1. XIV Japan Brazil Joint
Economic Committee
Meeting
CEO José Sergio Gabrielli de Azevedo
August 9th 2011
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2. DISCLAIMER
FORWARD-LOOKING STATEMENTS:
DISCLAIMER
The presentation may contain forward-looking statements about We undertake no obligation to publicly update or revise any
future events within the meaning of Section 27A of the Securities Act forward-looking statements, whether as a result of new
of 1933, as amended, and Section 21E of the Securities Exchange information or future events or for any other reason. Figures
Act of 1934, as amended, that are not based on historical facts and for 2011 on are estimates or targets.
are not assurances of future results. Such forward-looking
statements merely reflect the Company’s current views and
estimates of future economic circumstances, industry conditions, All forward-looking statements are expressly qualified in their
company 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 are
cautioned that these statements are only projections and may differ
materially 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 INVESTORS
Company’s most recent Annual Report on Form 20-F, which identify
important risk factors that could cause actual results to differ from We present certain data in this presentation, such as oil and
those contained in the forward-looking statements, including, among gas resources, that we are not permitted to present in
other things, risks relating to general economic and business documents filed with the United States Securities and
conditions, including crude oil and other commodity prices, refining Exchange Commission (SEC) under new Subpart 1200 to
margins 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) of
discovered oil and gas reserves, international and Brazilian political, Regulation S-X.
economic and social developments, receipt of governmental
approvals and licenses and our ability to obtain financing.
2

3. THE IMPORTANCE OF NATURAL RESOURCES TO JAPAN
Japanese Imports ‐ Jan‐Jun 2011
11,0% 0,1% 8,1%
2,5%
20,1% 30,4%
Japan imports almost 100% of its
natural resources demands, as it
9,5% 9,4% does not produce oil, LNG, coal
and iron ore, for instance.
Foodstuff Materials Fuels
Chemical Products Manufactured goods Machines
Transport Equipment Others Japan is relatively well
positioned in the world’s natural
resources supply chain, through
Japanese Fuel Imports ‐ Jan‐Jun 2011 joint ventures or development
and production project finances
3,80%
1,20%
6,60% 15,70%
2,90%
Petroleum Petroleum Products LNG LPG Coal
3

4. BRAZIL ON THE LEADERSHIP OF RECENT DISCOVERIES
Deep water discoveries in Brazil represent 1/3 of the world’s discoveries in the last 5
years
New Discoveries 2005‐2010
(33.989 million bbl) Deep water
discoveries
Brazil
38%
49% 62%
51%
Others
Other Discoveries Deep Water
• Over the last 5 years, more than 50% of the new discoveries (in the world) took place in deep waters
• The development of these new reserves will demand additional capacity in the supply chain
• The expansion of Brazil’s oil and gas supply chain is aligned to this perspective
We expect to double our proven reserves until 2020, keeping finding costs at US$ 2/boe
Source: PFC Energy
4

5. LONG HISTORY OF TECHNOLOGICAL AND OPERATIONAL LEADERSHIP IN DEEP
WATERS
1977
Enchova
410ft 1988
125m Marimbá
1,610ft
491m
1994
Marlim
3,370ft 1997 2009
1,027m Marlim Sul 2003 Lula
5,600ft Roncador 7,125ft
1,707m 6,180ft 2,172m
1,884m
Deep water production Offshore production facilities
Global operations in 2009¹
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
0 20 40 60 80 100
FPSO Semi Spar TLP Other
Petrobras operates 20% of deep waters global production
Source: PFC Energy
(1) These 15 operators represented 98% of global deep waters production in 2009. Water depth of 1000 feet
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6. LONG HISTORY OF BILATERAL RELATIONSHIPS
50/60 70/80 90 2000
Participation in the Participation of JGC–Japan Platforms lease sale back Various project finances and
reconstruction efforts of the Gasoline Corporation in the Bolivia‐Brazil gas pipeline loans
Japanese naval industry in the construction of refineries in financing Samurai Bonds issuance
Post‐war period, through Brazil TQC programs in Petrobras Japanese Office
ships procurement in Three‐party model in the partnership with JUSE begins operations
Japanese shipyards Petrochemical Industry in Toyo Engineering working Technological cooperation
Construction of the drilling Camaçari, with the on RELAM’s modernization with Kobe Steel Engineering
ship Petrobras II – NS‐01 participation of big Japanese Participation of Japanese Partnerships in international
companies companies in the Albacora projects
Construction of 4 Leste and Frade projects LPG sales to Idemitsu Oil
semisubmersible drilling Urucu’s NGPU financing Mitsui becomes Petrobras’
platforms in Japan (Petrobras Various project finances partner in gas distribution
IX, X, XI, XII) Employees interchange
between Petrobras and Mitsui
Toyo Engineering works on
engineering projects
MOUs with Mitsui, Itochu
Corporation, JOGMEC
Brazil Japan Ethanol Trading,
in partnership with Japan
Alcohol Trading
Partnership with Tokyo
University
Partnership with Mitsui and
Transocean to build Petrobras
10.000 Drilling Ship
6

