PETROBRAS
A NEW ROLE IN THE GAME
Mr. José Sergio Gabrielli – CEO
October 26th, 2009




 October, 2009

 1
DISCLAIMER



    The presentation may contain forecasts            CAUTIONARY STATEMENT
    about future events. Such for...
COMPETITIVE POSITIONING AMONG PEERS

                Market Value as of October 12, 2009

             337.0


           ...
HIGH EQUITY TURNOVER AND DIVERSIFIED
SHAREHOLDER BASE


                            Shareholder Base                      ...
BUSINESS PLAN 2009-2013

                                                                                                 ...
CURRENT INTERNATIONAL PRESENCE




                                                                    Exploration & Produ...
PRE SALT REGION:
A PROMISING FUTURE

The big blue area represents the expected
Pre-salt location, with great potential for...
ENHANCING RESERVES



                Santos Pre-Salt announced recoverable volumes, can
                almost double Bra...
PURSUING NEW PROJECTS WHILE MAXIMIZING
PRODUCTION FROM EXISTING ASSETS


                                 Petrobras Total ...
IMPRESSIVE RECORD OF
ACCELERATING DEVELOPMENT


                          2.000.000



                           1.800.00...
DEVELOPMENT STRATEGY




                         Scenario for the Pre-Salt
       Several blocks             Operational ...
COMMERCIAL CHALLENGES


     • Take advantage of possible synergies
       and scale to pursue cost reduction
     • Local...
USING CONTRACTS AND LEASES TO SECURE
NEEDED DRILLING ASSETS AND FPSOS

      Water Depth              2008              20...
NEW EQUIPMENT TO BE CONTRACTED


               Items      Un.       TOTAL                  Items                Un.      ...
TECHNOLOGICAL INNOVATION FOR THE NEXT
 DECADES


                                                           PETROBRAS RESE...
MANAGING RESERVOIR UNCERTAINTIES



 Reservoir Quality Predictability
 - best EOR method


Subsea Layout



Production Sys...
ACCELERATED PROJECT DEVELOPMENT Basin
 Santos Pre-Salt Cluster Vs. Campos



PRE SALT RESERVE DEVELOPMENT
USING FAST TRACK...
PETROBRAS: GLOBAL PRESENCE IN THE
BIOFUEL SEGMENT
                                                  BIOFUELS CAPEX 2009-20...
ETHANOL: ANOTHER GOOD OPPORTUNITY
TO BECAME A GLOBAL PLAYER

  North and                                      Europe      ...
FUEL ETHANOL USE AROUND THE WORLD




      Ethanol blending – Existing programmes   Programmes under implementation
     ...
COMPETITIVE BRAZILIAN ETHANOL


                                                                                     Produ...
PETROBRAS: FIRST SERVICE STATION
WITH ETHANOL IN JAPAN



     Initiated operation on 1st of september

 2009;

