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04.05.2009   presentation of petrobras america president, jose orlando azevedo - otc - offshore technology conference in houston - usa.
04.05.2009   presentation of petrobras america president, jose orlando azevedo - otc - offshore technology conference in houston - usa.
04.05.2009   presentation of petrobras america president, jose orlando azevedo - otc - offshore technology conference in houston - usa.
04.05.2009   presentation of petrobras america president, jose orlando azevedo - otc - offshore technology conference in houston - usa.
04.05.2009   presentation of petrobras america president, jose orlando azevedo - otc - offshore technology conference in houston - usa.
04.05.2009   presentation of petrobras america president, jose orlando azevedo - otc - offshore technology conference in houston - usa.
04.05.2009   presentation of petrobras america president, jose orlando azevedo - otc - offshore technology conference in houston - usa.
04.05.2009   presentation of petrobras america president, jose orlando azevedo - otc - offshore technology conference in houston - usa.
04.05.2009   presentation of petrobras america president, jose orlando azevedo - otc - offshore technology conference in houston - usa.
04.05.2009   presentation of petrobras america president, jose orlando azevedo - otc - offshore technology conference in houston - usa.
04.05.2009   presentation of petrobras america president, jose orlando azevedo - otc - offshore technology conference in houston - usa.
04.05.2009   presentation of petrobras america president, jose orlando azevedo - otc - offshore technology conference in houston - usa.
04.05.2009   presentation of petrobras america president, jose orlando azevedo - otc - offshore technology conference in houston - usa.
04.05.2009   presentation of petrobras america president, jose orlando azevedo - otc - offshore technology conference in houston - usa.
04.05.2009   presentation of petrobras america president, jose orlando azevedo - otc - offshore technology conference in houston - usa.
04.05.2009   presentation of petrobras america president, jose orlando azevedo - otc - offshore technology conference in houston - usa.
04.05.2009   presentation of petrobras america president, jose orlando azevedo - otc - offshore technology conference in houston - usa.
04.05.2009   presentation of petrobras america president, jose orlando azevedo - otc - offshore technology conference in houston - usa.
04.05.2009   presentation of petrobras america president, jose orlando azevedo - otc - offshore technology conference in houston - usa.
04.05.2009   presentation of petrobras america president, jose orlando azevedo - otc - offshore technology conference in houston - usa.
04.05.2009   presentation of petrobras america president, jose orlando azevedo - otc - offshore technology conference in houston - usa.
04.05.2009   presentation of petrobras america president, jose orlando azevedo - otc - offshore technology conference in houston - usa.
04.05.2009   presentation of petrobras america president, jose orlando azevedo - otc - offshore technology conference in houston - usa.
04.05.2009   presentation of petrobras america president, jose orlando azevedo - otc - offshore technology conference in houston - usa.
04.05.2009   presentation of petrobras america president, jose orlando azevedo - otc - offshore technology conference in houston - usa.
04.05.2009   presentation of petrobras america president, jose orlando azevedo - otc - offshore technology conference in houston - usa.
04.05.2009   presentation of petrobras america president, jose orlando azevedo - otc - offshore technology conference in houston - usa.
04.05.2009   presentation of petrobras america president, jose orlando azevedo - otc - offshore technology conference in houston - usa.
04.05.2009   presentation of petrobras america president, jose orlando azevedo - otc - offshore technology conference in houston - usa.
04.05.2009   presentation of petrobras america president, jose orlando azevedo - otc - offshore technology conference in houston - usa.
04.05.2009   presentation of petrobras america president, jose orlando azevedo - otc - offshore technology conference in houston - usa.
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04.05.2009 presentation of petrobras america president, jose orlando azevedo - otc - offshore technology conference in houston - usa.

