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The presentation may contain forecasts about future events. Such forecasts merelyreflect the expectations of the Company's management. Such terms as "anticipate",
"believe", "expect", "forecast", "intend", "plan", "project", "seek", "should", along withsimilar 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 presentedherein. The Company is not obliged to update the presentation/such forecasts in light
of new information or future developments.
CAUTIONARY STATEMENT FOR US INVESTORSThe 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 hasdemonstrated by actual production or conclusive formation tests to be economically
and legally producible under existing economic and operating conditions. We usecertain 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.
DISCLAIMER
Exploration
and Production
Refining,
Transport
and Marketing
Retailing
Petrochemicals
Natural Gas
Proven Reserves: 11,2 billion boe (SEC 2008)
Oil and Gas Production: 2,400 thousand boed (2008)
15 Refineries • Capacity: 2,167 thousand bpd
Pipelines: 23.142 Km • Terminals:46 • Vessels: 54
5,973 Service Stations in Brazil (35% Market Share)
991 Service Stations Abroad
Sales of Natural Gas: 49 million m3/d
Shareholder in all Petrochemical centers in Brazil
Thermoelectrics: 24 units –> 6 GW, which is 5,7% of brasilianinstalled generation capacity
Fertilizers: 1.85 million MT of ammonia and 1.59 million MT of urea per year.
Ethylene production: 2.4 million MT/year
Biofuels Biodiesel: 840,000 m³
COMPANY OVERVIEW
Petrobras Total Production (1,951 thou b/d)
PURSUING NEW PROJECTS WHILE MAXIMIZING PRODUCTION FROM EXISTING ASSETS
8.8% p.y.2,4002,3012,2972,2172,0202,037
1,8101,635
5.6% p.y.
5,729
3,655
2,758
7.5% p.y.
232252 251 265
274 277 273 321463
634
161 168163 142 126 124
142
210
409
131
223
1,500 1,540 1,493 1,684 1,778 1,792 1,855
2,680
3,920
1,335
2,050*
1,177
3544
103
10011010196948523
24
2001 2002 2003 2004 2005 2006 2007 2008 2009 2013 2020
Oil Production - Brazi l Gas Production - Brazi l Oi l Production - Internationa l Gas Production - Internationa l
* Plus or minus 2,5%Source: Petrobras
FOCUSED & DISCIPLINED INVESTMENT
Total Investments of US$ 104.6 billion in E&P through 2013, of which US$ 92 will be spent in Brazil
17%
12%
58%
13%
Exploration
Santos Pre-salt
Development
International
Source: Petrobras
PRE-SALT JOINT VENTURES
EXX (40%), HES (40%) e BR (20%)
Blocks Consortium
BMS-8
BMS-9
BMS-10
BMS-11
BMS-21
BMS-22
BMS-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%)
BR (80%), PTG (20%)
Blocks Consortium
BC-60 BR (100%)JubarteCachaloteBalia FrancaBaleia AzulBaleia Anã
JUBARTEESS-103 CHL-4
BFR-1
BAZ-1
1-2 Bi boer
5-8 bi boer
3-4 Bi boer
Shore Distance = 300 kmTotal Area = 15.000 km2
Shore Distance = 60 kmTotal Area = 3.000 km2
• Total area of the Province: 114,000 km2• Area under concession: 29,000 km2 (25%)• Area not under concession: 85,000 km2 (75%)• Area with Petrobras interest: 26,000 km2 (23%)
Source: Petrobras
2007.....
2012t.....