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




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22.ApresentaçãO JapãO

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22.ApresentaçãO JapãO

  1. 1. PETROBRAS A NEW ROLE IN THE GAME Mr. José Sergio Gabrielli – CEO October 26th, 2009 October, 2009 1
  2. 2. DISCLAIMER The presentation may contain forecasts CAUTIONARY STATEMENT about future events. Such forecasts merely FOR US INVESTORS reflect the expectations of the Company's management. Such terms as "anticipate", The United States Securities and Exchange "believe", "expect", "forecast", "intend", Commission permits oil and gas companies, "plan", "project", "seek", "should", along with in their filings with the SEC, to disclose only similar or analogous expressions, are used proved reserves that a company has to identify such forecasts. These predictions demonstrated by actual production or evidently involve risks and uncertainties, whether foreseen or not by the Company. conclusive formation tests to be Therefore, the future results of operations economically and legally producible under may differ from current expectations, and existing economic and operating conditions. readers must not base their expectations We use certain terms in this exclusively on the information presented presentation, such as oil and gas herein. The Company is not obliged to resources, that the SEC’s guidelines update the presentation/such forecasts strictly prohibit us from including in in light of new information or future filings with the SEC. developments. 2
  3. 3. COMPETITIVE POSITIONING AMONG PEERS Market Value as of October 12, 2009 337.0 199.6 (US$ bn) 176.0 164.5 147.7 141.6 CAPEX 1H09 vs. 1H08 102.5 76.2 75.9 20% 18% XOM PBR RDS BP CVX TOT ENI COP STL 11% Source: Bloomberg 3% STL XOM RDS ENI COP BP PBR BG CVX -1% -1% Oil and Gas production 1H09 vs. 1H08 TOT -6% 6% 5% -12% 4% 4% -17% 2% 1% ENI XOM RDS TOT PBR COP CVX BP STL BG -1% -37% -2% Source: Company reports and web site -4% Source: Company reports and web site -6% 3
  4. 4. HIGH EQUITY TURNOVER AND DIVERSIFIED SHAREHOLDER BASE Shareholder Base Turnover NYSE & Bovespa (Daily Average Turnover) (% category and US$MM) 9,5% Foreign 20,3% 10,9% 26,4% 31,2% 29,5% 37,4% Turnover 2009YTD/2005 = 512% 46,4% 10,3% 219 483 992 1,930 1,344 18,0% 9,9% 8,0% 7,9% Bovespa 25,1% 30,6% 43% 43% Nyse 23,1% 22,7% 47% 20,7% 50% 53% PBR PBR/A 61,6% 25% 20% 21% 53,6% 20% 19% 44,4% 40,6% 39,9% 6% Boves 40,1% 6% 5% 5% 5% pa 31% PETR3 25% 27% 26% 22% PETR4 Oct/1992 Jul/2000 After Aug/00 After Jul/01 Dec/2003 Dec/08 2005 2006 2007 2008 2009 YTD offering offering Government (1) Bovespa Foreign PETR3 (Bovespa) PETR4 (Bovespa) PBR/A (Nyse) PBR (Nyse) Bovespa Brazil ADRs 4 (1) Includes BNDES / BNDESPAR
  5. 5. BUSINESS PLAN 2009-2013 2,270 3,012 OIL AND GAS PRODUCTION REFINING CAPACITY 5,729 (Thousand boe/d) Premium I 7.5% a.a. 223 (Thousand bpd)) 600 Th. bpd . 6% a.a 409 2010: 43 TH. BPD and Premium II 3,655 1,177 2011: 255 TH. BPD 300 Th. bpd 2,757 131 1,779 1,791 2012: 150 TH. BPD 2,308 2,400 210 103 634 109 100 142 8.8% a.a. 126 124 463 273 321 3,920 2,680 1,792 1,855 2,050 2007 2008 2009 2013 2020 O il P roduction - B razil G as R poduction - B razil O il P roduction - International G as P roduction - International 2008 2009 2010 2011 2012 2013 2020 GAS & ENERGY CAPEX - US$174.4 Billions 1st investment cycle (up to 2010) 2% 2% E&P 2% 3% + 2, 332 km pipelines 5.6 RTC 7% 3.0 + 19 new power plants 11.8 2.8 G&E + 1,236 MW 3.2 + LNG Terminal - Baía de Guanabara Petrochemicals Distribution 43,4 104.6 (*) 2nd investment cycle (2011 on ) 25% 59% Biofuels + 307 km pipelines Corporate + new compressor stations (*) US$ 17.0 billion allocated to + 2 LNG terminals (Regas-Flex Terminal) Exploration + Natural Gas plants 5
  6. 6. CURRENT INTERNATIONAL PRESENCE Exploration & Production Energy Refining Gas sector activities Distribution Representative office Commercialization Cooperation agreement Operations in Expanding activities in America, 27 countries Europe, Africa and Asia. Petrochemicals Head office JAPAN - Nansei Sekiyu refinery in Okinawa: Capacity to process 100 thousand bpd, storage for 9.6 million barrels of oil products and provide logistical support for the distribution of Petrobras products to the Asian market 6
