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Edition 40 - Sharing in Petrobras - November/2013Document Transcript
November, 2013 • #40
Petrobras participates in the winning
consortium of the Libra auction
The main operations of Petrobras’ Divestments
Program (Prodesin), carried out in September
and October, were: the sale of the participation
in companies in Uruguay, for US$ 17 million to
Shell, and the sale of 100% of Petrobras Colombia shares to Perenco, for US$ 380 million,
Petrobras will continue to be present in Colombia through assets in exploration onshore and
offshore and in distribution.
he consortium formed by Petrobras (40%), the Dutch company Shell (20%),
the French company Total (20%), and the Chinese companies CNPC (10%) and
CNOOC (10%), won the 1st Pre-Salt Bidding Round, carried out on October 21 in
Rio de Janeiro by the National Agency of Oil, Natural Gas, and Biofuels (ANP).
The contract will be in the shared production mode, under a production sharing
framework, and establishes a signature bonus of R$ 15 billion to be paid in one
payment, with Petrobras’ participation being R$ 6 billion. In the proposal, the
consortium offered the Brazilian government 41.65% of the profit oil. The proposal
also foresees a minimum percentage of 37% of local content in the exploration
phase, 55% in the development stage for systems with first oil until 2021, and 59%
for those after 2021.
The Libra block is located in ultradeep water in the Santos Basin pre-salt layer,
with an area of 1,547.76 km², and was discovered in 2010. Petrobras believes in
the exploratory success of the block, based on the expertise already developed
and on the projects implemented in the region, which has currently reached a total
production above 330,000 barrels of oil per day.
For us, strategies in the bidding were successful and consolidate our commitment
to invest in exploratory areas in Brazil in order to renewal our portfolio, making
available volumes of oil and natural gas necessary to sustain the future production
curve. In addition, we believe that the integration of expertis and experiences of the
partners will bring important contributions to reach efficient results.
The Dow Jones
For the 8th consecutive year, Petrobras is
listed on the Dow Jones Sustainability World
Index, the most important global index of
sustainability, with the highest grade in the
criteria Transparency and Liberations in the
2012 Technology Report
Petrobras has received the Technological
Innovation Award, granted by the National
Oil, Natural Gas, and Biofuels Agency, for
the development of the Water-Oil Subsea
Separation System. The system makes it
possible to separate water and oil at the
bottom of the sea.
We also received the 2013 Transparency Award
for “Open Capital Companies”, sponsored by
the National Association of Finance, Administration, and Accounting Executives (Anefac), in
partnership with other institutions.
In addition, the CEO Graça Foster was placed
first in the ranking of the magazine Fortune
2013, as the most powerful woman executive
outside the United States.
The 2012 Technology Report is available
on our website (www.petrobras.com.br/ri),
in Portuguese and English. The document
provides Information about Petrobras’
activities and corporate strategies in Research
Representatives of the Brazilian government and of the companies that make up the winning
consortium of the Libra auction
Petrobras’ net profit in the first nine
months of 2013 was R$ 17.3 billion
Performance shares (NYSE): PBR and PBR/A
(Index number = 100 in 09/30/2003)
Petrobras ADR’s return (NYSE)
Last 10 years
(09/30/03 to 09/30/13)
(09/30/12 to 09/30/13)
In thousand barrels of oil equivalent per day
Total crude oil, NGLs and natural gas production
Total crude oil and NGLs - Brazil
Output of oil products
Net exports of crude oil and oil products
Utilization of nominal capacity of refineries
Domestic crude oil of total feedstock processed
Economic and Financial Figures
In US$ million
Earnings per share
Net debt/Adjusted EBITDA
Net debt/(net debt + shareholder's equity)
* Net Income before financial results, share of profit of equity-accounted
investments and income taxes. ** Source: Bloomberg.
ur net profit from January to September
was 29% higher than that in 2012 as
a consequence of the increase in the
operational result and of the lower foreign
exchange impact in our financial result. The
3% higher operational result reflected the
earnings with the sale of assets and the lesser
decreases in scheduled stoppage wells, which
compensated the losses from the price gap.
The adjusted Ebitda in the period reached
R$ 47.4 billion, 14% higher than that of the
same period in 2012.
In the third quarter, our net profit was
R$ 3.4 billion, 45% lower than that of the previous
period, reflecting the lower operational profit,
partially compensated by the better financial
result. The operational result was 51% lower,
impacted by the increase in the import of oil
products and by the higher price gap of these
products, a consequence of the currency
depreciation together with the increase in the
international oil price.
The production of oil and natural gas totaled
an average of 2.5 million boe/day during the
nine-month period, 2% lower than that of the
same period in 2012, in consequence of the
natural decline of the fields, the greater number
of scheduled stoppages in 2013, and the sale of
On the other hand, the production of oil
products totaled 2.1 million boe/day, 7% higher
than that in the same period in 2012, with
monthly records of processing in July and in
diesel and gasoline production in August. The
demand for diesel in the third quarter was
In the quarter, we maintained the success
of the improvement in operational efficiency
through the Efficiency Improvement Program
(Proef)): an increase of 65,000 barrels/day. The
Divestments Program (Prodesin) evolved with
the announcement of operations in Brazil and
abroad, totaling US$ 4.8 billion in the year-todate, and the Operating Expenses Optimization
Program (Procop) had results above the
predicted amount, with the realization of
R$ 4.8 billion, 122% of the annual target.
