMISSIONS
Objective
VoluntaryCommitments
(20092015)
Investments
(20102015)
Maximizeenergyefficiency andreducetheintensityof greenhousegas(GHG)emissions
ReducetheenergyintensityofRTMandGas&Poweroperationsby10%and5%,respectively;
ReducetheintensityofnaturalgasflaringinE&Poperationsby65%;
ReducetheintensityofGHGemissionsinE&P,RefiningandThermalPoweroperationsby15%,8%and5%,respectively.
US$1.2billionwillbeinvestedin:
RTMenergyefficiency(US$270million)
Reducingnatural
gas
flaring
in
E&P
operations
(US$
322
million)
Conversionofthermalpowerplantsintocombinedcycleplants(US$373million)
R&D(US$200million)
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TECHNOLOGICALCHELLENGES
Other renewable
energy sourcesPetrochemicals Gas chemic
Fuels, lubricantsand special
products
innovation Biofuels
CO2 and other gases
management
Water
management EnergeticEfficiency
Adding value anddiversifying products
Expanding the limitsExpanding the limits
Sustainability
MaximazingRecovery Factor
Developingproduction,
operations and pre-
salt logistics
Operationaloptimazation
Solutions fornatural gas
logistic in harshenvironments
New ExploratoryFrontiers
Middle destillatesmaximization
Sediments andfluids
characterization ofthe pre-salt andother complex
reservoirs
Development ofnew generationsea and subsea
Productionsystems
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OtheroperatorsOtheroperators
InternationalResearchInstitutions
InternationalResearchInstitutions
SuppliersSuppliers
Universitiesand
BrazilianResearchInstitutions
Universitiesand
Universities
and
BrazilianResearchBrazilianResearchInstitutionsInstitutions
PETROBRASTECNOLOGICALMANAGEMENT
4Petrobrassuppliers R&Dcentersinconstruction; TomeetlocalcontentrequirementsseveralcompaniesintendtodeveloptechnologicalcentersinBrazil.
Expenses (investments and costs):US$1.3bi/year
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20
50
50
thematicthematic network
network
withwith 80
80
institutionsinstitutions
ANPANP
ScientificScientificCommitteeCommitteeInstitutionInstitution
partnerpartner 11
InstitutionInstitutionpartner 5partner 5
InstitutionInstitution
partnerpartner 22 InstitutionInstitutionpartnerpartner 33
InstitutionInstitution
partnerpartner 44MCTMCT
FINEPFINEP
CNPqCNPq
-- Physical and Human infrastructurePhysical and Human infrastructure
-- RH trainingRH training
-- R & D ProjectsR & D Projects
-- Technological ServicesTechnological Services
UNIVERSITIESUNIVERSITIES
INCUBATORINCUBATOR
Research CentersResearch Centers
SUPPLIERSSUPPLIERS
CENPESCENPES
( m a n a g e r )( m a n a g e r )
STRATEGICPARTNERS
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AnalysisofthePlans
Financeability
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Basedon20112012forecasts:Banks(Source:Bloomberg)
Basedon20132015forecasts:PIRA,DOE,CERA,WoodMackenzie,IEA
PetrobrassOutlook
95
80
US$/bbl
OILPRICE20102015
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Oilprice
ForeignExchangeRate
Growthof
the
Brazilian
Market
AverageRealizationPrice(ARP) Brazil
InternationalParity
Internationalmarginsperproduct
Oilandproductsexportsandimports
