4th Itaú BBA LATAM Commodities Conference Maria das Graças Silva Foster Petrobras’ CEOSeptember 26th, 2012
DISCLAIMER                                 FORWARD-LOOKING STATEMENTSThe presentation may contain forward-looking statemen...
Brazil: Economic and Social DevelopmentConsumption Increase                                                               ...
Brazil: Oil Products Market Grows Above World Average                                                                     ...
Petrobras Today:Proved Reserves + Potential Recoverable Volumes: 31.5 bi boe                                       Petrobr...
Production Increase and Breakdown of Oil and Gas Reserves     of Major Companies: 2002 to 2011                            ...
Our Advantage:The Value of Our Reserves and the Pre-Salt Reality                                               Oil and NGL...
Fundamentals of Business and Management Plan 2012-2016                                                                    ...
Projects Under Implementation and Projects Under Evaluation                                                               ...
Business and Management Plan 2012-2016: US$ 236.5 Billion                                                          INVESTM...
Systematic Approval of Projects and Organizational Learning                         Projects under Evaluation             ...
REVAP – São José dos Campos (SP)                                        Site of RNEST – Ago/12       Inaugurated in 1980:...
P-57 – Jubarte Field: Capacity of 180 kbpd                                                Local Content (LC): 69%         ...
Oil and NGL Production Curve in Brazil: 2011 and 2012Target 2012: 2,022 kbpd (+/- 2%)   kbpd                              ...
PROEF: Initiatives to Recover Operational Efficiency – UO-BC                               Improve Campos Basin         In...
38 Production Units: 2012 – 2020Production Units: 2012-2013                                                              O...
FPSO Cidade de Anchieta – Baleia Azul                                           Operating since sep/10/12  Production Ramp...
Baleia Azul Project – FPSO Cidade de Anchieta (1st Oil: Sep/12)Meeting of Critical Analysis (RAC) Monthly: CEO + E&P Direc...
Baúna e Piracaba Project – FPSO Cidade de Itajaí (1st Oil: Dec/12)Meeting of Critical Analysis (RAC) Monthly: CEO + E&P Di...
FPSO Cidade de São Paulo - Sapinhoá Pilot (1st Oil: Jan/13)Local Content - Mandatory :30% / Forecast Accomplishment :50%  ...
FPSO - Cidade de São Paulo: Modules Construction and Integration at BrasFels Shipyard                                     ...
FPSO Cidade de São Paulo – Sapinhoá Pilot (1st Oil: Jan/13)Monthly Meeting of Critical Analysis (RAC) : CEO + E&P Director...
FPSO Cidade de Paraty – Lula NE Pilot (1st Oil: May/13)Local Content - Mandatory: 30% / Forecast Accomplishment 30%       ...
FPSO - Cidade de Paraty: Modules Construction and Integration at BrasFels Shipyard                                        ...
FPSO - Cidade de Paraty: Modules Construction at Nuclep ConstructionCanteiro Nuclep - RJ                                  ...
FPSO Cidade de Paraty – Lula NE Pilot (1st Oil: May/13)  Monthly Meeting of Critical Analysis (RAC) : CEO + E&P Director +...
FPSO P-63 – Papa-Terra (1st Oil: Jul/13)Local Content - Mandatory: 0% / Accomplished Forecast: 65%                        ...
4th Itaú BBA LATAM Commodities Conference
4th Itaú BBA LATAM Commodities Conference
4th Itaú BBA LATAM Commodities Conference
4th Itaú BBA LATAM Commodities Conference
4th Itaú BBA LATAM Commodities Conference
4th Itaú BBA LATAM Commodities Conference
4th Itaú BBA LATAM Commodities Conference
4th Itaú BBA LATAM Commodities Conference
4th Itaú BBA LATAM Commodities Conference
4th Itaú BBA LATAM Commodities Conference