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  • 1. Jose Orlando Azevedo PETROBRAS AMERICA PRESIDENT May, 2009
  • 2. Disclosure & Important Notice 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. 2
  • 3. Medium/Long-term Oil Market Outlook Remains Very Strong GLOBAL OIL DEMAND SCENARIOS mm b/d 140 120 EIA/DOE High Demand Scenario IEA Reference Scenario 100 Global demand scenarios 80 EIA/DOE Low Demand Scenario 60 Observed decline Additional Required 40 Capacity (b/d) Actual decline Existing production Natural decline 20 Natural decline 2020 | 55 – 65 mm Existing production Existing production 2030 | 75 – 90 mm 0 2012 2028 2006 2008 2010 2014 2016 2018 2020 2022 2024 2026 2000 2002 2004 2030 Production in most non-OPEC countries is at a plateau or in decline; Global oil production capacity will be challenged to meet projected demand growth; Lower demand and capital spending during current down-cycle will postpone the crunch, but not eliminate it. Source: IEA World Energy Outlook 2007, EIA International Energy Outlook 2007 3
  • 4. Dominant Position in a Large and Growing Emerging Market 2007 Total Oil Consumption by Country (mmboed) 20.7 8 7.9 6 5.1 Brazil is world’s ninth largest oil consumer 4 2.7 2.7 2.4 2.4 2.3 2.2 2.2 2.0 1.9 1.7 1.7 1.6 2 0 Total Oil Consumption (index) US France S. Korea UK  Germany Mexico China Japan Iran India Canada Brazil Saudi  Italy Russia Brazil OECD World 150 140 Brazil oil consumption 130 growing at 2.4% p.a. 120 OECD oil consumption 110 growing at 1% p.a. 100 1991 1990 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 Source: BP Statistical Review 2008, PFC Energy 4
  • 5. High-potential Portfolio in One of the World’s Most Exciting Provinces Kashagan Sakhalin II Sakhalin I Kurmangaz Thunder Shah i Azadegan Horse Deniz Khurais Anaran Roncador Marlim Albacora Agbami Akpo Iara Jupiter Dalia Kizomba Tupi Carioca Girassol, Jaz, Rosa 82% of our total crude production currently comes from Campos Development of the Santos Basin Basin sub-salt play will drive our long-term production growth Significant light oil and Circle size gas discoveries have been indicates made in the Espirito Santo estimated reserves Basin 5
  • 6. Competitive Advantage in the Deepwater Petrobras operates 22% of global deepwater production 2008 Gross Global Operated Deepwater Production (mboe/d) REL HES MUR 1% 1% 2% BG APC 4% PBR 5% 22% CVX 6% TOT 8% XOM 14% BP 9% STL RDS 14% 14% Source: PFC Energy | Note: Estimated volumes above reflect what operators are responsible for producing, not  what they keep on a net working interest or e ntitlement basis. Minimum water depth is 300 meters; twelve  operators above account for 94% of global deepwater production in 2008. 6
  • 7. Petrobras as a Leader Operator of Floating Production Systems FPS Operators All Contracted Vessels (252 Vessels Total) 0 20 40 60 80 100 120 Petrobras 45 Shell 15 StatoilHydro 15 ExxonMobil 13 BP 12 Chevron 12 Anadarko 10 Total 9 CNOOC 8 ConocoPhillips 8 ENI/Agip 5 Others 100 FPSO Semi Spar TLP Other Copyright © 2008 ODS-Petrodata, Inc. 7
  • 8. Petrobras Production Water Depth Records 8,250 8
  • 9. US Gulf of Mexico – Cascade and Chinook Project Disconnectable Buoy Deepest installation of an FPU in the world (8,250 ft) First FPSO in the US Highest Reservoir Pressure (20kpsi) ever produced 9