InvestmentProgram
Disinvestmentandbusinessrestructuring
Raisingofthirdpartyfunds
Keyvariables
for
Cash
Generation
and
Investment
Level
KEYVARIABLESTHATIMPACTTHECASHFLOWANDFINANCEABILITY
Propositions
NotcarryoutnewCapitalization
Keeptheinvestmentgrade
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24
125,0148,9
224,7 224,7
91,467,0
31,4 30,926,1 26,1
13,6 13,6
ScenarioA ScenarioB
US$256.1 US$255.6US$256.1 US$255.6 Keyassumptions
ScenarioA(Basis) Scenario
B
Exchangerate(R$/US$)
1.73 1,73
Brent(US$/bbl)
2011 110 2011 110
2012 80 2012 95
2013 80 2013 95
2014 80 2014 95
2015 80 2015 95
Leveraging(Average)
29% 26%
NetDebt/EBITDA(Average)
1.9 1.5
ARP(R$/bbl) 158 177DebtAmortization
Investments
DisinvestmentandRestructuring
Cash
ThirdPartyResources(Debt)
OperatingCashFlow(AfterDividends)
Sources Use Sources Use
CASHGENERATIONANDINVESTMENTSDisinvestmentandtraditionalfundingsourcesthatsuitthePlan
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Exploration&Production
US$127.5billion
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Annual investments of more than US$ 4 billion in
exploration;
InvestmentsofUS$12.4billionintheassignmentagreementareasin201115
In the BP 20102014, the forcasted investment for the PreSaltwasofUS$33billion
PreSalt
US$53.4billion
PostSalt
US$64.3billion
17%
65%
Production
Development
18%
Exploration
Infrastructure68%
Otherareas
AssignmentAgreement
26%Presalt
6%
Exploration
ProductionDevelopment
Presalt37%
AssignmentAgreement
Otherareas48%
15%
E&PinvestmentsinBrazil:US$117.7bn
TOTALE&PINVESTMENTSINBRAZIL 201115BUSINESSPLAN
Note:Pre
salt
includes
Basins
in
Santos,
Campos
and
Esprito Santo
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1.971 2.0042.100
3.070
0
500
1000
1500
2000
2500
3000
2009 2010 2011 2012 2013 2014 2015
000bpd
Marlim LesteFPSOCidade de
Niteri
100,000bpd
26Feb09
Marlim Sul
Module2SSP51
180,000bpd24Jan09
LulaPilotoFPSOCidade deAngra dosReis
100,000bpd
Cachalote andBaleia Franca
FPSOCapixaba100,000bpd
Marlim SulSSP56
Module3100,000bpd
JubarteFPSOP57
180,000bpd
Baleia AzulFPSOCid.de
Anchieta100,000bpd
RoncadorFPSOP62Module4
180,000bpd
RoncadorSSP55
Module3180,000bpd
PapaTerraTLWPP61&
FPSOP63150,000bpd
Guar (North)
FPSO150,000
bpd
PreSalt
Projects
LulaTLD
FPSOBWCidadedeS.Vicente30,000bpd
01May
09
FPSOFrade
100,000bpd
20Jun09
Parque dasConchas
FPSOE.Santo100,000bpd29Sept09
Parque dasBaleias
FPSOP58180,000bpd
FPSOCid.de
Itaja80,000bpd
Tiro PilotoSS11
30,000bpd
MexilhoJaqueta
NG
Guar TLDFPSODynamic
Producer
30,000bpd
ESP/MARIMBFPSO
40,000bpd
UruguFPSOCidade de
Santos35,000bpd
NGProjects
ARUANFPSO
100,000bpd
Guar Piloto 2FPSOCid.So
Paulo120,000bpd
LulaNEFPSOCid.de
Paraty120,000bpd
MarombaFPSO
100,000
bpd
SIRI2Jaquetas e
FPSO100,000bpd
CernambiFPSO150,000
bpd
Lula
3
Central
FPSO150,000bpd
Franco1FPSO150,000bpd
Lula4AltoFPSO
150,000bpd
BALEIAAZUL
PostSaltFPSO
60,000bpd
Juru NG
PostSaltProjects
TambaFPSOCidade
deSantos
NG
Assignment AgreementProjects
LARGEPROJECTSSUSTAINTHEINCREASEINPRODUCTION
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28*Novolumeshavebeen announcedregardingtheMarlim Leste andAlbacora Leste discoveries.