4th Itaú BBA LATAM Commodities Conference
4th Itaú BBA LATAM Commodities Conference
4th Itaú BBA LATAM Commodities Conference
4th Itaú BBA LATAM Commodities Conference
4th Itaú BBA LATAM Commodities Conference
4th Itaú BBA LATAM Commodities Conference
4th Itaú BBA LATAM Commodities Conference
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4th Itaú BBA LATAM Commodities Conference

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Maria das Graças Silva Foster
Petrobras’ CEO
September 26th, 2012

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4th Itaú BBA LATAM Commodities Conference

  1. 1. 4th Itaú BBA LATAM Commodities Conference Maria das Graças Silva Foster Petrobras’ CEOSeptember 26th, 2012
  2. 2. DISCLAIMER FORWARD-LOOKING STATEMENTSThe presentation may contain forward-looking statements about We undertake no obligation to publicly update or revise anyfuture events within the meaning of Section 27A of the Securities Act forward-looking statements, whether as a result of newof 1933, as amended, and Section 21E of the Securities Exchange information or future events or for any other reason. FiguresAct of 1934, as amended, that are not based on historical facts and for 2012 on are estimates or targets.are not assurances of future results. Such forward-lookingstatements merely reflect the Company’s current views andestimates of future economic circumstances, industry conditions, All forward-looking statements are expressly qualified in theircompany performance and financial results. Such terms as entirety by this cautionary statement, and you should not"anticipate", "believe", "expect", "forecast", "intend", "plan", "project", place reliance on any forward-looking statement contained in"seek", "should", along with similar or analogous expressions, are this presentation.used to identify such forward-looking statements. Readers arecautioned that these statements are only projections and may differmaterially from actual future results or events. Readers are referred NON-SEC COMPLIANT OIL AND GAS RESERVES:to the documents filed by the Company with the SEC, specifically the CAUTIONARY STATEMENT FOR US INVESTORSCompany’s most recent Annual Report on Form 20-F, which identifyimportant risk factors that could cause actual results to differ from We present certain data in this presentation, such as oil andthose contained in the forward-looking statements, including, among gas resources, that we are not permitted to present inother things, risks relating to general economic and business documents filed with the United States Securities andconditions, including crude oil and other commodity prices, refining Exchange Commission (SEC) under new Subpart 1200 tomargins and prevailing exchange rates, uncertainties inherent in Regulation S-K because such terms do not qualify as proved,making estimates of our oil and gas reserves including recently probable or possible reserves under Rule 4-10(a) ofdiscovered oil and gas reserves, international and Brazilian political, Regulation S-X.economic and social developments, receipt of governmentalapprovals and licenses and our ability to obtain financing. 2
  3. 3. Brazil: Economic and Social DevelopmentConsumption Increase BRAZIL Unemployment -5.7 p.p. UNEMPLOYMENT Rate (%) Jobs generation contributing to increase the wage bill. 2002 2011 Extreme Poverty -5.5 p.p. Population in EXTREME POVERTY LEVEL (%) Improvement in income distribution with poverty reduction. 2001 2009 +21.7 p.p. (% of population) RISE OF SOCIAL CLASSES A, B and C Class Income level of families is growing leading to social mobility. 2003 2011 -8.25 p.p. INTEREST RATE (% p.y.) Selic Reduction in interest rate stimulating productive investment. 