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    "Petrobras Domestic E&P - Results and Perspectives" "Petrobras Domestic E&P - Results and Perspectives" Presentation Transcript

    • Petrobras Domestic E&P Results and Perspectives Hugo Repsold Junior General Manager for Domestic E&P Strategy and Portfolio October, 2006
    • •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. Cautionary Statement for US investors: •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. 2
    • Corporate Targets Overview 3
    • Domestic E&P Strategy • Increase production and reserves Strengthen expertise in deep and ultra-deep waters; Perform on-shore and in shallow water fields focusing on profitable opportunities; Implement practices and new technologies in areas with high exploitation degree in order to optimize recovery factor; Develop exploratory efforts in new frontiers in order to assure a sustainable reserve / production ratio; Guarantee a sustainable self-sufficiency in the long term; Optimize development of proven reserves prioritizing on increasing production of light oil and a minimum R/P ratio of 15 years; Maximize and accelerate gas production and supply from E&P. • Perform with operational excellence and social and environmental responsibility 4
    • Domestic E&P Operations Reserves (at December 31, 2005) • Proven reserves of 13.23 billion boe (SPE) or 10.58 billion boe (SEC) • Reserve life of 19.7 years (SPE) and 15.7 (SEC) • Internal Reserve Replacement of 131.1% (SPE) and 101.3% (SEC) Production (2005) • 1,958 thousand boed (1,684 thousand bpd oil) • 5-year CAGR of 5.6% (5.8% oil) F&D Cost • US$ 3.45/boe (2003 – 2005) – SPE Lifting Cost • US$ 5.73/boe (2005) Petrobras & Partners Exploratory Area (Nov/2005) Other Companies • 157.7 thousand km2 (Petrobras + Partners) • 153.4 thousand km2 (other Companies) Total: 311.1 thousand km2. 5
    • Oil and Gas Proven Reserves and Production Oil and Gas Proven Reserves and Production Publicly Traded Peer Group Publicly Traded Peer Group Proven Reserves SEC Criteria Production (billion boe) (million boed) ExxonMobil 22.4 ExxonMobil 4.1 Lukoil 20.3 BP 4.0 Petrochina 20.0 ShellGroup(RD) 3.5 BP 17.6 Petrochina 2.9 Chevron 12.1 Total 2.4 ShellGroup (RD) 12.0 Chevron 2.4 Petrobras 11.8 Petrobras 2.2 Total 10.7 ConocoPhillips 2.0 ConocoPhillips 9.4 Lukoil 1.9 ENI 6.7 ENI 1.7 Repsol-YPF 3.2 Repsol-YPF 1.1 0 5 10 15 20 25 0 1 2 3 4 5 Reserve Replacement Index (%) Petrochina 149% ExxonMobil 121% ConocoPhillips 100% BP 95% Petrobras 94% Lukoil 91% Total 87% Source: Evaluate Energy Shell 77% 2005 ENI 23% Chevron 13% -101% % Repsol-YPF -150 -100 -50 0 50 100 150 200 6
    • Proven Reserve Profile 7
    • Total Production – Oil & NGL and Natural Gas Thousand boed 7.5% p.y. 4,556 278 7.8% p.y. 3,493 742 185 383 724 2,403 2,036 2,020 2,217 101 96 551 85 94 133 163 289 161 168 274 250 265 2. 812 2. 374 1, 880 1, 540 1, 684 1, 493 2003 2004 2005 T a r get 2 006 T a rg e t 2 0 1 1 2015 For ecast Oi l and N GL - B r az i l N at ur al Gas - B r az i l Oi l and N GL - I nt er naci ona l N at ur al Gas - I nt e r naci onal 8