Additionalrecoverablevolumefromdiscoveries:
Postsalt: Marimb,Marlim Sul and Pampo: 1,105 MMboe;
Presalt: Barracuda, Caratinga, Marlim, Marlim Leste,
Albacora andAlbacora Leste:
1,130
MM
boe*.
Wellproductivityexceeds20,000bpd
VARREDURAPROJECT:TECHNOLOGICALDEVELOPMENTANDEXPLORATORYOPTIMIZATION
Descobertas do Pr-salna Bacia de Campos
2009/10 (VARREDURA)
Descobertas do Pr-salna Bacia de Campos
2009/10 (VARREDURA)
67 exploratory wells will be drilled between
2011 and 2015
OperationSweep
New technologies generate E&P efficiency gains and lead to production growth between 2011and 2015
SeaWaterCaptureandInjection
UnderwaterOil/WaterSeparation
VASPSUnderwaterElectric
PumpinSkidMultistage
FracturedWells TLWP
Discoveries in CamposPre-salt basin 2009/10(Varredura)
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DevelopmentStage
Duration:
4
yearsExtendablefor2moreyears Variable,accordingtoDevelopmentPlan
TotalDuration:40years,extendablefor5moreyearsaccordingtospecificcriteria
DEVELOPMENTOFTHETRANSFEROFRIGHTSUNDERIMPLEMENTATION
CommercialityStatement
ExplorationStage ProductionStage
Area 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Franco
lara surroundings
Florim
NEofTupi
SouthofGuar
SouthofTupi
Resourcesalreadyavailablefor:
8Exploratorywells 2contingentExploratorywells
1EWT
3contingentEWTs 3DSeismic
First4
production
units
undergoing
contracting
(*)
Newtechnologiesandresource
allocation
determination
*
Conversion
at
the
Inhama shipyard
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30
Refining,Transportation&Commercialization(RTC),
andPetrochemicals
US$74.4billion
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US$70.6billion
Expansionofthedownstreamsegment:
RefineryintheNE,PremiumIandII,and
Comperj;
Servingthelocalmarket:Modernization,
conversion,andhydrodesulfurization;
Operatingimprovement:maintenanceand
optimizationoftheindustry,SMES,andR&D;
FleetIncrease
Allocationofthenationaloil:oilsupplyfor
refineriesandinfrastructureforoilexports.
1.1%4.5%
26.4%
0.8%15.2%
Allocationofthenationaloil
International
FleetExpansion
Servingthelocalmarket
Expansionofthedownstreamsegment
Operatingimprovement
1.0%
23.9%
13.9%
4.9%
InvestmentsinPetrochemicalsamounttoUS$3.8billion
NEWREFINERIES,FUELQUALITYANDMODERNIZATIONSUMUPTO74%OFRTMINVESTMENTS
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InvestmentsinrefiningcapacityexpansiontosupporttheBrazilianmarketgrowth
PRODUCTION,DOWNSTREAMANDDEMANDINBRAZIL
1,811
2,205
3,217
1,971
2,004
2,100 3
,070
4,910
1,792
1,798
1,933
2,147
2,208
0
1,000
2,000
3,000
4,000
5,000
2009 2010 2011 2015 2020
OILandLNGProduction Brazil ProcessedFeedstock Brazil OilProduct MarketScenarioA
Thous bpd
RefinariaAbreu
eLima
(RNE)230milbpd
(2012)
COMPERJ(1 phase)
165milbpd(2013)
PREMIUMI
(1 phase)300milbpd(2016)
PREMIUMI(2 phase)
300milbpd(2019)
PREMIUMII300milbpd
(2017)
COMPERJ(2 phase)
165mil
bpd
(2018)
2,536
3,0952,643
3,327
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Capacity:230,000bpd
Stage:Implementation
Startup:2012
REPREI
Comperj
Nordeste Refinery
Capacity:330,000bpd
Stage:Implementation
Startups:2013and2018
Capacity:300,000bpd
Stage:PreliminaryLicenseissued
Startup:2017
