pre-salt: overview and opportunities - rio oil & gas 2012

CARLOS TADEU FRAGA Sep / 2012

Disclaimer

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.

All projects forecasted herein are subject to approval by the appropriate stakeholders.

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

PRE-SALT BACKGROUND

STRATEGY

MAIN RESULTS

PERSPECTIVES

AGENDA

Pre-Salt - Key Facts

Pre-Salt - Key Facts

• 31 % under contract • 69 % to be granted through

upcoming bids

Pre-Salt - Key Facts

• 31 % under contract • 69 % to be granted through

upcoming bids

Some key facts:

Average water depth: 2100 m

Distance to coast: 300 km

Average salt thickness: 2 km

Average reservoir depth: 5 km

Declared Recoverable Volumes

· Lula: 6.5 billion boe · Lula - Iracema Area: 1.8 billion boe · Sapinhoá: 2.1 billion boe · Transfer of Rights: 5.0 billion boe

Total: 15.4 billion boe

Transfer of Rights:

100% Petrobras

Santos Pre-Salt Cluster vs Campos Basin

BM-S-11 (TUPI)

BM-S-11 (TUPI)

Santos Pre-Salt Cluster vs Campos Basin

BM-S-11 (TUPI)

Santos Pre-Salt Cluster vs Campos Basin

BM-S-11 (TUPI)

Santos Pre-Salt Cluster vs Campos Basin

BM-S-11 (TUPI)

Santos Pre-Salt Cluster vs Campos Basin

BM-S-11 (TUPI)

Santos Pre-Salt Cluster vs Campos Basin

40 times Guanabara Bay

Pre-Salt timeline

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

2000-2001: BIDs 2 and 3: Blocks acquisition of Santos Basin Pre-Salt blocks

2001-2004: Seismic acquisition and interpretation

3D Seismic

Pre-salt reservoir

6km

Pre-Salt timeline

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

May 2009: Lula field 1st oil - Lula EWT Sep 2008: Campos Basin 1st oil - ESS-103A

2005-2006: 1st wildcat well Santos Basin - Parati

2006: Lula (Tupi) discovery - RJS-628

2007: Caxaréu discovery - ESS-172

P-34 - Jubarte

2008 2009 2010 2011 2012 2013 2014 2015 2016

Oct 2010: 1st oil of Lula Pilot

Sep 2010: Transfer of Rights

Dec 2010: Declaration of Commerciality - Lula Field

Pre-Salt timeline

2008 2009 2010 2011 2012 2013 2014 2015 2016

Dec 2011: Declaration of Commerciality Sapinhoá Field

Dec 2010 to July 2011: Sapinhoá EWT

Pre-Salt timeline

Sapinhoá

Pre-salt Potential

Produced = 15.5 bi boe

15.4 bi boe*

Declared Recoverable

Volume

Lula + Sapinhoá

+ Transfer of Rights

* Declared volume operated by Petrobras

AGENDA

PRE-SALT BACKGROUND

STRATEGY

MAIN RESULTS

PERSPECTIVES

Thousand bpd

FPSO Cidade de Santos FPSO Cidade de Angra dos Reis P-56 P-57

Shallow

Water Deep Water

Deep & Ultra deep

Water Pre Salt

Deep Water Track Record

Uruguá Lula Pilot

Onshore

123 offshore units (45 floating and 78 fixed)

25 new offshore facilities over the last 5 years

Jubarte

Marlim Sul

Innovation acceleration

After 2017

• New technologies

Phase 1b

Production

2013/2017

• Sapinhoá Pilot

• Lula NE Pilot

• Sapinhoá N

• Iracema S

• Iracema N

• 8 Replicants FPSO`s

• 4 Transfer of Rights

production units

Phase 1a

Hulls + Topsides contracted

(First oil by 2016)

Hulls contracted

Topsides being contracted (First oil by 2016)

Contracted (First oil by 2014/2015)

Strategy

Information Gathering

2008/2018

• Appraisal Wells

• Extended Well Tests

• Lula Pilot

Phase 0

2 FPSOs performing EWTs

1st oil just 4 years after discovery

Contracted (First oil by 2013)