    • Brazilian production curve 2.600 2,374 2,368 2,195 690 1,979 2,061 2.100 1,880 Net Increase 1,684 1.600 Thous. bpd 1.100 600 + 100 (154) (154) (326) (172) (508) (400) (181) (697) 1,114 (897) (189) (201) Accumulated (900) Natural Decline (217) (1.400) 2005 2006 2007 2008 2009 2010 2011 1,804 Total Production Accumulated Decline Annual Decline Gross Increase 9
    • Main Domestic Oil Production Projects 7 out of the 15 projects refer to after-2002 discoveries after- 2,600 Albacora Leste Albacora Leste P-50 Thousand pbd P-50 180,000 bpd 180,000 bpd ESS-130 ESS-130 April/2006 April/2006 Roncador Roncador P-52 P-52 Golfinho Mod III **** Golfinho Mod III **** 2,374 2,400 (FPSO) (FPSO) 180,000 bpd 180,000 bpd Jubarte Jubarte 100,000 bpd 100,000 bpd 2007 2007 Parque das Fase 1 Fase 1 2008 Parque das P-34 P-34 2008 2,368 Conchas*** Conchas*** 60,000 bpd Rio de Janeiro Rio de Janeiro 60,000 bpd 100,000 bpd 100,000 bpd 2,200 Oct/2006 Espadarte Mod II Espadarte Mod II Oct/2006 FPSO Capixaba 100,000 bpd 100,000 bpd 2007 2,195 2011 2011 FPSO Capixaba 2007 Golfinho Mod. 1 Frade Frade Roncador Roncador Golfinho Mod. 1 100,000 bpd 100,000 bpd 100,000 bpd P-55** P-55** 2,000 100,000 bpd May 2006 2,061 2009 2009 180,000 bpd 180,000 bpd May 2006 2011 1,979 Marlim Sul Marlim Sul Jubarte 2011 Module 2 Module 2 Jubarte Roncador Roncador P-51 Phase 2 Phase 2 P-51 P-54 P-54 180,000 bpd P-57 P-57 180,000 bpd 1,800 180,000 bpd 180,000 bpd 1,880 180,000 bpd 2007 2007 2008 2008 180,000 bpd 2010 2010 Piranema Piranema Cidade de Vitória Cidade de Vitória Marlim Leste Marlim Leste 20.000 bpd 20.000 bpd 1,600 1,684 Dec. 2006 Dec. 2006 Golfinho Mod. 2 Golfinho Mod. 2 P-53* P-53* 100,000 bpd 100,000 bpd 180,000 bpd 180,000 bpd 2007 2007 2009 2009 1,400 2005 2006 2007 2008 2009 2010 2011 10
    • Corporate Targets Capital Expenditures and Costs 11
    • Investment Plan Exploration 7.7 Production Development 33.0 2007-2011 2007-2011 Area Difference Difference (%) (BP 2006-10)* (BP 2007-11) E&P 25.0 40.7 15.7 63 Downstream 14.3 23.1 8.8 62 G&E 4.6 7.2 2.6 56 International 6.7 12.1 5.4 82 Distribution 0.9 2.2 1.3 131 Corporate 1.0 1.7 0.7 81 Total 52.4 87.1 34.7 66 The forecast indicates an annual investment average of US$ 17.4 billion between 2007 and 2011. (*) Obs.: US$ 52.4 related to the investments of the previous Plan regarding the 2007-2011 period, i.e. US$ 56.4 - 2006 investments + 2011 investments. 12
    • Competitive Cost Structure 2003–2005 Average 2005 Lifting Costs1 Finding & Development Costs ($/boe) ($/boe) 16 15.14 15.06 10.00 9.39 14 8.00 12 6.80 9.62 5.88 10 5.73 5.54 6.00 5.08 8 7.55 7.04 6.81 6.07 6 4.00 2.76 4 2.00 2 0 0.00 Chevron Royal Total BP Petrobras Exxon Average Exxon Chevron Petrobras³ Royal BP Total Average Dutch/ Fina Elf Mobil Mobil Dutch/ Fina Elf Shell² Shell Notes: 1 Per company financials and J.S. Herold. Excludes corporate G&A 2 For the 2002–2004 period 3 Without government participation 13