REPREII
RNE
Comperj
Capacity:600,000bpd
Stage:Earthworks
Startup:2016and2019
PremiumIRefinery PremiumIIRefinery
60s50s 70s 80s 90s 00s
RLAM
RECAP
RPBC
REMAN
REDUC
REGAP
REFAP
REPLAN
REPAR
REVAP
RNEST
COMPERJ
10s
32years
LaunchofPetrobras Refineries
Learningcurvefromthetwonewrefineries(RNESTandComperj)toreducetheCAPEXatthePremiumrefineries
INVESTMENTSINDOWNSTREAMEXPANSION 201115BP
PREMIUM
I
PREMIUM
II
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2011 2012 2013 2014 2015
RegularGasoline Transition Regular Gasoline0.005% S
RECAPDiesel andGasoline
REFAPGasoline
REGAPGasoline
RLAMGasoline
RPBCGasoline
REPARGasoline
REPLANGasoline
REVAPGasoline
2011 2012 2013 2014 2015
Diesel S-1800
Diesel S-500
Diesel S-50
Diesel S-10
RECAPDiesel andGasoline
RLAMDiesel
REFAPDiesel
REPLANDiesel
REGAPDiesel
RPBCDiesel
REGAPRevamp
HDT
GASOLINEQUALITY DIESELQUALITY
REDUCGasoline
REDUCDiesel
INVESTMENTSINOILPRODUCTQUALITYANDCONVERSIONPROGRAMSTOTALAPPROXIMATELYUS$16BILLION*IN201115BUSINESSPLAN
*Includesinvestments
in
coking
units
REPAR
Diesel
Investmentsinoilproductqualitymeetenvironmentalandemissionreductionregulations;
Higherqualityoilproductsleadtobettermargins.
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NaturalGas,ElectricEnergyandFertilizers
US$13.2billion
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6%
21%
45%
26%
2%
5,9
3,4
0,3
0,8
2,8
INVESTMENTSINGAS,ENERGY,ANDGASCHEMICALS20112015
LNGNetworkElectric
Energy
Gaschemicalsplants(Nitrogenized)
201115
Investments
US$13.2billion
International
Cycle of investments in the expansion of thetransportation network to be completed in2011;
Consolidated investment in thermal powergeneration;
Operating in the LNG chain, and serving thethermalpowermarket;
Increased portion of investments allocated tothe conversion of natural gas into urea,ammonia, methanol, and other fertilizers, andgaschemicals.
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Adequao da Malha de Gasodutos UTEs Compromissos Novas UTEs a Gs Natural
Energia Renovvel: Elica e Biomassa Regaseificao de GNL Liquefao de Gs Natural
Transformao Qumica do GN
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
UFNIII(Sept/14)
UFNV(Dec/14)
Regs Bahia
(Sept/13)
NewNGHPPs
UrucuManaus
Gasbel II
Gasduc III
Gastau
Gasene
Gaspal II
Gasan II
PilarIpojuca
AtalaiaItaporanga
CacimbasVitria
CatuPilar
JaperiReduc
Gascav
Gascar
LNGPecm
LNGBGUA
ConversionofBiofuel TPP
Termoau
1stInvestmentCycle
COMPLETED
2ndInvestmentCycle2ndInvestmentCycle
201120112015
BP2015BP
2NDINVESTMENTCYCLE:MONETIZATIONOFTHEPRESALTRESERVES
Cubato
AmmoniumSulfate(May/13)
ARLA32(October/11)
GasFSO
(Dec/15)
Ecomps +DeliverySpots+NetworkMaintenance
AcquisitionTPPs
UPGNCabinas
Route
2
Pre
Salt(Aug/14)
AdaptationoftheGasPipelinesNetwork(US$3.3billion)
NewTPPs runonNaturalGas(US$1.7billion)
LNGregasification (US$0.8billion)
ChemicalTransformation
of
NG
(US$5.5
billion)
TPPCommitments(US$0.9billion)
RenewableEnergy:WindPowerandBiomass(US$0.02billion)
NaturalGasLiquefaction(US$1.8billion)
%of
TotalInvestment
UFNIV(Dec/17)
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813813
291
2,936
2,271
1,109
13
3
6
0
1.000
2.000
3.000
4.000
2011 2015 2020
Thous.