Oil Transfer

In operation

Under Construction

Gas Transfer

COMPERJ

Rota 1

Rota 3

25

0 km

Rota 2

OPERATION

CONSTRUCTION

DESIGN

Capacity

(million m3/day) Status

1 - LULA-MXL + UTGCA 10 Operation

2 - CABIÚNAS 16 Construction

Aug/14

3 - MARICÁ 18 Design - Aug/16

AGENDA

PRE-SALT BACKGROUND

STRATEGY

MAIN RESULTS

PERSPECTIVES

Main Results - Exploration

Main Results - Exploration

Main Results - Exploration

Main Results - Exploration

Success

> 90%

> 80%

Santos Basin Campos + Santos Basin

32 wells

73 wells

Success

Exploratory wells drilled

Main Results - EWT

EWT Period Block

Lula Apr/09 to Dec/10 BM-S-11

Lula NE Apr/11 to Nov/11 BM-S-11

Sapinhoá Dec/10 to Jul/11 BM-S-9

Carioca NE Oct/11 to Feb/12 BM-S-9

Iracema S Since Feb/12 BM-S-11

· Very good lateral continuity

· High productivity

• Sucessfull pionering CO2 reinjection in deep water

• Very high productivity

• First horizontal well

• Fast track project

Main Results - Lula Pilot

Production Output

BC

PPSBS 113 mil bpd

78 mil bpd

85 k bpd

192 k bpd

Jan / 2011

Sep / 2012

107 k bpd

85 k bpd

54 k bpd

31 k bpd

100 million

boe

SEP/2008

AUG/2012

EDISE

Typical Mega Project

Technological Highlights - Subsurface

See through salt

Good reservoir characterization

Suitable geological and flow model

Poços

Technological highlights - Wells Construction

Safety and

reliable wells

Cost-effective and high productivity wells for pre-salt conditions

Technological highlights - Subsea

Safety and reliable subsea systems

Cost-effective for ultra deep water projects

Technological highlights · Floating Production Units

Suitable for pre-salt fluids

and contaminants

AGENDA

PRE-SALT BACKGROUND

STRATEGY

MAIN RESULTS

PERSPECTIVES

Energy Landscape · Consumption

2010

12001 Mtoe

Others 5207 Mtoe

Oil & Gas 6794 Mtoe

2030

16206 Mtoe

Others 6486 Mtoe

Oil & Gas 9720 Mtoe

1990

8109 Mtoe

Others 3147 Mtoe

Oil & Gas 4962 Mtoe

Source: IEA, 2010

Energy Landscape · Major Offshore Discoveries

Thunder Horse (GoM)

Marlim, Albacora, Roncador (Brazil)

Girassol (Lower Congo Basin)

Zafiro, Bonga (Niger Delta)

Energy Landscape · Major Offshore Discoveries

Source: Oil & Gas Journal 2010

Established

Emerging

Frontier

Major Offshore Discoveries

Havis, Goliat, Barents Sea Avaldsnes-Aldous,

North Sea

Moccasin, US GoM

Zaedyus, French Guyana

Lula, Cernambi, Sapinhoá, Franco Brazilian Pre-salt

Cameia-1, Cobalt and Azul-1, Angola Pre-salt

Aphrodite, Mediterranean

Multiple, Mozambique

2012 Exploration Projects

2030 - Oil and NGLs Production Forecast (million b/d)

Europe

Asia Pacific

South America

Africa

Asia

North and Central America

Middle East

Source: WoodMackenzie, 2010

+ 17 %

Energy Landscape · 2030

2030 - Offshore Oil and NGLs Production Forecast (million b/d)

Europe

Asia Pacific

South America

Africa

Asia

North and Central America

Middle East

Source: WoodMackenzie, 2010

+ 26 %

Energy Landscape · 2030

Europe

Asia Pacific

South America

Africa

Asia

North and Central America

Middle East

2030 - Deepwater Oil and NGLs Production Forecast (million b/d)

Source: WoodMackenzie, 2010

+ 90 %

Energy Landscape · 2030

Perspectives

Pre-Salt (concession) 5%

Pos-Salt 95%

Transfer of Rights 1% Pre-Salt (concession)

30%

Pos-Salt 69%

New Discoveries 11% Pre-Salt

(Transfer of Rights)

19%

Pre-Salt (concession)

28% Pos-Salt

42%

2011 2.022 k bpd

2016 2.500 k bpd

2020 4.200 k bpd

4.200

2.500

2.022

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Florim Dez/20

Espadarte III

Ent. de Iara Dez/19

Franco 5 Dez/18

Bonito

Maromba

Espadarte I

Sul Parque das Baleias

Franco 3 Dez/17

NE Tupi Jul/17

Carimbé

Aruanã

Iara NW Out/17

Iara Horst Jun/17

Lula Ext Sul Jan/17

Carcará Mar/18

Júpiter Mar/18

Sul de Guará Jan/18

Franco 4 Jan/18

Lula Central Mar/16

Lula Sul Jun/16

Franco 1 Jul/16

Carioca 1 Ago/16

Franco 2 Dez/16

Lula Alto Jan/16

Lula Norte Set/16

Iracema Norte

Dez/15

Sapinhoá Norte (C. de

IlhaBela) Set/14

Norte Parque das Baleias

(P-58)