2000 2012 +35% (Kg / hab. year) Consumption CONSUMPTION PER CAPITA OF Per Capita THERMOPLASTIC RESINS 31 23 The consumption evolution is a consequence of the economical growth and a higher power of consumption. 2000 2010Sources: Banco Central do Brasil, Meta Selic dez/00 e ago/12; Abiquim. http://www.abiquim.org.br/resinastermoplasticas/estatisticas_33.asp - acesso 29/ago/12; Pesquisa Mensal de Emprego, IBGE. Nova série histórica disponível apenasde março/02 a maio/12; “De Volta ao País do Futuro: Projeções, Crise Européia e a Nova Classe Média”, FGV, março/12.; Comunicados do IPEA nº 63: PNAD 2009 Primeiras Análises: Distribuição de Renda entre 1995 e 2009. Out/10. 3
  4. 4. Brazil: Oil Products Market Grows Above World Average BRAZIL WORLDBetween 2000 and 2011... +49% +15% GASOLINE CONSUMPTION Gasoline Demand (kbpd) WORLD : +1.3% a.a. 469 22,533 315 19,616 BRAZIL: +3.7% a.a. • Jan-Aug12 x Jan-Aug11: +23% 2000 2011 2000 2011 DIESEL CONSUMPTION +43% +29% Demand (kbpd) Diesel WORLD : +2.3% a.a. 626 896 20,220 26,072 BRAZIL: +3.3% a.a. • Jan-Aug12 x Jan-Aug11: +6,7% 2000 2011 2000 2011 JET FUEL CONSUMPTION +53% -2% Demand Jet Fuel WORLD: -0,2% a.a. (kbpd) 121 6,506 6,393 BRAZIL: +4,0% a.a. 79 • Jan-Aug12 x Jan-Aug11: +7,9% 2000 2011 2000 2011 OIL FUEL CONSUMPTION -56% -18% Demand (kbpd) WORLD: -1,8% a.a. Oil Fuel 189 9,675 7,958 BRAZIL: -7,1% a.a. 84 • Jan-Aug12 x Jan-Aug11: -5,4% 2000 2011 2000 2011 Sources: Petrobras for Brazil data and Woodmackenzie for international data. 4
  5. 5. Petrobras Today:Proved Reserves + Potential Recoverable Volumes: 31.5 bi boe Petrobras’ Proved Reserves : 15.7 bi boe Potential Growth: + 15.8 bi boe Million boe35,00035.000 Potential Growth Concession – Potential 10.8 bi30,00030.000 • 2005-2010: more than 50% of new discoveries around the world were in deep Recoverable Volumes boe water, with Brazil representing 63% of these discoveries. (PFC Energy, jun/11) 19%25,000 25.000 • From 2005 to 2012 Petrobras declared 63 discoveries in pre-salt area and 49% 189 in other areas to ANP. (Petrobras, aug/12) 32%20,00020.000 Brasil Transfer of Rights 5.0 bi • 2030: Brazil should present the highest growth production among the countries Brasil boe that are not members of OPEC. (PFC Energy, jun/11) 15.7115,00015.000 Ultra-Deep Water 5.3 bi boe (>1,500m)10.00010,000 7.9 bi boe Deep Water (300-1,500m) 5,000 5.000 Shallow-Water (0-300m) 1.2 bi boe Onshore 1.3 bi boe 0 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2011 • Added Reserves in 2011 = 1.24 billion boe. • Pre-Salt Added Reserves: 1 billion boe. • Reserve/Production Ratio  19.2 year. 5
  6. 6. Production Increase and Breakdown of Oil and Gas Reserves of Major Companies: 2002 to 2011 PETROBRAS Oil and Natural Gas 5 (million boe/d) 4 Production +45% 2.6 3 2 1.8 0.5 0.3 Overseas 1 1.5 2.1 Brazil 0 2002 2011 Reserves 84% 16% Breakdown (2010) Oil Gas Oil and Natural Gas Production (million boe/d) EXXON MOBIL BP SHELL CHEVRON +6% -19% -2% +2% 2002 2011 2002 2011 2002 2011 2002 2011Breakdown (2010) Reserves 47% 53% 60% 40% 44% 56% 62% 38% Oil Gas Oil Gas Oil Gas Oil Gas Fonte: Evaluate Energy e WoodMackenzie, set/12. 6
  7. 7. Our Advantage:The Value of Our Reserves and the Pre-Salt Reality Oil and NGL Production (jan-jul/12):  Total Brazil: 2.007 kbpd  Onshore: 210 kbpd  Offshore • Post-Salt: 1.681 kbpd • Pre-Salt: 116 kbpd* * Including partners: 148,3 kbpd Record (incl. partners): 174,2 kbpd (jul/12) 7 7
  8. 8. Fundamentals of Business and Management Plan 2012-2016 PRIORITY CAPITAL PERFORMANCE DISCIPLINE Financiability Assumptions • Priority given • Management • Maintenance of Investment to exploration focused in Grade • To ensure and production accomplishing • There is no issuance of new expansion with projects of oil physical and shares solid financial and natural gas financial targets • Oil Products Import Price indicators in Brazil of each project Parity • Divestment of existing assets abroad 2012 2016 8