    • Domestic Lifting Cost Lifting Costs and Government Take per Barrel 54,50 25,0 50 20,0 38,29 40 US$/boe 28,74 14.65 15,0 28,13 25,47 24,11 30 10.7 10,0 8.5 8,9 7.0 6.6 7.0 20 6,4 3,7 4,0 5,1 5,0 3,3 10 4,3 5,7 5,6 3,3 3,3 3,0 3,4 0,0 0 2000 2001 2002 2003 2004 2005 2011 Lifting Cost Government Take Brent Lifting costs expected to stabilize ♦ Production increases ♦ Technological enhancements ♦ Wells, platforms and plants automation ♦ Optimization of logistics, operations and administrative processes 14
    • Petrobras’ Drilling Rigs 2003 2004 2005 Total Total Brazil International Total Onshore 25 47 22 19 41 Offshore 41 43 42 4 46 Owned Rigs: 31 Total 66 90 64 23 87 Leased: 56 • Petrobras’ leasing contracts are long term, averaging a 5 years length; • In 2005, 18 offshore drilling rigs were owned by Petrobras; • In August 2005, Petrobras renovated 24 drilling rigs contracts. • In July 2006, Petrobras signed contracts worth R$ 10.5 billion for the charter of six drilling units: • 4 rigs will operate in water depths of up to 2,000 meters (seven-year term contract, renewable for further seven years); • 2 rigs will operate at depths down to 2,400 meters (units chartered for 5 years, renewable for the same period); • In September 2006, the Company contracted two ultra-deepwater rigs for its drilling operations in the Gulf of Mexico. The contracts have 5 and 6 years term. 15
    • Recent Exploration Efforts and Results 16
    • Exploration Activities - 1998/2005 wells & seismic 611 exploration wells Espírito Santo 40 wells offshore 31% overall success ratio Campos 186 wells offshore Last year (2005) 55% Santos 65 wells offshore Other Basins 216 wells onshore 1998/2005 104 wells offshore ~ 450,000 km 2D seismic ~ 92,240 km2 3D seismic 17
    • Number of Concessions in Brazil Petrobras Concessions Petrobras Concessions Other Other Total Total Concessions Concessions 100% 100% Parnerships Total Companies Brazil Companies Brazil W.I Parnerships Total W.I Exploration Blocks Exploration Blocks 59 59 66 66 125 125 218 218 343 343 Exploration EP´s Exploration EP´s 24 24 6 6 30 30 0 0 30 30 Production Production 273 273 19 19 292 292 29 29 321 321 Total Total 356 356 91 91 447 447 247 247 694 694 Petrobras & Partners Other Companies 18
    • Petrobras’ Current Exploration Portfolio EXPLORATORY AREA Santos Santos 157.7 thousand km2 39.4 milkm22 39.4 milkm Campos Campos Other (*) 13.1 mil km22 Pará Maranhão-Barreirinhas 13.1 mil km 4% 3% 25% Sergipe Alagoas 5% Potiguar-Ceará 6% 8% Santos Bahia Sul 9% Campos 6% Solimões 10% 11% Espírito Santo 11% Espírito São Francisco Foz do Amazonas Espírito Santo Other Basins* Santo 10.1 mil km22 10.1 mil km 40 % of the concession areas in Campos, Espírito Santo e Santos basins. Other basins: Pelotas (2%), Ceará (0.8%) and Recôncavo (0,2%) * 19
    • Expansion of Exploration Frontiers and New Oil Producing Districts Fields discovered until 1984 Fiels discovered between 1984 and 2001 Fields discovered in 2002/2003 (Light oil) (Light oil) Oil and gas discoveries under evaluation (Heavy oil) (Heavy oil) ESS-130 ESS- ESS-130 (Light oil) (Light oil) BC-20 Gas Gas Gas and light oil Gas (Heavy oil) (Heavy oil) BS-500 20