Roncador IV (P-62)

Iracema Sul (Cidade de

Mangaratiba)Nov/14

Piloto Sapinhoá

(Cidade de São Paulo)

Jan/13

Piloto Lula NE (Cidade de

Paraty) Mai/13

Papa Terra (P-61 e P-63)

Roncador III (P-55)

Baúna e Piracaba

(Cidade de Itajaí)

Baleia Azul (Cidade de Anchieta)

Oil Production

4.200

2.500

2.022

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Florim Dez/20

Ent. de Iara Dez/19

Franco 5 Dez/18

Sul Parque das Baleias

Franco 3 Dez/17

NE Tupi Jul/17

Iara NW Out/17

Iara Horst Jun/17

Lula Ext Sul Jan/17

Carcará Mar/18

Júpiter Mar/18

Sul de Guará Jan/18

Franco 4 Jan/18

Lula Central Mar/16 Lula Sul Jun/16

Franco 1 Jul/16

Carioca 1 Ago/16

Franco 2 Dez/16

Lula Alto Jan/16

Lula Norte Set/16

Iracema Norte

Dez/15

Sapinhoá Norte (C. de

IlhaBela)

Set/14

Norte Parque das Baleias

(P-58)

Iracema Sul (Cidade de

Mangaratiba)Nov/14

Piloto Sapinhoá

(Cidade de São Paulo)

Jan/13

Piloto Lula NE (Cidade de

Paraty) Mai/13

Baleia Azul (Cidade de Anchieta)

Baleia Azul (FPSO Cidade de Anchieta)

1st oil: September 2012

Oil Production

Perspective

4.200

2.500

2.022

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Iracema

Norte

Florim

Entorno de Iara

Sapinhoá Norte

(Cid. Ilhabela)

Iracema Sul

(Cid. Mangaratiba)

Lula Alto

Lula Central

Lula Sul

Franco 1

Carioca 1

Lula Norte

Franco 2

Lula Ext. Sul

Iara Horst

NE Tupi

Iara NW

Franco 3

Franco 4

Sul de Guará

Júpiter

Carcará

Franco 5

Piloto Sapinhoá

(Cid. São Paulo)

Piloto Lula NE

(Cid. Paraty)

Sapinhoá Pilot (FPSO Cidade de São Paulo)

1st oil: January 2013

Perspective

Oil Production

Lula NE Pilot

(FPSO Cidade de Paraty)

1st oil: May 2013

4.200

2.500

2.022

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Iracema

Norte

Florim

Entorno de Iara

Sapinhoá Norte

(Cid. Ilhabela)

Iracema Sul

(Cid. Mangaratiba)

Lula Alto

Lula Central

Lula Sul

Franco 1

Carioca 1

Lula Norte

Franco 2

Lula Ext. Sul

Iara Horst

NE Tupi

Iara NW

Franco 3

Franco 4

Sul de Guará

Júpiter

Carcará

Franco 5

Piloto Sapinhoá

(Cid. São Paulo)

Piloto Lula NE

(Cid. Paraty)

Perspective

Oil Production

Sapinhoá Norte (FPSO Cidade de Ilhabela)

1st oil: September 2014

4.200

2.500

2.022

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Iracema

Norte

Florim

Entorno de Iara

Sapinhoá Norte

(Cid. Ilhabela)

Iracema Sul

(Cid. Mangaratiba)

Lula Alto

Lula Central

Lula Sul

Franco 1

Carioca 1

Lula Norte

Franco 2

Lula Ext. Sul

Iara Horst

NE Tupi

Iara NW

Franco 3

Franco 4

Sul de Guará

Júpiter

Carcará

Franco 5

Piloto Sapinhoá

(Cid. São Paulo)

Piloto Lula NE

(Cid. Paraty)

Perspective

Oil Production

4.200

2.500

2.022

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Iracema

Norte

Florim

Entorno de Iara

Sapinhoá Norte

(Cid. Ilhabela)

Iracema Sul

(Cid. Mangaratiba)