  9. 9. Projects Under Implementation and Projects Under Evaluation Under Implementation Under Evaluation 2012-2016 BP = Projects with construction already started + Projects in Phase I, II and III US$ 236.5 Billion US$ 208.7 Billion US$ 27.8 Billion 980 projects 833 projects 147 projects CONSTRUCTION 27.7% 24.8% 17% (**) (US$ 65.5 Billion) US$ 51.7 Billion (US$ 4.6 Billion) 28% 7% (US$ 1.9 Billion) 0% 65.8% (US$ 0.1 Billion) 60.0% 3.7% 50% (US$ 141.8 Billion) (US$ 137.2 Billion) (US$ 7.8 Billion) 5% (US$ 13.9 Billion) 5.8% (US$ 1.3 Billion) 1.8% (US$ 13.8 Billion (US$ 3.7 Billion) 2.1% 1.7% (US$ 5.0 Billion) (US$ 3.5 Billion) 21% 1.5% (US$ 3.6 Billion) 0.9% (US$ 6.0 Billion) 1.6% (US$ 1.9 Billion) 1.4% 1.3% (US$ 3.8 Billion) (US$ 3.0 Billion) (US$ 3.0 Billion) ** E&P abroad E&P RTM G&E Petrochemical Distribution Biofuel Corporate 9
  10. 10. Business and Management Plan 2012-2016: US$ 236.5 Billion INVESTMENTS UNDER IMPLEMENTATIONUS$ 131.6 billion US$ 55.8 billion US$ 7.7 billion US$ 6 billion US$ 3.2 billion US$ 1.2 billion E&P Downstream Gas & Power International Distribution Biofuels 4% 1% 1% 1% 3% 5% (2,4) (0,5) 1% (0,03) 4% (0,1) (0,1) (0,01) (2,9) 6% 6% 10% (0,2) 7% 13% 2% (0,07) 19% (0,5) (0,7) (0,4) (0,42) 9% (0,1) (25,4) 20% (4,8) (1,5) 43% US$ + + + + + = 45% 24% 21% 12% (1,9) (1,39) (24,9) (0,70) 17% 208.7 bi (16,3) (9,4) 68% (89,9) 7% 1% 20% 32% (0,6) 85% 21% (0,01) 90% (2,5) (5,1) (11,0) (0,67) (1,05) + E&P R&M Distribuição G&E Petroquímica Corporativo 3% 3% 7% (0,5) (US$ 0,1 Bi) 5% (1,1) (0,8) 15% 21% 21% (0,9) 1% (0,3) (0,3) (0,01) US$ 41% 8% + + + + + = (6,4) (0,5) 100% 54% (0,10) 37% (3,2) 22% 27.8 bi (5,8) (1,3) 8% 97% 57% (1,2) (US$ 4,6 Bi) (0,8) E&P Downstream Gas & Power International E&P Distribution Biofuels US$ - US$ 15.8 billion US$ 5.9 billion US$ 4.7 billion G&E US$ 0.1 billion US$ 1.4 billion INVESTMENTS UNDER EVALUATION 10
  11. 11. Systematic Approval of Projects and Organizational Learning Projects under Evaluation Projects under Implamentation Projects under Operation PROJECTS INITIATION AND PLANNING Appproval of Platform P-57 the Basic Phase IV Phase V PHASE I PHASE II EVTE¹ and Work Start up & PHASE III clearance for Opportunity Conceptual Execution Operation Basic Project execution Identification Project (work start) RNEST GASTAU Included at Approval of Approval of Petrobras EVTE¹ Phase EVTE¹ Portfolio I Concptual ¹EVTE: Technical and Economic Feasibility Study UTE Baixada Fluminense EXPERTISE ACQUIRED: GATHER KNOWLEDGES IN EACH PHASE OF PROJECTS DEVELOPMENT Normative Procedures Documents Validation and Changes and improvements included in the next project EXPERTISE Approval of ACQUIRED Knowledge’s NORTEC MAGES SINAPSE Register, Items Petrobras Technical Petrobras Normalization Management Guide. Consultation andSINAPSE: Integrated environment that allows the record learning of workforce. Suports the record process, interactionanalyses, consolidation, recovery and, mainly, implementation of learned lessons. 11
  12. 12. REVAP – São José dos Campos (SP) Site of RNEST – Ago/12  Inaugurated in 1980: Project by Snamprogetti.  First refinery constructed by Petrobras since 1980. Expertise Acquired Premium I and II – International Metrics Typical Chinese Projects  The experience acquired enable the conception of new refineries in MA, CE and RJ, within the international metrics of price, term and standardized technologies.  Capacity: 230 kbpd  Production of Diesel: 161 kbpd (70%)  Current Situation: in construction, 62% physical progressPlace: Qinzhou, China Place: Huizhou, China Start up: November/2014Capacity (Mbpd): 200 Capacity (Mbpd): 240  CAPEX: US$ 17 billions.Construction time: 52 months Construction time: 46 months Jobs Generated: 43,500 jobsStart up: Sep/2010 Start up: May/2009  Local Content: 91% 12