    • Main Discoveries - 2002/2005 Natural Gas 15.5 TCF Light Oil 1 billion boer 17 º API Oil 2.1 bilhões boe Jubarte & Cachalote 1 billion boer TOTAL 4.1billion boe + 15.5 TCF 6.6 billion boer Sergipe-Alagoas Basin Light Oil Espirito Santo Basin Light Oil & Natural Gas Campos Basin Producible Heavy Oil & Light Oil Santos Basin Natural Gas & Light Oil 21
    • Discoveries & Reserves Discoveries (2002/2005): 6,6 billion boe Proved Reserves: 3,1 billion boer Campos Basin: 2,0 billion boer (Jubarte, Cachalote, Baleia Franca, Campos Basin: 2,0 billion boer (Jubarte, Cachalote, Baleia Franca, Baleia Azul, Baleia Anã, Papa-Terra, Abalone, Ostra, Nautilus, Baleia Azul, Baleia Anã, Papa-Terra, Abalone, Ostra, Nautilus, Argonauta and Ring-Fences of Marlim Leste, Espadarte & Argonauta and Ring-Fences of Marlim Leste, Espadarte & Albacora; Albacora; Santos Basin: 0,8 billion boer (Mexilhão, Uruguá, Tambaú & Lagosta) Santos 0,8 billion boer (Mexilhão, Uruguá, Tambaú & Lagosta) Espírito Santo Basin: 0,25 billion boer (Golfinho & Canapu) Espírito 0,25 billion boer (Golfinho Sergipe-Alagoas Basin: 0,05 billion boer (Piranema) Sergipe-Alagoas boer (Piranema) Probable & Possible Reserves: 1,5 billion boer Still in Appraisal (2006): 2,0 billion boer 22
    • Domestic E&P Exploration Portfolio: Sustaining Growth Beyond 2011 23
    • Production per Basin (July, 2006) 55.6 (000 bpd) Oil 84.9 (000 bpd) Oil 56.7 (000 boe/d) Gas boe/d) 18.2 (000 boe/d) Gas boe/d) 53.4 (000 bpd) Oil 27.1 (000 boe/d) Gas boe/d) 48.7 (000 bpd) Oil 31.4 (000 boe/d) Gas boe/d) BR 100% e BR Partners Other Companies 4,2 (000 bpd) Oil 83.1 (000 bpd) Oil 0.7 (000 boe/d) Gass boe/d) 20.3 (000 boe/d) Gas boe/d) DOMESTIC PRODUCTION Campos Basin Offshore... 1,726.7 (000 boe/d) 1,449.3 (000 bpd)Oil (81.2%) Onshore.... 342.9 (000 boe/d) 123.3 (000 boe/d) Gas (43.%) Total....: 2,069.6 (000 boe/d) 3.0 (000 bpd) Oil Oil.: 1,785.1 (000 bpd) 6.8 (000 boe/d) Gas boe/d) Nat. Gas: 284.5 (000 boe/d) Total....: 2,069.6 (000 boe/d) 24
    • Exploration Perspectives Exploration Perspectives Paleozoic basins Paleozoic basins Equatorial margin basins Equatorial margin basins Light oil/condensate Light oil/condensate (frontier) (frontier) & natural gas & natural gas High risks & high rewards High risks & high rewards natural gas & light oil natural gas & light oil Eastern/Norteastern Eastern/Norteastern margin basins margin basins Light oil & natural gas Light oil & natural gas Jequitinhonha basin Jequitinhonha basin (new province??) (new province??) Proterozoic basin Proterozoic basin High risks High risks natural gas natural gas Espirito Santo, Campos & Espirito Santo, Campos & Santos basins Santos basins Search for new producible Search for new producible heavy oil discoveries heavy oil discoveries Search for light oil & natural Search for light oil & natural gas discoveries gas discoveries 25
    • Exploration Portfolio: Hydrocarbon Potential Distribution SOLIMÕES EQUATORIAL MARGIN 1.4% 10.3% SEAL & RECÔNCAVO 4.5¨% BAHIA SOUTH 16.5¨% SÃO FRANCISCO 0.2 % ESP.SANTO 11.0¨% CAMPOS PELOTAS 28.7¨% Petrobras 0.1 % Other Companies SANTOS 27.3¨% 78% 26