2009
1st Oil – EWT Tupi (Mar/09)
2010
1st Oil – Tupi Pilot (Dec/10))
2017
Significant production level
DEVELOPMENT STRATEGY (example: TUPI)
PhasesInformation Acquisition Definitive Development
Phase 0 Phase 1A Phase 1B
FocusEWT (Mar/2009), Tupi Pilot and appraisal wells
Implementation of “X” production units (Replicated FPSOs)
Implementation of “Y”production units
Objective
• Area Delimitation
• Analyze reservoir flow
• Fractured well performance
• Complete sampled core
• Material analysis vs. CO2
• Analyze water and gas/CO2 injection behavior
• Test adjustments on FPU related to CO2
• Test improvements in well projects
• Apply previous dominated concepts and technologies with necessary adjustments to reach significant production by 2017
• Aggregate innovative technical solutions to optimize project performance
10 NEW FPSOs
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 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 1A - Projects
– 2nd phase of definitive development
– Significant production increase
– Innovation acceleration
– Massive use of new technologies specially tailored for Pre-Salt conditions
Phase 1B - Projects
Source: Petrobras
MG
RJ
Espí
rito
Sant
oPeroá
Camarupim
Carapó
Canapu
JUB
Catuá
Baleia Azul ABA
OST
ARG
PRBCXR
CHT
NAU
Golfinho
UTG Cacimbas
UTG Sul Capixaba
UPGN Lagoa Parda
Cangoá
Baleia Franca
Terminal Barra do Riacho
• Infrastructure in-place: diversified and flexible portfolio;
• P-34 at Jubarte field, first pre-salt production (Sep/08):
excellent results/light oil (30ºAPI);
• FPSO Seillean started in dec/08 as pilot system of
Cachalote (CHT) field;
• 2 wells were reallocated from FPSO Capixaba to FPSO
Cidade de Vitória;
• Developing new discoveries in the Ring Fence of
Golfinho using FPSO Cidade de Vitória;
• FPSO Capixaba (100 Mb/d) moved from Golfinho field
and is being adapted to produce in Cachalote
(CHT)/Baleia Franca (BFR) in 1H10;
• Baleia Azul first definitive production unit by 4Q12;
• Natural gas production transported via pipeline.
Rio Doce
Linhares
Aracruz
Marataizes
Anchieta
Guarapari
Vila Velha
VITÓRIA
PresidenteKennedy
Sul-Norte CapixabaGas pipeline
12 a 24” – 160 km7 a 15 MM m3/d
24” – 66 km25 MM m3/d
ESPÍRITO SANTO PRE SALT
Sul CapixabaGas pipeline12” – 83 km
4,5 MM m3/d
*Whales Park comprehends the fields: Jubarte, Cachalote, Baleia Franca, Baleia Azul and Baleia Anã
Whales Park*
VERTICALLY INTEGRATED SYSTEM TO CAPTURE SYNERGIES WITHIN THE VALUE CHAIN
PetrobrasOther Companies
Upstream Operations Downstream Operations
Existing PipelinesRefineriesMarine Terminal In Land Terminal
Source: Petrobras
DOMESTIC CRUDE THROUGHPUT
3,012
2,270
1,7911,779
2008 2009 2010 2011 2012 2013 2020
REPLANRevamp
33 tho. bpd2010
RNE230 tho.
bpd2011
UPB150 tho. bpd
Dez/2012
REPARRevamp
25 tho. bpd2011
73%
12%
7%
8%
Refining
Pipelines & TerminalTransport
Ship Transport
Petrochemicals
Downstream Investments
US$ 47.8 billion• Adding values to domestic crude and producing diesel and
gasoline in-line with international standards
• Investment targets Fuel Quality, Conversion and Expansion
Clara Camarão
2010
REVAP10 tho.bpd
2010
Premium I(600 th bpd)
and Premium II(300 th bpd)
1st Fase: 2013
2nd Fase: 2015
(Th
ou
san
d b
pd
))
(000 b/d)
FAST GROWING DOMESTIC DEMAND
230 257
326 332 367 419
250 220 255 24684 89118
179
738 771901
1224
112
150
182 208
274
400
215208
109119
2007 2008 2013E 2020E
Others
FO
Diesel
QAV
Naphta
Gasoline
LPG
1,906
3.3% p.y.