  13. 13. P-57 – Jubarte Field: Capacity of 180 kbpd Local Content (LC): 69% Platform P-57 started operation in December 2010, 3 months before contractual term, with 69% of local content and currently is producing 138 kbpd (1Q12) at Jubarte Field. Expertise Acquired The Challenge is Huge! P-62 – Roncador Module IV Start up in Mar/14 - LC 65% Franco 4 Lula Alto Lula Ext. P-66 Sul P-70 Sul de Guará Lula Central Iara HorstPiloto Baúna P-67 P-71 Júpitere Piracaba(SS-11) NE Tupi Carcará Maromba Espadarte III Norte Pq. Lula Sul P-68 P-76 P-73 Bonito FlorimCachalote e Baleias (P-58)Baleia Franca Piloto Sapinhoá Carimbé Sul Pq. Entorno de Franco 1(Capixaba) (Cid. São Paulo) Roncador IV Baleias Iara (P-62) P-74 AruanãUruguá / Piloto Lula NE Franco 5 Sapinhoá Norte Carioca Z2 Iara NWTambaú (Cid. Paraty) (Cid. Ilhabela) P-72 Espadarte I 4.200(Cid. Santos) Lula Norte Baleia Azul Papa-Terra Iracema Sul P-69 Franco 3Piloto Lula Mexilhão (Cid. Anchieta) (P-61 e P-63) Iracema (Cid. Franco 2 P-77(Cid. Angra (PMXL-1) Baúna e Roncador III Norte Z1 Mangaratiba) P-75dos Reis) (P-55) Marlim Sul PiracabaJubarteJubarte (P-56) (Cid. Itajaí) 24 btwn 2012 and 2016 Drilling Rigs(P-57) (P-57) LDA > 2.000 m 49 btwn 2012 and 2020 2.500 2.004 2.022 19 btwn 2012 and 2016 UEPs 38 btwn 2012 and 2020 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Construction of P-62 180 kbpd of capacity – Ago/12 13
  14. 14. Oil and NGL Production Curve in Brazil: 2011 and 2012Target 2012: 2,022 kbpd (+/- 2%) kbpd 2011 20122.200 2Q11 1Q12 2Q12 average: 2,018 average: 2,066 average: 1,9702.150 2,110 2,084 2,0982.100 2,069 2,061 2,040 2,0472.050 2,020 2,002 2,001 1,989 2,003 2,0032.000 1,993 1,960 1,968 1,963 1,961 1,9401.950 50 Jan/11 Feb/11 Mar/11 Apr/11 May/11 Jun/11 Jul/11 Aug/11 Sep11 Oct/11 Nov/11 Dec/11 jan/12 fev/12 mar/12 abr/12 mai/12 jun/12 jul/12 jan/11 fev/11 mar/11 abr/11 mai/11 jun/11 jul/11 ago/11 set/11 out/11 nov/11 dez/11 Jan/12 Feb/12 Mar/12 Apr/12 May/12 Jun/12 Jul/12  5% decrease in production 2Q12/1Q12 (- 96 kbpd) as a result of: • Operational stoppages(-54 kbpd), lower operational efficiency (-18 kbpd) and interruption of Frade (-15 kbpd). • Decline of old systems´potential as expected, around 11% p.y. The average rate worldwide for big and giant fields in deepwater is between 10% and 15% p.y.  Start-up of 2 new systems in 2H12: • FPSO Cidade de Anchieta (Baleia Azul), 100 kbpd capacity, started on 09/10/12, peak in Feb/13 • FPSO Cidade de Itajaí (Baúna e Piracaba), 80 kbpd capacity, built in Singapore, postponed from October to December. • Authorization to operate production unit SS-11 untill 28/Feb/2013 requested to ANP.  Maintenance of 2012 oil production target (flat when compared to 2011, +/-2%): • Production recovery only in 4Q12 (scheduled stoppages will continue on 3Q12). 14
  15. 15. PROEF: Initiatives to Recover Operational Efficiency – UO-BC Improve Campos Basin Increase the oil curve delivery PROEF Improve production Operational Unit reliability, provided Objectives systems integrity efficiency levels in 2012-2016 BP Campos Basin Operational Efficiency – UO-BC 89 90 88 88 PROEF Targets Operational Executed 80 81 efficiency (%) targets for 76 74 PROEF Disbursements: Campos 71 • Well workovers, subsea systems and Basin Unit platforms intervention through maintenance units: US$ 5.1 Bi (2012- 16) PROEF Estimated NPV: • US$ 1.6 Bn - US$ 3.3 Bn 2008 2009 2010 2011 2012 2013 2014 2015 2016Operational Efficiency HC / PAD Fields• Without UO-BC: 94% 95% 94% UO-BC Assets• E&P Total: 90% 87% 86% 15