  • 10. Pursuing New Projects While Maximizing Production from Existing Assets Petrobras Total Production (M boed) 5,729 223 409 7.5% p.y. 1,177 3,655 5.6% p.y. 131 2,757 210 2,400 8.8% p.y. 634 2,223 2,305 2,308 103 2,042 2,027 100 142 1,812 96 101 109 463 1,637 85 94 142 126 124 23 163 273 321 3,920 24 35 161 168 274 277 44 251 252 265 232 2,680 1,778 1,792 1,855 2, 050 1,500 1,540 1, 493 1,684 1, 335 2001 2002 2003 2004 2005 2006 2007 2008 2009 2013 2020 O il production ‐ Brazil Ga s  production ‐ Bra zil Oil P roduc t ‐ International Ga s  P roduct ‐ Inte rna tiona l 10
  • 11. Pre Salt Province Total area of the Province: 112,000 km2 Area not under concession: 71,000 km2 (62%) Area under concession: 41,000 km2 (38%) Area with Petrobras interest: 35,000 km2 (31%) Whale’s Park in as B s po am C Test ed Wells HC Fields Exploratory Blocks Pre-Salt Reservoirs Santos n as i to sB S an 11
  • 12. Santos Basin Pre-salt Blocks Consortium Wells Drilled BMS-8 BR (66%), SH (20%) e PTG (14%) BMS-9 BR (45%), BG (30%) e RPS (25%) BMS-10 BR (65%), BG (25%) e PAX (10%) BMS-11 BR (65%), BG (25%) e PTG (10%) BMS-21 BR (80%), PTG (20%) BM-S-42 BMS-22 EXX (40%), HES (40%) e BR (20%) BMS-24 BR (80%), PTG (20%) BMS-50 BR (60%), BG (20%) e RPS (20%) Evaluation Plans approved by ANP BM-S-42 Parati – 1-RJS-617 Tupi – 1-RJS-628 Iar a Carioca – 1-SPS-50 BM-S-10 Par ati Caramba – 1-SPS-51 BM-S-11 Guará – 1-SPS-55 Tupi Bem-Te-Vi – 1-SPS-52 BM-S-24 Jupiter Iara – 1-RJS-656 BM-S-8 BM-S-9 Bem-te-Vi Car ioca Pre-salt Cluster: Evaluation Plans being prepared BM-S-21 15.000 km2 Car amba Tupi: 5 to 8 bi boe Júpiter – 1-RJS-652 BM-S-17 Iara: 3 to 4 bi boe 12
  • 13. Espírito Santo Pre-salt Infrastructure in-place to an UTG Cacimbas Linhares P-34 at Jubarte field, first pre-salt oS Rio Doc e Cangoá Peroá production: excellent results, prod. up to MG UPGN Lagoa Parda 18 k b/d rit pí 24” – 66 km Aracruz 25 MM m 3/d FPSO Seillean started in dec/08 as pilot Es Terminal Barra do Riacho Camarupim Canapu system of Cachalote (CHT) field Golfinho VITÓRI A FPSO Capixaba will move from Golfinho Vila Velha Carapó field to Cachalote/Baleia Franca (BFR) in UTG Sul Capixaba Sul-Norte Capixaba Gas pipeline 1H10 Guarapari Sul Capixaba Gas pipeline 12 a 24” – 160 km 12” – 83 km 7 a 15 MM m 3/d Anc hieta 4,5 MM m 3/d FPSO Pipa II will start in 2H10 as Baleia Presidente Kennedy Marataizes Azul (BAZ) pilot system ARG CHT Baleia Franca JUB N AU OST Baleia Azul first definitive production unit RJ Baleia Azul AB A CXR PRB by 4Q12 Catuá Natural gas production transported via pipeline 13
  • 14. Pre-salt Oil Production Petrobras Pre-salt Oil Production (m bpd) 1,815 1,336 632 582 463 219 1,1 83 62 160 873 422 157 2013 2015 2017 2020 Pre‐Salt Petrobras Pre‐salt Partners Petrobras Pre-salt Capex Through 2020 2009-2013 2009 -2020 Petrobras Total Pre-salt Capex (Production Development) 28.9 111.4 Santos Basin Pre-salt 18.6 98.8 Espírito Santo Pre-salt (includes post-salt fields) 10.3 12.6 14
  • 15. Record of Accelerating Development Production (b/d) 54 years 16 years 22 years 27 years 45 years 12 years Number of years Production since founding of Petrobras Discovery of Garoupa in the Discovery of giant fields in Campos Basin Discovery of the Pre-salt, (1954) Campos Basin (1974) inc. Albacora/Marlim including Parati (2006) 15