7. LONG HISTORY OF BILATERAL RELATIONSHIPS
2008 2009 2010 2011
Okinawa Refinery MOUs with Marubeni Co. and LNG Master Agreement Under negotiations with
acquisition (Nansei Sekiyu Mitsui & Co. to Premium I and with Japanese companies KEPCO/Kansai Electric Power
Co) Premium II’s studies Petrobras 10.000 Company a contract for oil
JOGMEC’s financing to DBJ financing financing with JBIC supply in case of emergencies
Nansei Partnership with Sapporo Mitsui & Co. working to Second phase of employees
Technological cooperation Beer to produce hydrogen build and operate interchange between Mitsui &
with Tokyo’s University from sugar cane Comperj’s utilities in Co. and Petrobras
PROMINP’s presentation to MOU with JOGMEC to study partnership with Petrobras Specific Agreement with
the Japanese market methane hydrates, ERP, CO2 GTL compact on JOGMEC to develop flexible
NT‐ Guanabara’s lease capture, flex pipes, new negotiations with Sumitomo lines
MOUs with Sumitomo tubings for the pre‐salt Precision Expansion of E3 sales in
Corporation and Mitusbishi FPSOs contracts (MODEC) Sales of E3 gasoline to the Okinawa (4 gas stations today.
Corporation FEED of the FLNG with Okinawa market Forecast of 20 by year end)
Transpetro’s LNG operators Saipem‐SBM‐Chiyoda and NANSEI’s financing by DBJ Examples of recent projects
are trained at Tokyo Gas’ Technip‐JGC‐MODEC and ODFC with the participation of
terminal LNG Master Agreement with IHI’s cooperation to Japanese companies:
Japanese companies rebuild the facilities of the ₋ FPSO Cidade de São Paulo
Partnership with Mitsubishi Ishikawajima shipyard in MV23
Co and Schain Cury to build Brazil ₋ FPSO Cidade de Angra dos
the second deep water drilling Participation of Japanese Reis MV22
ship companies in two ₋ FPSO Cidade de Santos
Joint Venture with Mitsui & consortiums to study the MV20
Co to ethanol trading based in Floating LNG project ₋ FPSO Cidade de Niterói
Singapore MV18
Partnership with Toyo ₋ FSO Cidade de Macaé MV15
Engineering to micro GTL pilot ₋ FPSO Cidade de Rio de
plant Janeiro
₋ FPSO Fluminense
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8. Perspectives of the
Brazilian Market
8

9. GROWTH IN SALES VOLUMES
Sales volumes (thousand boed)
6,6%
p.a. Ferti lizers
7.142
79
Electri c energy
141
5,6% 401
p.a. 906 Biofuels
4.957
480
38
106 Interna tiona l sa les
3.773 3.847 290
3.464 17 17 738
2.317
17 94 97 Na tura l ga s
94 136 147 436
125 593 634
542
312 320 997 Exports
231
699 586
706
1.739
1.453 Other di stributors
1.204 1 5
.31
1.097
899 1.078 Sa les to BR
652 718 731
2009 2010 2011 2015 2020 PN 2011‐15 ‐ Volume de Venda s
Tota is do Sis tema Petrobras
9

10. 2011‐2015 INVESTMENTS
Total: International:
US$ 224,7 billion US$ 11,2 billion
2%1%2% 1% 3% 2% 1%
6% 4,1 7%
3,8 2,4
13,2
3,1
31%
57%
70,6 127,5 (*)
87%
E&P RTM G&E
Petrochemicals Distribution Biofuels E&P RTM G&E Distribution Corporate
Corporate
(*) US$ 22,8 bi in exploration
10

11. PRODUCTION
With ample access to new reserves, Petrobras will more than double production
on the next decade 6.418
142
246
1.120
3.993
125
180 + 35 Systems
2.575 2.772 618
2.386 2.516 + 10 post‐sal projects
96
96 93
99 141 + 8 pre‐salt projects
132 144 435 4.910
111 317 334
321 + 1 Transfer of Rights project 845
th boe/day
3.070 Transfer of Rights
1.971 2.004 2.100 Additional capacity 13
1.855
Oil: 2.300 th. bpd Pre-Salt 1.148
543
2008 2009 2010 2011 2015 2020
Oil Production ‐ Brazil Gas Production ‐ Brazil Oil Production ‐ Intl Gas Production ‐ Intl
• Pre‐salt and Transfer of Rights will represent 69% of the additional production until 2020;
• Pre‐salt’s share of Petrobras’ oil production in Brazil will grow from the current 2% in 2011 to 18% in 2015 and
40,5% in 2020.
11

12. PRODUCTION, REFINING AND DEMAND IN BRAZIL
PREMIUM I
(second unit)
300 th bpd
(2019)
COMPERJ
(second unit)
165 th bpd
(2018)
Th. bpd
COMPERJ
PREMIUM II
5.000 (First unit)
165 th bpd 300 th bpd
(2013) (2017)
Abreu e Lima
4.000 Refinery
PREMIUM I
(first unit)
(RNE) 300 th bpd
230 th bpd (2016) 3.327
(2012)
3.095
3.000 2.643
4.910
2.536
2.000 3.217
3.070
2.147 2.100 2.208 2.205
1.971 1.792 1.933 2.004 1.811
1.000 1.798
0
2009 2010 2011 2015 2020
Oil and NGL Production ‐ Brazil Throughput ‐ Brazil Oil Fuels Market (2 scenarios)
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13. THANK YOU!
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