  16. 16. 38 Production Units: 2012 – 2020Production Units: 2012-2013 Oil Production, Brazil: 2,022 – 4,200 kbpd P-66 P-70 CO5 (Lula (Lula Ext. (Franco 4) High) South) CO6 P-67 P-71 (South of (Lula (Iara Horst) Guará) Central) P-76 Júpiter Oil and NGL Production Curve (kbpd) P-58 P-68 (NE Tupi) Maromba P-73 Espadarte III  Cid. São (Whales Park (Lula Afretada (Carcará) Bonito Paulo North) South) CO9 (Piloto de (Carimbé) Whales CO8 (Florim) P-62 P-74 Sapinhoá) Aruanã Parq South (Iara (Roncador (Franco 1)  Cid. Paraty mod. IV) P-72 CO7 Surround) Z2 (Piloto de Lula Cid. Ilhabela (Iara NW) (Franco 5) (Carioca) NE) (Sapinhoá Espadarte I P-69 P-77  P-61 North) (Lula (Franco 3)  Cid.  P-63 (Papa- North) Anchieta Cid. Z1 Terra) Mangaratiba (Baleia Azul) Iracema P-75  P-55 (Iracema North (Franco 2)  Cid. Itajaí (Roncador South) (Baúna e mod. III) Piracaba) 23 Already Contracted Production Units 19 up to 2016 15 to Contract Construction 38 up to 2020 (from nov/12 to apr/17) 16
  17. 17. FPSO Cidade de Anchieta – Baleia Azul Operating since sep/10/12 Production Ramp up Interconnection of (bpd) Producing Wells Sep/12 29,700 1st Well sep/10/12 Oct/12 52,185 2nd Well sep/21/12 Nov/12 52,185 3rd Well sep/26/12 Dec/12 72,000 4th Well nov/12/12 Peak (100 kbpd): Feb/13 5th Well nov/13/12 Local Content - Mandatory: 0% / Forecast Accomplishment : 44% 17
  18. 18. Baleia Azul Project – FPSO Cidade de Anchieta (1st Oil: Sep/12)Meeting of Critical Analysis (RAC) Monthly: CEO + E&P Director + Engineering, Technology and Materials Director PHYSICAL PROGRESS OF THE PROJECT – S CURVE IMPLEMENTATION LANDMARKS 1 - Issuance of Preliminary License (LP) (P:Sep-08 / R:Sep-08) 2 – Conclusion of the Opportunity Evaluation Phase (Gate 1) (P:Dec-08 / R:Dec-08) (P: 100% / R: 100%) 3 – Conclusion of the Conceptual Project Phase (Gate 2) (P:Jul-09 / R:Jul-09) (P: 100% / R: 100%) 4 – Conclusion of the Basic Project Phase (Gate 3) (P:Dez-09 / R:Dez-09) (P: 100% / R: 100%) st 5 – Beginning of the Construction of the 1 Well (P:Jan-11 / R:Feb-11) 6 – Issuance of the Instalation License (LI) (P:Dec-11 / R:Dec-11) 7 – Arrival of the Unit in the Local (P:Ago-12 / R:Aug-12) st 8 – Beginning of Interconnection of the 1 Well (P:Aug-12 / R:Aug-12) 9 – Issuance of the Operating License (LO) (P:Aug-12 / R:Sep-12) 10 – Interconnection of the Last Well (P:Mar-13 / Proj:Mar-13) Baseline Baseline 2012-2016 BP Accomplished Forecast Fonte :SAP/PNG 12-16: 30/06/12. Data de Medição pela Diretoria de Exploração & Produção: 13/09/12. Linha de Base: EVTE da Fase III, aprovado em 03/12/2009, Ata DE 4.787. / Projetado: Replanejamento realizado em Julho/12. 18
  19. 19. Baúna e Piracaba Project – FPSO Cidade de Itajaí (1st Oil: Dec/12)Meeting of Critical Analysis (RAC) Monthly: CEO + E&P Director + Engineering, Technology and Materials Director PHYSICAL PROGRESS OF THE PROJECT – S CURVE IMPLEMENTATION LANDMARKS 1 - Conclusion of the Opportunity Evaluation Phase (Gate 1) (P:Mar-10 / R:Mar-10) (P: 100% / R: 100%) 2 - Conclusion of the Conceptual Project Phase (Gate 2) (P:May-11 / R:May-11) (P: 100% / R: 100%) st 3- Beginning of Construction of the 1 Well (P:Aug-11 / R:Jul-11) 4 - Conclusion of the Basic Project Phase (Gate 3) (P:Sep-11 / R:Sep-11) (P: 100% / R: 100%) 5 -- Issuance of Preliminary License (PL) (P:Jul-12 / Proj:Sep-12) 6 - Issuance of the Instalation License (LI) (P:Aug-12 / Proj:Sep-12) 7 - Issuance of the Operating License (OL) (P:Sep-12 / Proj:Nov-12) 8 - Arrival of the Unit in the Local (P:Sep-12 / R:Dec-12) st 9 - Beginning of Interconnection of the 1 Well Baúna (P:Sep-12 / Proj:Dec-12) st 10 – Beginning of Construction of the 1 Well Piracaba (P:Mar-13 / Proj:Jan-13) st 11 – Beginning of Interconnection of the 1 Well Piracaba (P:Jun-13 / Proj:May-13) 12 - Interconnection of the Last Well (P:Aug-14 / Proj:Aug-14) apr oct apr oct oct apr apr oct apr oct apr oct apr oct Baseline Baseline 2012-2016 BP Accomplished Forecast Fonte :SAP/PNG 12-16: 30/06/12. Data de Medição pela Diretoria de Exploração & Produção: 13/09/12. Linha de Base: EVTE da Fase III, aprovado em 03/12/2009, Ata DE 4.787. / Projetado: Replanejamento realizado em Julho/12.Local Content: Mandatory: 60% / Forecast Accomplishment : 81% 19