    • Exploratory Wells 2006-2010 MEQ (13) Solimões (3) Ceará (7) Potiguar (47) SEAL& REC (54) S.Francisco (2) Bahia Sul (43) Esp.Santo (69) TOTAL BRASIL (# wells) = 368 Investments: US$ 4.1 billion Investments: US$ 4.1 billion Campos (62) 65% Petrobras Santos (66) Other Companies Pelotas (2) 27
    • Domestic E&P Development of Natural Gas Reserves 28
    • Domestic Natural Gas Market 140 Million m3/day 121.0 121.0 120 34.0 30.0 100 17.7% p.y. 80 38.6 60 71.0 45.4 40 13.5 20 24.8 48.4 20.0 0 7.1 Consumed in 2005 Potential Demand Potential Supply 2011 2011(*) Thermoelectric PP Industry Other LNG National Production Bolivian Imports * Potential consumption for power generation, considering maximal dispatch for every thermoelectric power plant 29
    • PLANGAS December/2008 Cacimbas (20 MM m3/d) Peroá (10 MM m3/d) Peroá Lagoa parda Belo Horizonte Vitória Pólo Golfinho ESS-164 ESS- +16.3 MM m3/d (*) Ubu Golfinho + Canapu Pq. Baleias + BC10 Cabiúnas Cabiú Campinas Garoupa ESS-130 ESS- Rio de Janeiro Caraguatatuba Namorado Enchova REDUC Pampo RPBC Platforms from UN-BC and UN-RIO UN- UN- Tambaú Tambaú +6.4 MM m3/d (*) Uruguá Uruguá Mexilhão TOTAL SOUTHEAST: Merluza Merluza - II 40 MM m3/d (BM-S-3/ BM-S-7, (BM- BM- Lagosta SPS-25) SPS- +1.5 MM m3/d (+ 24.2 MM m3/d) (*) (*) Additional to the current supplay 30
    • Natural Gas Supply Curve Million m3/day 14 out of the 27 projects refer to after 2002 discoveries Roncador SPS25 RJS633 Cavalo (P-55) 80 ESS164 2008 2009 2010 Marinho 2011 2010 Urucu Start gas Sales Mexilhão 70 70 2007 2009 70.6 Roncador Golfinho 65.2 Parque das 60 (P-54) Mód 2 Canapu Conchas 2007 2007 2008 Tambaú/Uruguá 2011 2010 Peroá- 50 Cangoa Frade 2009 Jubarte Fase 2 GN Non associated GN associated (P-57) Fase 1 49.4 Marlim Leste 2010 2006 (P-53) Marlim Sul 40 ESS130 Mód 2 2009 Manati (P-51) 2008 2006 2008 34.1 30 Piranema Peroá- Cangoa 27.5 2006 Roncador Fase 2 20 (P-52) 2007 Jubarte 2007 Albacora Albacora (P-34) Complement Leste 2006 Espadarte 10 (P-50) Mód. 2 2007 2006 Golfinho Mód 1 2007 2006 0 2006 2007 2008 2009 2010 2011 31
    • Domestic E&P Partnerships 32
    • Concessions in Partnerships 26 Oil & Gas Companies Production Fields Exploration Blocks (284) (134) 268 16 68 66 Petrobras (100%) Partnerships 33
    • Partnerships with Petrobras Opportunities for Petrobras • Reduction of risk exposure • Business leverage • Access to scarce resources (e.g. deepwater rigs) Why associate with Petrobras ? • Geological & Technological knowledge • Experience • Existing infrastructure 34
    • Petrobras’ Partners Exploration E&P Production Development (17 companies) (5 companies) (4 companies) Amerada Hess TotalFinaElf Repsol-YPF Encana Exxon-Mobil Shell UP Petróleo Brasil ChevronTexaco Devon Unopaso TDC do Brasil Statoil Partex Coplex Ipiranga BG El Paso Petrogal Starfish Frade Japão Petróleo Kerr-McGee Petroserv Maersk Oil Queiroz Galvão Eni Wintershall 35
    • Domestic E&P Development Approach and Technological History 36