3.0% p.y.1,944
2,257
2,876
Source: Petrobras
STRATEGIES TO GAS & ENERGY SEGMENT
6- Invest in
electricity
generation from
renewable sources
5- Consolidate the
energy business,
competitively and
profitably, optimizing
the power plants
portfolio 4- Participate
globally in the full LNG chain
3- Price gas
competitively with
competing energy
sources while
maintaining
profitability
1- Monetize
Petrobras gas
reserves and add
value 2- Ensure flexibility
in gas supply to
both power
generation and non-
thermal marketsNatural Gas and LNG
Purchase and Sales
Power Generation
Transportation and Distribution
Purchase and Sales Te
rminals
LNG
Plants
Power
Source: Petrobras
27 30 33 36 40 41 41 42 43 4417 19
27 34 39 45 47 47 46 48
1419
3642
4450 56 67 74
49
5868
96
123135 139
146157
166
112
0
20
40
60
80
100
120
140
160
180
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Natural G
as Sup
ply an
d Dem
and
Nacional Supply Bolivia Supply LNG Addicional LGNIndustrial Demand Other uses Thermoelectric Demand
NATURAL GAS: SUPPLY AND DEMAND2008 - 2017
Industrial
Other uses
NacionalSupply
Bolivia
Supply
LNG
Million m3/d @ 9.400 kcal/m3
Addicional
LGN
Pre-Salt
Power Generation
Source: Petrobras
10% p.y.
HIGHLIGHTSHIGHLIGHTS:
• GNL Supply (Pecém, Guanabara Terminals and a third terminal planned)
• Thermoelectric demand growth (seasonable demand)
GAS & ENERGY INVESTMENTS
3.692
4.528
1,477
926
Projects in Portfolio New Investments Proposed
Projects in Portfolio New Investments Proposed
Natural Gas
US$ 8.2 billion
Energy
US$ 2.4 billion
G&E InvestmentsUS$ 10.6 billion 2009-2013
US$ million
Source: Petrobras
0
10.000
20.000
30.000
40.000
50.000
60.000
70.000
80.000
90.000
100.00019
70
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
(*) Other Renewables: Wind, Solar, Industrial and Vegetal Byproducts, Paper and Cellulose Industry.
Oil and Oil Products
Wood and Charcoal
Hydraulic
Sugar Cane Products
Natural Natural
GasGas
Coal
OtherRenewables
Uranium
54% FOSSIL
46% RENEWABLE
� Primary Energy Supply (10³ tep)10³tep
Hydraulic
14,9% Uranium
1,4% Coal
6,0%
NATURAL
GAS
9,3%
Biomass
31,1%
Oil and Oil
Products
37,4%
2007
Source: MME – BEN 2008
Brazilian Energy Mix Evolution
BRAZILIAN ETHANOL: MANY YEARS OF EXPERIENCE
Fuel Ethanol Program TimelineFuel Ethanol Program Timeline
Program for oil imports reduction
Environmental Benefits
70’s 80´S 90´S
BeginningBeginningof Ethanolof EthanolProgramProgram(BLENDS)(BLENDS)
Gasohol and Gasohol and Ethanol CarsEthanol Cars(2(2ndnd oil shock)oil shock)
Brazilian Government Brazilian Government Program of Emission Program of Emission
ControlControl(PROCONVE)(PROCONVE)
Gasohol and Flex Gasohol and Flex fuel Carsfuel Cars
00´S
HydrogenHydrogen
Future
BRAZILIAN SUGAR CANE PRODUCING AREAS
Source: IBGE (Brazilian Institute of Geography and Statistics - 2007)
Inappropriate Climatefor Sugar Cane Growing
Atlantic Forest Reserve
Sugar Cane
Pantanal Reserve
TOMORROWPotential ethanol production would grow by more than 100% based on Lignocelluloses Biomass technology
1 metric ton of sugar cane
Molasses yields 85 l of ethanol,
But
Cane bagasseyields 185 L of ethanolBase calculation
RAW MATERIAL ENERGY OUTPUT / ENERGY INPUT
Wheat
Corn
Sugar Beet
Sugar Cane (under Brazilian Production Condictions)
1.2
1.3 – 1.8
1.9
8.3
LEADER IN ETHANOL EFFICIENT PRODUCTION
GROWING OPTIONS IN BIOFUELS AND LOW-CARBON TECHNOLOGIES
BA
MG
CE
Montes Claros
Quixadá
Candeias
Petrobras’ Biodiesel Plants
� Participate in Brazilian ethanol chain and develop global
markets for Brazilian ethanol
� Participate sustainably in the biodiesel business in Brazil
and with selective international investments
� Develop competitive technologies to produce biofuels
from residual biomass
STRATEGY: To establish a global presence in the biofuels
segment, with a particular focus on biodiesel and ethanol
84%
16%
Ethanol Biodiesel
INVESTMENTS IN BIOFUELSUS$ 2.8 BILLION