Lula Alto

Lula Central

Lula Sul

Franco 1

Carioca 1

Lula Norte

Franco 2

Lula Ext. Sul

Iara Horst

NE Tupi

Iara NW

Franco 3

Franco 4

Sul de Guará

Júpiter

Carcará

Franco 5

Piloto Sapinhoá

(Cid. São Paulo)

Piloto Lula NE

(Cid. Paraty)

Oil Production

Perspective

Iracema Sul Project

(FPSO Cidade de Mangaratiba) 1st oil: November 2014

4.200

2.500

2.022

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Iracema

Norte

Florim

Entorno de Iara

Sapinhoá Norte

(Cid. Ilhabela)

Iracema Sul

(Cid. Mangaratiba)

Lula Alto

Lula Central

Lula Sul

Franco 1

Carioca 1

Lula Norte

Franco 2

Lula Ext. Sul

Iara Horst

NE Tupi

Iara NW

Franco 3

Franco 4

Sul de Guará

Júpiter

Carcará

Franco 5

Piloto Sapinhoá

(Cid. São Paulo)

Piloto Lula NE

(Cid. Paraty)

Replicants FPSO Lula Alto (P66)

1st oil: January 2016

Oil Production

Perspective

4.200

2.500

2.022

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Iracema

Norte

Florim

Entorno de Iara

Sapinhoá Norte

(Cid. Ilhabela)

Iracema Sul

(Cid. Mangaratiba)

Lula Alto

Lula Central

Lula Sul

Franco 1

Carioca 1

Lula Norte

Franco 2

Lula Ext. Sul

Iara Horst

NE Tupi

Iara NW

Franco 3

Franco 4

Sul de Guará

Júpiter

Carcará

Franco 5

Piloto Sapinhoá

(Cid. São Paulo)

Piloto Lula NE

(Cid. Paraty)

Transfer of rights FPSOs Franco-1 (P74)

1st oil: July 2016

Oil Production

Perspective

E&P-PRESAL - R1 LULA ALTO - P-66 (Projeto Completo)ACOMPANHAMENTO FÍSICO DO PROJETO - CURVA S

Fase II - Projeto Conceitual

MARCOS DE IMPLANTAÇÃO

1 - Conclusão da Fase Avaliação de Oportunidade (Portão 1) (P: jun-12 / R: jun-12) (P: 100% / R: 100%)

2 - Conclusão da Fase de Projeto Conceitual (Portão 2) (P:maio-13 / Proj:maio-13) (P: 5,5% / R: 5,5%)

3 - Emissão da Licença Prévia (LP) (P:jan-14 / Proj:jan-14)

4 - Conclusão da Fase de Projeto Básico (Portão 3) (P:mar-14 / Proj:mar-14) (P: 0% / R: 0%)

5 - Início da Construção 1º Poço (P:jun-14 / Proj:jun-14)

6 - Emissão da Licença de Instalação (LI) (P:dez-14 / Proj:dez-14)

7 - Chegada da UEP na Locação (P:set-15 / Proj:set-15)

8 - Início da Interligação do 1º Poço (P:dez-15 / Proj:dez-15)

9 - Emissão da Licença de Operação (LO) (P: dez-15 / Proj:dez-15)

10 - Interligação do último poço (P:mar-18 / Proj:mar-18)

Fonte: SAP 31/08/12. Data da medição pela Diretoria de Exploração e Produção: 14/09/12Linha de Base: EVTE da Fase I, aprovado em 22/06/2012, Ata DE 4.950 / Projetado: set/12

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-14

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-16

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Linha de Base Linha Base - PNG 12-16 Realizado Projetado

1º Óleo Projetado:

jan/16

1º Óleo (PNG 12-16):

jan/16

Aprovações Data Ata DE Data de Partida

Fase I

Fase II

Fase III

22/06/12

-

-

Ata 4.950

-

-

08/01/16

-

-

Justif.2

1

2 3

45

79

108

Previsto PNG:Realizado:

13,0% 3,0 p.p.AcumuladoNo mês

12,0%2,4 p.p.

Referência: agosto/12

6

1º Óleo EVTE: jan/16

INVESTMENTS 2012-2016

Petrobras Investments in Pre-salt: US$ 69,6 bi

Total: Petrobras + Partners US$ 93,1 bi

85 % 58,9 bi 15%

10,7 bi

Santos Basin

Campos Basin

Development

Exploration

Infra

82 % 48,3 bi

14 % 8,1 bi

4 % 2,4 bi

Santos Basin

For more information: Investor Relations www.petrobras.com.br/ri +55 21 3224-1510 petroinvest@petrobras.com.br