    • Petrobras Development Approach Subsea Equipment and Floating Production Units: • Reservoir Characteristics • Favorable Sea Environmental Conditions • Early Production Unit as a Field-scale Lab for Definitive Systems • Extended Well Testing & Phased Development • Lower Capital Exposure & Early Cash Flow • Anticipation of First Oil & High Level of Flexibility • Field-proven & Reliable Technology • Partnerships with the Main Suppliers 37
    • The Main Petroleum Province in Brazil Campos Basin Main Data (Dec 2005) 82% of the Domestic Reserves & Production Discovery 1974 - Garoupa field Water depths 50 - 3,400 m Floating Production Units 26 (12 SS, 13 FPSO, 1 FSO) Fixed platforms 13 Production fields 41 (15% of the Total) Pipeline Network 3,443 km 38
    • Campos Basin: A Giant Technology Lab Petrobras’ Records Petrobras’ Offshore Facilities Installed Planned Equipment Dec/2005 (2006) Completion & Production at 1886 m Subsea Trees 565 40 Subsea Manifolds 58 2 Subsea Flexible Flowlines (km) 2,902 371 Umbilicals (km) 1,798 242 Rigid Pipelines (km) 1,558 304 Floating Production 26 Units 4 Feb/2002: Exploration Well at 2853 m 2853 Monobuoys 3 1 39
    • Petrobras´ Records in Completion/Production and Exploration Drilling Offshore OTC OTC OTC OTC 1992 1992 2001 2001 Exploration Wells Vs. Maximun Water-Depths by year 40
    • Installed Subsea Trees x Oil Operator Petrobras 506 Royal Dutch/Shell 256 Statoil 256 bp 212 ExxonMobil 148 ChevronTexaco 137 Hydro 128 Amerada-Hess (Triton) 117 Total 105 ConocoPhillips 99 Eni 73 Kerr-McGee 72 BHP Billiton 68 Other 534 0 100 200 300 400 500 600 Source: Quest SUBSEA-DATA-BASE 41
    • Petrobras' Technological History • First technological program - PROCAP (1986-1991): enable production feasibility up to 1,000 m water depth • Second version of the program – PROCAP 2000 (1992-1999): enable production feasibility up to 2,000 m water depth • Albacora and Marlim fields producing around 750.000 bpd of oil • Ability to operate competitively in deep and ultra deep waters • Further technological developments (PROCAP 3000) will provide conditions to extend the operational scenario to 3,000 m water depth 42
    • Domestic E&P Conclusions 43
    • Conclusions • Investment Plan is supported by a strong cash flow generation; • Current portfolio allows a strong production growth to meet the corporate targets; • The company remains focused in deep and ultra-deep water environment due to high revenue projects; • Investment in technology to be able to produce up to 3,000 m of water depth; • Develop exploratory efforts in order to ensure a sustainable reserve / production ratio; • Perform with operational excellence and social and environmental responsibility. 44
    • Petrobras at a Glance Results and Perspectives End Thank You for your Attention 45
    • Domestic E&P Annex: Current Field Developments 46