ton
/year
-
5
10
15
20
25
30
Ammonia Urea Natural Gas Consumption
Generation Intalled CapacityFertilizer Production
420420
581
6.6946.098
8.894
34
30
44
-1.000
1.000
3.000
5.000
7.000
9.000
11.000
2011 2015 2020
MW
0
10
20
30
40
50
60
70
UTE Renewable Natural Gas Consumption
Millioncm/d
7,114
9,475
6,518
Millioncm/day
NEWASSETSUSINGHIGHERNATURALGASPRODUCTION
UFNIII(Sep/2014)
UFNIV(Jun/2017)
UFNV(Sep/2015)
Brazilcurrentlyimports53%ofthetotalammoniaconsumptioninthecountry.Willbeselfsufficientin2015;
Wecurrentlyimport53%ofthetotalureaconsumed.Thisamountwillreduceto28%in2015,16%in 2017and22%
in2020.
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Total
Demand
DemandfromThermalPowerPlants:Petrobras+Thirdparties
NATURALGASSUPPLY&DEMANDBALANCE(MILLIONM3/D)
Firm
Flexible30
24
30
24
30
24
202020152011
Total
Supply
173149106 20015196
Downstream
UPGNFertilizers
61
32
1639
25
17
Petrobras Demand:Downstream+Fertilizers
Non
thermal
power
DemandfromNGDistributors
202020152011
2011 2015 2020
2011 2015 2020
2011 2015 2020
GuanabaraBay
Pecm
Bahia41
20
14
41
20
1421
14
BolivianSupply
NationalNGSupplytotheMarket
SupplyviaLNGRegasification Terminals
Inflexible
Flexible40
13
3725
2011 2015 2020
Tobecontracted(5.5GW
76(15.1GW)
59(10.7GW)
38(6.7GW)
DEMANDPCS9.400kcal/m
4969
936
9
9 NorthernRegion
OtherRegions
55
78
102
SUPPLY
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Distribution
US$3,1
billion
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INVESTMENTSINDISTRIBUTION
Shareintheautomotiveandglobalmarkets
20112015BP
US$3.1billion
21%
18%
13%
42%
MercadoAutomotivoMercadoConsumidorOperaeseLogsticaLiquigs
Internacional 6%
33.731.330.930.6
38.6 38.8 38.5 40.6
0
1020
30
40
50
2009 2010 2011 2015
Automotive Market (%) Global Market (%)
Automotive Market
Consumer Market
Operations & Logistics
International
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Biofuels
US$4.1
billion
S S O S
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INVESTMENTSIN BIOFUELS
20112015INVESTMENTS
US$4.1billion
273%
1.5
Pbio Partners
5.6
16%
735
855
Pbio Partners
MarketSharePbio+Partners:
2011:28%
2015:26%
Biodieselsupply(000m)
592 712143
143
2011 2015
Ethanolsupply(millionm)
0.9
3.10.6
2.5
2011 2015
Marketshare Pbio+Partners:
2011:5.3%
2015:12%
47%
7%
32%
14% Etanol
LogsticaparaEtanol
Biodiesel
R&D
1,9
1,3
0,6
0,3
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International
US$11
billion
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INVESTMENTS:INTERNATIONALAREA
KeyProjects:
Cascade/Chinook
SaintMalo
Tiber
KeyProjects:
BoliviaSanAlberto/SanAntonio
Servingthe
Brazilian
market
PeruIntegratedGasProject Lots57and58OilProduction LotX
KeyProjects:
NigriaAkpoAgbamiEgina
AngolaBlock26
US$11 billion
Activitiesin27countriesintheE&P,RTCP,Distribution,andG&Esegments
Africas West Coast
Gulf of Mexico
Latin America
Corporate
Distribution
G&EE&P
RTCP
87%
1%
3% 2%7%
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