  • 16. Petrobras’ Strong Portfolio Beyond Pre-salt Main discoveries in the Post-salt region* Date Block/Field Well Consortium Nov-2008 BM-J-3 1-BRSA-669-BAS BR (60%), STATOIL (40%) Jequitinhonha Sep-2008 BM-S-40/Sidon 1-BRSA-658-SPS BR (100%) Jul-2008 Golfinho 4-GLF-23-ESS BR (100%) May-2008 BM-S-40/Tiro 1-BRSA-607-SPS BR (100%) Dec-2007 BM-ES-5/Camarupim 4-ESS-177/6SS168 BR (65%), EL PASO (35%) May-2007 BM-ES-5/Camarupim 6-BRSA-486-ESS BR (65%), EL PASO (35%) Mar-2007 BC-60/Caxaréu 4-BRSA-446-ESS BR (100%) * 2007 to 2009
  • 17. Main Challenges for the Oil Industry in Brazil CHALLENGES Infra‐structure Improvement  including Dry Docks Critical Equipment Supply  Drilling Equipment Brasfels Shipyard in Angra dos Reis. P‐51 and P‐56  Dynamic Positioning and Propulsion  construction. Systems Processing and Supply of Steel Qualified workforce for construction  and operation Financiability Costs Optimization Rio Grande Shipyard under construction. Prepared for  platform construction. 17
  • 18. Optimizing Costs Planning • More details less risk Planning Optimizing Costs • Design Simplicity • Design Standardization (i.e. 8 identical Contracting Pre-salt FPSOs) • Equipment specification based on industry-standards Culture Contract Strategy • Large number of contracts (packages or modules) to increase competitiveness Culture • Reducing redundancies 18
  • 19. Opportunities for New Players New Vessels Delivery Plan Critical Resources 2009 to 2013 2013 to 2015 2016 to 2020 Large Vessels (1) 44 5 0 Supply and Special Vessel 92 50 53 Production Platforms (2) 15 8 22 Others (Jack-ups and TLWP) 2 2 3 Total 153 65 78 Supply Vessel Large Vessel (VLCC) Production Platform (FPSO) Drilling Rigs 40 drilling units until 2017 to produce in deep and ultradeep waters - 12 first via international bidding, delivered up to 2012 – Meeting Petrobras’ short-term need, while the dome stic industry develops to attend the re maining units - 28 built in Brazil and operated by Brazilian companies, delivered between 2013 and 2017 (1) (2) Promef 1 and Promef 2 FPSO and SS 19
  • 20. Opportunities for New Players 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 Steel (Hull) t 940.000 Onshore well head un 1.700 Items Un. TOTAL Items 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 20
  • 21. Opportunities for New Players Total Investments:INVESTMENTS IN LOGISTICS – PIPELINES AND TERMINALS US$ 3.7 billion between 2009-2013; Main Projects: Storage extension in Santos and Paranaguá ports; Increase in effluents treatment in São Sebastião (TEBAR), São Fransisco do Sul (TEFRAN), Cabiúnas, Ilha Grande (TEBIG) and TEDUT Terminals; Implantation of the Program “Adequação de Suprimento de Petróleo” (PASP) and the Plano Diretor de Dutos, in São Paulo State, through interventions in the OSVAT and OSCAN Systems, and new pier for the São Sebastião Terminal; Improvements in the oil product outflow system in Santos and Paranaguá ports and Madre de Deus Terminal(TEMADRE). Petrobras’ Terminals 26 offshore terminals, operated by means of monobuoys or spread mooring 20 land terminals.