    • Marlim Sul Field Development Module 1 Module 1 Highlights Highlights Module 2 Module 2 Module 3 Module 3 Module 4 Module 4 Module 1 Module 1 P-40 // P-38 P-40 P-38 Complem. Complem. Production Wells Production Wells 13 13 6 6 10 10 10 10 Operating Complementar Injection Wells Injection Wells 8 8 5 5 9 9 9 9 Capacity (bpd) Capacity (bpd) 155,000 155,000 100,000 100,000 180,000 180,000 100,000 100,000 Under Under m First Oil First Oil 2001 2001 2004 2004 2008 2008 2013 2013 Feasibility Feasibility 00 Production P-40 (SS) Study Study Production P-40 (SS) FPSO-MLS P-51(SS) ND 10 FPSO-MLS P-51(SS) ND FPSO System System API API P-38 (FSO) P-38 (FSO) 23-27 23-27 25 25 22 22 16 16 Marlim Sul m P-40 00 15 P-38 Water depth: Module 3 850 - 2,400 m P-51 Gas pipeline Oil pipeline Module 2 0 m 2 50 Module 4 47
    • Roncador Field Development Production wells Production wells 8 8 18 18 11 11 11 11 Injection wells Injection wells 3 3 11 11 6 6 7 7 under under Capacity (bpd) Capacity (bpd) 100.000 100.000 180,000 180,000 180,000 180,000 180,000 180,000 feasibility feasibility First oil First oil 2002 2002 2007 2007 2007 2007 2010 2010 study API 18 study API 18 Production system Production system FPSO Brasil FPSO Brasil SS P-52 SS P-52 FPSO P-54 FPSO P-54 SS P-55 SS P-55 API API 27 to 31 27 to 31 27 to 31 27 to 31 18 18 22 22 Water depth: 1,500 – 1,900 m P-52 1,500 m MODULE 1A FPSO Brasil MODULE MODULE P-54 2 MODULE 3 4 P-55 1,900 m 48
    • Barracuda & Caratinga Field Development Highlights Highlights Barracuda Barracuda Caratinga Caratinga Production Wells Production Wells 20 20 12 12 Injection Wells Injection Wells 14 14 8 8 Water depth: Capacity (bpd) Capacity (bpd) 150,000 150,000 150,000 150,000 700 -1,200 m First Oil First Oil 12/21/2004 12/21/2004 02/28/2005 02/28/2005 Production System Production System P-43 (FPSO) P-43 (FPSO) P-48 (FPSO) P-48 (FPSO) API API 25 25 23 23 49
    • Albacora Leste Field Development Highlights Highlights Production Wells Production Wells 17 17 Injection Wells Injection Wells 14 14 Water depth: Capacity (bpd) Capacity (bpd) 180,000 180,000 1,100 -1,500 m First Oil 2006 First Oil 2006 Production System Production System P-50 (( FPSO )) P-50 FPSO API API 18,3 18,3 P-50 50
    • Marlim Leste Field Development Highlights Highlights Production Wells Production Wells 14 14 Injection Wells Injection Wells 8 8 Capacity (bpd) Capacity (bpd) 180,000 180,000 First Oil First Oil 2009 2009 Production System Production System P-53 (FPU) P-53 (FPU) API API 21,5 21,5 FPU Water depth: 820 – 1,500 m 51
    • Jubarte Field Development Highligths Highligths Pilot Pilot Phase 1 Phase 1 Phase 2 Phase 2 Production wells Production wells 1 1 4 4 21 21 Injection wells Injection wells 7 7 Capacity (bpd) Capacity (bpd) 20,000 20,000 60,000 60,000 180.000 180.000 First Oil First Oil 2002 2002 2006 2006 2010 2010 Production System Production System Seillean Seillean FPSO P-34 FPSO P-34 FPSO P-57 FPSO P-57 o o API API 17 17 17 17 17 17 Water Depth: 1,240–1,350 m 52
    • Development of the Gas Fields Peroá and Cangoá INTEGRATED PROJECT CACIMBAS - VITÓRIA (ES) •Gas pipelines 26 inch- 112 km 16 inch - 15 km • Capacity 4.0 MMm³/d • Pressure 100 kgf/cm²g • Starting in the Cacimbas GasTreatment Unit (UTGC), 23 km north of Lagoa Parda • Ending in the Lagoa Parda – Vitória gas pipeline, near ther Vale do Rio Doce Company. 53
    • Development of the Piranema Field (light oil SE) 54