The investments from January to September
totaled R$ 69.3 billion, with 55% in Exploration
Platform P-55 will begin
operation in December
n October 6, platform P-55 (photo to the side) left the
Rio Grande Shipyard 1 (ERG-1), in Rio Grande do Sul, in
route to the Roncador field in the Campos Basin. It is one
of the units that will begin activities in 2013, contributing to the
sustained increase of oil production in the coming years.
With 52,000 tons, an area of 10,000 m², and a height of 43
meters, it is the largest semi-submersible platform built in Brazil and one of the largest in the world. It generated 5,000 direct
and 15,000 indirect jobs during the construction, with 79% of local
The hull was prepared at the Atlântico Sul Shipyard in Pernambuco, from where it was taken to the ERG-1, where the deck installations were done. The operation which joined the deck and the
hull, called deckmating, was a challenge, considering the weight of
the structure (17,000 tons) and the height to which it was raised
The platform has the capacity to produce 180,000 barrels of oil
and 4 million m³ of gas per day and will stay anchored at a depth
of 1,800 meters, connected to 17 wells. The unit will be operated
by a crew of 100 people.
A Safety and Maintenance
Unit in the Campos Basin
n August, we put into operation one more Safety and Maintenance
Unit (UMS) to prolong the useful life of the production platforms,
ensuring the integrity of their marine installations, the safety of
the work force, and the increase of operational efficiency.
The Carapebus City UMS will operate together with the Campos
Basin units for the next five years. It is equipped with a dynamic
positioning system and can be connected to any type of platform.
The total length of the vessel is 180 meters and it can house
Conclusion of the third
well in Jupiter
he drilling of the well Bracuhy, located in block
BM-S-24 in the pre-salt region in the Santos Basin,
has been concluded. This is the third well drilled in the
area of Jupiter, which proved the existence of oil, gas,
e condensate, beginning at a depth of 5,322 meters.
Expansion of onshore
production in the Northeast
e are investing in the Northeast region, in two strategic projects, to increase the production of oil and to ensure the flow
of oil produced in the onshore fields in Rio Grande do Norte state.
One of the projects is for the expansion of the system of water
injection in the Canto do Amaro field in Mossoró (RN) - one of the
largest in the country. The other project will facilitate the flow of
the production, interconnecting this field to a processing unit in
Guamaré through an oil pipeline 100 km long. This operation is
scheduled to begin in August 2014.
etrobras completed 60 years of existence on October 3.
In a rhythm of growth, our target is to double the current
oil production by 2020, reaching 4.2 million barrels of oil/
day. New platforms will start operating and others are under
construction, in addition to new refineries. When it was created
in 1953, the company produced 2,700 barrels of oil/day, had 170
million barrels of oil in reserves, and one refinery. Today, in Brazil,
2 million barrels of oil are produced daily, and there are 15.7 billion
barrels of oil equivalent in proven reserves and 12 refineries.
“People are what inspire us” was the theme of the advertising
campaign launched to commemorate the 60 years. The objective
was to inspire the public, which is also our source of inspiration.
The campaign had ads on TV and radios, and in newspapers and
magazines, which showed recent achievements and the goals
for the coming years. Virtual environments were also created (on
Facebook and Instagram), which showed contents that could be
shared, such as photos and texts. In the month of our anniversary,
our Facebook page surpassed the mark of one million fans.
In addition, the Neptune Mission was launched, which took the
Brazilian flag and a capsule with messages from Brazilians in a
submarine to the pre-salt region, located at a depth of more than
2,000 meters and 300 kilometers from the coast. More than 55,000
people sent messages. Ten years from now, these messages will
The Brazilian National Congress also paid tribute, in a formal
session. The presidents of the Senate and the Chamber of
Deputies, Petrobras’ CEO, ministers of state, and other authorities
participated. The speeches stressed the trajectory of the
company and its contribution to the country’s development. A
commemorative stamp was also launched, in partnership with the
Images of the pieces of the advertising campaign for the 60 years and of
the commemorative postal stamp
Formal session at the National Congress
Newsletter published by Petrobras’ Executive Management of Investor Relations • Executive manager: Theodore Helms • Journalist: Orlando Gonçalves Jr. MTb-MA 993 • Collaboration:
Izabel Ramos, Fernanda Bianchini, Daniela Ultra, José Roberto Darbilly and Luan Barbosa (trainee) • Graphic project and desktop publishing: Estúdio Matiz.
Av. República do Chile, 65/Sala 1002 – Centro • Rio de Janeiro – RJ – Brazil • Zip Code: 20031-912
Telephone: +55 21 3224-9916 • Fax: +55 21 2262-3678 • E-mail: firstname.lastname@example.org • Site: www.petrobras.com.br/ri