  7. 7. PRE SALT REGION: A PROMISING FUTURE The big blue area represents the expected Pre-salt location, with great potential for oil presence Currently, Campos basin is responsible for 87% of the Companies' total production, however, when comparing with Santos basin region one may see how promising the region is. 7
  8. 8. ENHANCING RESERVES Santos Pre-Salt announced recoverable volumes, can almost double Brazilian reserves. mi boe ~ 25-30 bn boe 30,000 25,000 20,000 15,000 Higher estimates +5,400 10,000 5,000 14,093 Lower estimates 10,600 0 2008 Proven Santos and Campos Basins Proven Reserves* + Reserves* Pre-Salt Santos and Campos Basins (Tupi, Iara, Guará and Whale’s Pre-Salt Park)** (Tupi, Iara, Guará and Whale’s Park)** *SPE Criteria ** include Petrobras and Partners 8
  9. 9. PURSUING NEW PROJECTS WHILE MAXIMIZING PRODUCTION FROM EXISTING ASSETS Petrobras Total Production (x 1000 boe/d) 5,729 223 7.5% p.y. 409 1.177 3,655 5.6% p.y. 8.8% p.y. 131 2,758 210 634 2,400 103 2,217 2,297 2,301 142 1,810 2,037 2,020 101 110 100 1,635 96 124 463 22 85 94 142 126 24 35 163 277 273 321 161 168 274 3.920 44 251 252 265 232 2.680 1.855 2.050* 1.684 1.778 1.792 1.500 1.540 1.493 1.335 2001 2002 2003 2004 2005 2006 2007 2008 2009 ..... 2013 ..... 2020 Oil production - Brazil Gas production - Brazil Oil production - International Gas production - International * Consider +- 2,5% 9
  10. 10. IMPRESSIVE RECORD OF ACCELERATING DEVELOPMENT 2.000.000 1.800.00 1.600.00 Production (bpd) 1.200.00 1.000.00 800.00 400.00 0 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 Numbers of Years Production since founding Discovery of Garoupa in Discovery of giant fields in Campos Discovery of the Pre-Salt, of Petrobras (1954) the Campos basin (1954) basin including Albacora/Marlim since Parati (2006) 10
  11. 11. DEVELOPMENT STRATEGY Scenario for the Pre-Salt Several blocks Operational Similar geological acquired at the Partnerships characteristics same period … Operational Partnerships Challenging Water depth, shore distance, salt layer, After massive exploratory efforts led to huge discoveries … Major High Investment Impact on several Technological Need areas of Petrobras Challenges PLANSAL Santos Basin Pre-Salt Development Master Plan 11
  12. 12. COMMERCIAL CHALLENGES • Take advantage of possible synergies and scale to pursue cost reduction • Local content – current successful examples: • Supply vessel construction • Subsea equipment • Tubulars • Motors, Valves etc • Repeatability and scale • Hull “Factory” • Batch contracts for process modules • Standardization program for well and subsea hardware (trees, lines, …) • FPSO “Flex” 12
  13. 13. USING CONTRACTS AND LEASES TO SECURE NEEDED DRILLING ASSETS AND FPSOS Water Depth 2008 2009 2010 2011 2012 2013 - 2018 0-999m 11 1 1000- 18 2 1999m ≥ 2000m 5 5 9 6 + 28 to be leased Total per 34 7 9* 7 9 28** year Rigs Available in 7 17 6 the market > 2400m 30 RIGS CONTRACTED PLUS 28 TO BE LEASED UP TO 2018, MAKING A TOTAL OF 58 DRILLING RIGS: 23 being delivered between 2009 and 2011 9 will be chartered via international bidding, being delivered in 2012 – Meeting Petrobras’ short-term needs, while the national industry prepares itself for additional orders. 28 will be built in Brazil, being delivered between 2013 and 2018 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 * 2 rigs will be dismissed in 2013 13 13 **30 rigs contracted plus 28 to be leased up to 2018, making a total of 58 new drilling rigs
  14. 14. NEW EQUIPMENT TO BE CONTRACTED Items Un. TOTAL Items Un. TOTAL Wet Christmas Tree un 500 Pumps un 8.000 Well Head un 500 Compressors un 700 Flexible Lines km 4.000 Winch un 450 Manifolds un 30 Crane un 200 Producing pipes t 42.000 Engines un 1.000 Umbilical km 2.200 Turbines un 350 Dry Christmas Tree un 1.700 Structure Steal (Hull) t 240.000 Onshore well head un 1.700 Structure Steal (Platforms Hull) t 700.000 Itens Un. TOTAL Itens Un. TOTAL Reactors un 280 Power Generators un 500 Oil and water splitter un 50 Filters un 300 Storage Tankers un 1.800 Flares un 30 Turrets un 550 14