  • 22. Vertically Integrated System to Capture Synergies within the Value Chain Upstream Operations Downstream Operations Existing Pipelines Refineries Petrobras Waterway Terminal Other Companies In Land Terminal As Petrobras continues to grow its upstream Petrobras will increase capacity to meet business, the need for a compatible refining the needs of a growing domestic market infrastructure becomes more critical 22
  • 23. Production Increase Followed by Increase in Domestic Oil Products Market RNE 230 M UPB Premium I Others 150 M (600 M bpd) e bpd Premium II (300 M REPLAN 2011 bpd bpd) Revamp Dec/2012 33 M bpd 1st Phase: 2013 Fuel Oil REPAR 2nd Phase: 2015 2010 Revamp 5.729 25 M bpd Clara  2011 Diesel Camarão Refinery 2010 7,5% a.a. Jet Fuel Mil b/d 3.920 3.655 Naphtha 2.680 2.876 400 Gasoline 2.400 2.301 2.257 150 274 1.906 1.945 112 182 202 1.855 LPG 119 107 1224 1.792 901 738 783 179 Oil Production in Brazil 84 118 89 255 246 250 218 326 332 367 419 208 214 230 257 Oil and Gas Production in Brazil and Abroadodução de óleo e gás Brasil e 2007 2008E 2013E 2020E Internacional 23
  • 24. OPPORTUNITIES FOR NEW PLAYERS Gas & Energy 1st investment cycle (until 2010) – Diversifying Supply and Integrating the network + 2,332 km of gas pipelines until 2010 + 19 new power plants + 1,236 MW until 2010 2nd investment cycle (2011 on) – Supply Flexibility and Diversification + 307 km of gas pipelines + new compression stations; + 2 LNG terminals (Terminal Regás-Flex) + natural gas power plants 24
  • 25. Growing Options in Biofuels and Low-carbon Technologies Petrobras’ Biodiesel Plants STRATEGY: To establish a global presence in Quixadá the biofuels segment, with a particular focus on biodiesel and ethanol CE Participate in Brazilian ethanol chain and develop global markets for Brazilian ethanol BA Participate sustainably in the biodiesel business in Brazil and with selective Candeias international investments MG Montes Claros Develop competitive technologies to produce biofuels from residual biomass 25
  • 26. Prominp - Human Resources Demand 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 120.000 100.000 80.000 60.000 174,000 40.000 43,000 Business Plan 2009 – 2013 20.000 69,000 Qualified Personnel Business Plan 2008- 2012 0 26
  • 27. Prominp - Human Resources Demand 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 120.000 120.000 Business Plan 2008 – 2012 28 Drilling Rigs 100.000 100.000 146 Supply Boats New Stationary Production Units PROMEF II 80.000 80.000 Freight 19 vessels Refinery Premium II Refinery Premium I 60.000 60.000 40.000 243,000 43,000 Business Plan 20.000 2009-2013 Qualified Personnel 0 Atualização 16mar2009 27
  • 28. Funding for the Next Two Years Resolved Funding for 2009 completed, with remaining needs for 2010 to be met via traditional sources and cost reductions 2009 2010 Needs Needs • US$ 18.10 bn • US$ 18.9 bn Sources Sources • BNDES: US$ 12.5 bn • BNDES: US$ 10.0 bn • Pre-funding 2008: US$ 2.5 bn • Remainder to be financed : US$ 8.9 bn • Capital Market: US$ 6 bn • 15% reduction in capex would reduce remaining financial needs to less than US$ 4 bn 28
  • 29. 2020 Vision: To be One of the World’s Five Largest Publicly Traded Oil Producers Production 30,000 Target: 2020 25,000 Reserves (mm boe) Production XOM 20,000 Target: 2013 BP Production Target: 2009 15,000 PBR 10,000 CVX RDS COP TOT 5,000 2,000 2,500 3,000 3,500 4,000 4,500 5,000 5,500 Production (mboe/d) 2007 (SEC) reserves and production 29
  • 30. Conclusions There are huge opportunities for already installed and newcomers in Brazilian market of suppliers, service and engineering companies due to the scale provide by project portfolio. Petrobras has a robust project portfolio, which is atypical of the current economical situation. Petrobras accomplishments are supported by its technological capabilities as well as its operational experiences focusing on a safe hydrocarbon recovery In order to carry out such portfolio, Petrobras is looking forward to establishing stable long term business relationships with all available companies that are willing to invest in Brazil. 30

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