  20. 20. FPSO Cidade de São Paulo - Sapinhoá Pilot (1st Oil: Jan/13)Local Content - Mandatory :30% / Forecast Accomplishment :50% Hull Conversion - Cosco (China) Modules Construction: AIBEL (Thailand) 1. Main Gas Compression A 2. Main Gas Compression B 3. Gas Treatment - CO2 Removal 4. Gas Reinjection 5. CO2 Injection 6. Oil Processing – High Pressure 7. Oil Processing – Low Pressure 8. Utilities and Water Injection Modules Construction: BOOMESC (China) 9. Energy Generation 10. E-House MCC – Panels Room 11. Piperack Modules Construction: ENAVAL/VEOLIA – Niterói (RJ) 12. Salt Water TreatmentModules Construction: BrasFels Shipyards– Angra dos Reis (RJ)13. Arrival Risers Manifolds Enaval - Niteroi (RJ)14. Operation Cargo Area - 1S Brasfels Shipyard – Angra (RJ)15. Operation Cargo Area - 5S16. Flare ChimneyIntegration: BrasFels Shipyards – Angra dos Reis (RJ)Modules Integration from hull 1 to 16 20
  21. 21. FPSO - Cidade de São Paulo: Modules Construction and Integration at BrasFels Shipyard FPSO Cidade de São PauloView of BrasFels Shipyard, in Angra dos Reis – RJ (08//31/12). 21
  22. 22. FPSO Cidade de São Paulo – Sapinhoá Pilot (1st Oil: Jan/13)Monthly Meeting of Critical Analysis (RAC) : CEO + E&P Director + Engineering, Technology and Materials Director PHYSICAL PROJECT MONITORING – ‘S’ CURVE IMPLEMENTATION LANDMARKS: 1 – Beginning of Construction of the 1st Well (P:mar-12 / R:feb-12) Start-Up Forecast: 2 – Issuance of Preliminary License (LP) (P:may-12/ R:sep-12) Jan/13 3 – Issuance of the Instalation License (LI) (P:may-12 /Proj:sep-12) 4 – Basic Design Conclusion (Gate 3) (P:july-12 /Proj:oct-12) (P: 89% / R: 90%) 5 – Production Unit (PU) in the Site (P:nov-12 /Proj:nov-12) Start-Up 6 – Operation License Issue (LO) (P:dec-12 /Proj:dec-12) BP 12-16: Jan/13 st 7 – 1 Well Interconnection Start (P:dez-12 /Proj:dez-12) 8 - Exports Gas Pipeline Interconnection (P:aug-13 /Proj:aug-13) 9 – Last Well Interconection (P:oct-15 /Proj:oct-15) Start-Up EVTE: Dec/12 Fonte :SAP/PNG 12-16: 30/06/12. Data de Medição pela Diretoria de Exploração & Produção: 13/09/12. Linha de Base: EVTE da Fase III, aprovado em 03/12/2009, Ata DE 4.787. / Projetado: Replanejamento realizado em Julho/12. 22
  23. 23. FPSO Cidade de Paraty – Lula NE Pilot (1st Oil: May/13)Local Content - Mandatory: 30% / Forecast Accomplishment 30% Hull Conversion: Keppel Shipyard - Singapore Modules Construction: Keppel Shipyard - Singapore 1. Energy Generation BB 2. Energy Generation BE 3. Local Equipment Room 4. Maintenance and conversion areas, and moorings 5. Helipad 6. Burners Modules Construction: Nuclep Site Construction (EBSE) – Itaguaí (RJ) 7. Manifold 8. Cargo Operation and Chemical Storage Modules Construction: ENAVAL/VEOLIA – Niterói (RJ) 9. Gas Injection and Compression 16. Salt Water Treatment 10. Gas A Treatment 17. Utilities and Water Injection Modules Construction: BrasFels Shipyard – Angra dos Reis (RJ) Enaval - Niteroi (RJ)11. Oil A Processing Nuclep - Itaguaí (RJ)12. Oil B Processing BrasFels Shipyard - Angra (RJ)13. Gas A Compression14. Gas B Compression15. Gas B TreatmentIntegração: Estaleiro BrasFels – Angra dos Reis (RJ)Modules Integration from hull 1 to 17 23