  15. 15. TECHNOLOGICAL INNOVATION FOR THE NEXT DECADES PETROBRAS RESEARCH CENTER Partnership with over 120 universities and research centers in Brazil, and 70 Institutions abroad. Investments in Technology Technological programs 2009-2013 US$ 4.0 billion 25% 1.0 Basin Deep and Heavy Frontier Ultra-deep Enhanced Modeling Oil Pre-salt Refining 47% Areas Waters Oil 1.9 Recovery 5% 0.2 0.9 23% Optimization Bio Fuels E&P Downstream Fuel Natural Gas Climate PRO-CO² & Transportation Environment Innovation Changes Reliability G&E Corp. (Cenpes) 15
  16. 16. MANAGING RESERVOIR UNCERTAINTIES Reservoir Quality Predictability - best EOR method Subsea Layout Production System Integrity Flexible FPSOs’ Topsides CO2 Processing & Handling Flow Assurance 16
  17. 17. ACCELERATED PROJECT DEVELOPMENT Basin Santos Pre-Salt Cluster Vs. Campos PRE SALT RESERVE DEVELOPMENT USING FAST TRACK PROJECTS - EXPECTED RESULTS: Anticipation of revenues • Revenue Anticipation; Possible optimized • Possible optimized recovery using recovery alternate water and CO2 injection; • Capex Optimization • Time to first oil reduction Year 0 Year 2 Year 4 Year 6 Year 8 Year 10 Year 12 Year 14 Year 16 Year 18 Year 20 Year 22 Year 24 Year 26 Year 28 Year 30 Year 32 Year 34 Fast Track Project Standard Project 17
  18. 18. PETROBRAS: GLOBAL PRESENCE IN THE BIOFUEL SEGMENT BIOFUELS CAPEX 2009-2013 US$ 2.8 BILLION 16% Ethanol Biodiesel 84% Ethanol Exports (thousand m³) Brazilian Biodiesel Market and 4,5 (thousand m³) 2700 Petrobras Production Target* 4 3,5 40.6% p.y. 2200 3 17.9% p.y. 2,5 1700 2114 2 4,225 1,5 1200 1 971 700 0,5 1,081 401 Petrobras 535 0 200 Market-share (20%) (29%) 2009 2013 -300 2009 2013 18 * Base case: Demand B5 in 2013
  19. 19. ETHANOL: ANOTHER GOOD OPPORTUNITY TO BECAME A GLOBAL PLAYER North and Europe CURRENT MARKET DISTRIBUTION OF WORLD CONSUMPTION Central America 37% Brazil 9.8% Ethanol global market is 46.5 Billions Liters Ethanol as a Fuel is 30.6 Billions Liters, or 67% of total ethanol 35% production TODAY the ethanol consumption is 2,6% of gasoline MK South increasing ethanol to 10% of gasoline will represent 118 Billions Lt America Asia 38% 16.2% TOMORROW Potential ethanol production would grow by more than 100% based on Lignocelluloses Biomass technology SUGARCANE ETHANOL PROVIDES THE LOWER AND BRAZIL: LEADER IN ETHANOL EFFICIENT PRODUCTION BEST PAYBACK TIME RATIO FOR CARBON EMISSION 420 ENERGY RAW MATERIAL OUTPUT/ENERGY 320 Payback Time (Yrs) INPUT Wheat 1.2 Corn 1.3 – 1.8 Sugar Beet 1.9 86 93 Sugar Cane (under 37 17 Brazilian Production 8.3 BR Amazon BR Cerrado to BR Cerrado to Indonesian US Central Condictions) to Soy Indonesian Peatland Tropical Grassland to Soy Biodiesel Sugarcane Lowland Tropical Biodiesel Rainforest to Palm Corn Etanol Ethanol Rainforest to Palm Oil Biodiesel Oil Biodiesel 19 19
  20. 20. FUEL ETHANOL USE AROUND THE WORLD Ethanol blending – Existing programmes Programmes under implementation No ethanol blending 20 Source: IFQC, 2007
  21. 21. COMPETITIVE BRAZILIAN ETHANOL Production Costs US $ / B a rre l 15 4 US $ / B a rre l US $ / B a rre l US $ / B a rre l US $ / B a rre l 75 51 46 32 EU (cereals) USA (Corn) Australia (Sugar Thailand (Sugar Brazil (Sugar Cane) Cane) Cane) Sorce: DATAGRO (in “New trends to the ethanol supply chain in brazil”, Simoes, R.B., Master Thesis, University Van Tilburg, holanda, jul-2006) Brazilian ethanol: growing expectation 64 60 56 2,5 52 2,6 8,3 47 2,5 7,7 43 2,5 7,1 38 2,5 6,6 2,5 6,1 29 33 2,4 4,9 billion liters 25 1,8 3,9 1,0 4,1 53,2 1,1 4,2 46,1 49,6 4,2 38,7 42,5 31,3 34,9 24 27,6 20,3 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Sorce:MME (10 Years Energiy Plan – PDE 2006 – 2017 ver.2) Fuel in domestic Market Export Other Uses 21
  22. 22. PETROBRAS: FIRST SERVICE STATION WITH ETHANOL IN JAPAN Initiated operation on 1st of september 2009; Located in Kawasaki; E3 Fuel Commercialization. Initial instalation in two pumps; Expectation of 100 m3/month; Target 2010 (march): 10 service stations and 1,000 m3/month. 22
  23. 23. For more information: Investor Relations www.petrobras.com.br/ri +55 21 3224-1510 petroinvest@petrobras.com.br 23
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