  24. 24. FPSO - Cidade de Paraty: Modules Construction and Integration at BrasFels Shipyard FPSO Cid. de Paraty FPSO Cid. de Paraty Modules 6 5 4 3 2 1View of BrasFels Shipyard, in Angra dos Reis – RJ (08/31/12).FPSO Cidade de Paraty Modules: (1) TS072 – Main Gas B Compressor; (2) TS062 – Oil A Treatment; (3) TS063 – Oil B Treatment; (4) TS071 – Main Gas A Compressor; (5) TS075 – Gas BTreatment; (6) TS073 –CO2 Compressor; (LC: Full modules package contracted attending 65% of Local Content). 24
  25. 25. FPSO - Cidade de Paraty: Modules Construction at Nuclep ConstructionCanteiro Nuclep - RJ FPSO Cid. de Paraty Modules 2 1 11View of Nuclep Construction Site, in Angra dos Reis – RJ (08/31/12).FPSO Cidade de Paraty (Hull – Singapore and Integration BrasFels): (1) Gas Injection and Compression (LC:65%); (2) Manifold (LC:65%). 25
  26. 26. FPSO Cidade de Paraty – Lula NE Pilot (1st Oil: May/13) Monthly Meeting of Critical Analysis (RAC) : CEO + E&P Director + Engineering, Technology and Materials Director PHYSICAL PROJECT MONITORING – ‘S’ CURVE 100 IMPLEMENTATION LANDMARKS: Operational Entrada em Operação 90 1 – Conclusion of Opportunity Evaluation Phase(Gate 1) (P:may-10/R:may-10) (P:100%/R:100%) Start-Up Forecast Prevista (EVTE): 10 (EVTE): May/13 28/05/13 2 – Conclusion of Conceptual Project Phase (Gate 2) (P:jul-11/R:jun-11) (P:100%/R:100%) 80 3 - Beginning of Construction of the 1st Well (P:feb-12 / R:feb-12) 4 - Issuance of Preliminary License (LP) (P:aug-12 / R: sep-12) 70 5 - Basic Design Conclusion (Gate 3) (P:may-12/R:oct-12) (P:100%/R:95%) Operational Entrada em 60 6 - Issuance of the Instalation License (LI) (P:aug-12 /Proj: oct-12) 8 Operação Forecast: Start-Up Projetada:% % Acumulado 7 - Production Unit (PU) in the Site (P:mar-13 /Proj:mar-13) May/13 28/05/2013 9 Accrued 50 8 - Operation License Issue (LO) (P:mar-13 / Proj:mar-13) 7 st 9 - 1 Well Interconnection Start (P:apr-13 / Proj:apr-13) 6 40 10 - Last Well Interconection (P:apr-16 / Proj:apr-16) Operational Entrada em Operação Justif.2 (A) Start-Up Forecast: Prevista (PNG 12-16): 5 BP 12-16: May/2013 30 Justif.2 (B) 28/05/2013 4 Reference: Aug/12 20 2 Referência: agosto/12 MTD Accrued Forecast BP: No mês Acumulado 1.1% 29.1% 10 1 3 Accomplished: 1,1% Previsto PNG: 1.1% 29,1% 31.8% Realizado: 1,1% 31,8% 0 set-09 set-10 set-11 set-12 set-13 set-14 set-15 mar-09 mai-09 mar-10 mai-10 mar-11 mai-11 mar-12 mai-12 mar-13 mai-13 mar-14 mai-14 mar-15 mai-15 mar-16 mai-16 jul-09 jul-10 jul-11 jul-12 jul-13 jul-14 jul-15 jan-09 jan-10 jan-11 jan-12 jan-13 jan-14 jan-15 jan-16 nov-09 nov-10 nov-11 nov-12 nov-13 nov-14 nov-15 Baseline Linha de Base Baseline BP 12-16 Linha Base - PNG 12-16 Realizado Accomplished Forecast Projetado Fonte :SAP/PNG 12-16: 30/06/12. Data de Medição pela Diretoria de Exploração & Produção: 13/09/12. Linha de Base: EVTE da Fase III, aprovado em 03/12/2009, Ata DE 4.787. / Projetado: Replanejamento realizado em Julho/12. 26
  27. 27. FPSO P-63 – Papa-Terra (1st Oil: Jul/13)Local Content - Mandatory: 0% / Accomplished Forecast: 65% Hull: Conversion - Cosco (China) Modules: Construction COSCO Shipyard (China) 1. M01 Offices, Accommodations and Helideck 2. M21/M22 Manifolds 3. M81 Utilities System 4. M82 Heaters 5. M32/42 Load and Unload Area 6. M41 Laboratory and Workshop 7. M90 Electric Panels 8. M91/92/93 Electricity Generation SystemsModules: Construction QUIP Construction Site–Rio Grande Port Modules: Construction Tekfen (Turkey)(RS) 9. Z90 Piperack10. EBSE – M11 High Separation System11. EBSE – M12 Low Separation System12. NATCO – M13 Oil Treatment13. SULZER/TSL – M51 – Water Treatment and Injection Systems14. VEOLIA – M52 – Sulphate Reduction Unit15. QUIP – M-31 Flare Vases16. QUIP – Flare Spare17. SULZER/TSL – M83 Chemical Injection System18. M60 Natural Gas Compression SystemIntegration: Rio Grande Port (RS)Integration of Modules 1 to 18 to the hull Rio Grande Port - Rio Grande (RS) 27

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