Rudimar Lorenzatto (Exploration & Production) AGENDA • BUSINESS AND MANAGEMENT PLAN 2014-2018 • PRODUCTION UPDATE-RAMPING UP NEW SYSTEMS-MAINTAINING EXISTING SYSTEMS • PER BOE ANALYSIS • PRE-SALT UPDATE • NEW UNITS June, 2014

1. Rudimar Lorenzatto
Exploration & Production
June, 2014
2014 Global Energy
Conference – Credit
Suisse

2. DISCLAIMER
FORWARD-LOOKING STATEMENTS:
DISCLAIMER
The presentation may contain forward-looking statements about future events
within the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended, that are
not based on historical facts and 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, company
performance and financial results. Such terms as "anticipate", "believe",
"expect", "forecast", "intend", "plan", "project", "seek", "should", along with
similar or analogous expressions, are 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 to the documents filed by the Company with the SEC, specifically the
Company’s most recent Annual Report on Form 20-F, which identify important
risk factors that could cause actual results to differ from those contained in the
forward-looking statements, including, among other things, risks relating to
general economic and business conditions, including crude oil and other
commodity prices, refining margins and prevailing exchange rates,
uncertainties inherent in making estimates of our oil and gas reserves including
recently discovered oil and gas reserves, international and Brazilian political,
economic and social developments, receipt of governmental approvals and
licenses and our ability to obtain financing.
We undertake no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information or future events or for any
other reason. Figures for 2014 on are estimates or targets.
All forward-looking statements are expressly qualified in their entirety by this
cautionary statement, and you should not place reliance on any forward-
looking statement contained in this presentation.
NON-SEC COMPLIANT OIL AND GAS RESERVES:
CAUTIONARY STATEMENT FOR US INVESTORS
We present certain data in this presentation, such as oil and gas resources,
that we are not permitted to present in documents filed with the United States
Securities and Exchange Commission (SEC) under new Subpart
1200 to Regulation S-K because such terms do not qualify as
proved, probable or possible reserves under Rule 4-10(a)
of Regulation S-X.

3. AGENDA
• BUSINESS AND MANAGEMENT PLAN 2014-2018
• PRODUCTION UPDATE
- RAMPING UP NEW SYSTEMS
- MAINTAINING EXISTING SYSTEMS
• PER BOE ANALYSIS
• PRE-SALT UPDATE
• NEW UNITS
• CONCLUSION

4. Business and
Management
Plan
2014-2018

5. 5
Investments in Exploration & Production: US$ 153.9 billion
Downstream 38.7 (17.5%)
Gas & Energy 10.1 (4.6%)
International 9.7 (4.4%)
Distribution 2.7 (1.2%)
Biofuels 2.3 (1.0%)
Engineering, Technology
& Materials 2.2 (1.0%)
Other Areas 1.0 (0.5%)
2014-18 BMP
Total Investment
US$ 220.6
billion
Exploration & Production
153.9 (69.8%)
Production Development
112.5 (73%)
Infrastructure: 18.0 (12%)
Exploration: 23.4 (15%)Pre-salt
Concession
Transfer of Rights
Production Sharing
Post-salt
Exp + R&D
82.0
(60%)
53.9
(40%)

6. 6
Projects Under Implementation, Bidding Process and Evaluation
2014-18 BMP
Total Investment
US$ 220.6
billion
Downstream 38.7 (17.5%)
Gas & Energy 10.1 (4.6%)
International 9.7 (4.4%)
Distribution 2.7 (1.2%)
Biofuels 2.3 (1.0%)
Engineering, Technology
& Materials 2.2 (1.0%)
Other Areas 1.0 (0.5%)
Exploration & Production 153.9 (69.8%)
Under Implementation
(US$ 175.9 billion)
• Projects being executed
(construction)
• Projects already bid
• Resources required for studies
of Projects Under Evaluation
Under Bidding Process¹
(US$ 30.9 billion)
• E&P projects in Brazil
Represent around 200 th. bpd of
production in 2018 and 900 th.
bpd in 2020.
Projects under Studies in
Phase I, II or III
(except E&P in Brazil)
Portfolio of Projects
Under Implementation + Under Bidding Process
US$ 206.8 Billion
Portfolio of Projects Under Evaluation
US$ 13.8 Billion
¹ Includes E&P projects in Brazil which will stil go through bidding process of their units, as well as Premium I and Premium II refineries, which will have the bidding process carried out throughout 2014
² Source: IHS CERA Regional Downstream Capital Costs Indexes - 2011
Oil Production 2020:
4.2 million bpd
No impact in Oil
Production 2020

7. 7
2014-2018 BMP: Investment and Operating Costs Management
2014-2018 BMP
US$ 220.6 Billion
PRC-Poço
Program to Reduce
Well Costs
PRC-Sub
Program to Reduce
Subsea Facilities Costs
PROEF
Program to Increase
Operational Efficiency
UO-BC
UO-RIO
PROCOP
Operating Costs
Optimization Program
INFRALOG – Logistic Infrastructure Optimization Program
Local Content Management– Take advantage of the industry´s capacity to maximize gains to Petrobras
Health, Safety, Environment and Energy Efficiency
PROCOP: Focus on OPEX, operating costs of the Company activities – Manageable Operating Costs..
PRC-Poço: Focus on CAPEX dedicated to Wells construction – Investments in Drilling and Completion.
PRC Sub: Focus on CAPEX dedicated to subsea systems construction.

8. 8
1.9
3,2
4.2
2013 2014 2015 2016 2017 2018 2019 2020
New systems ensure future growth
Growth in 2014:
7.5% ± 1p.p.
Piloto Sapinhoá
(Cid. São Paulo)
Baúna
(Cid. Itajaí)
Piloto Lula NE
(Cid. Paraty)
Papa-Terra
(P-63)
Roncador III
(P-55)
Norte Pq. Baleias
(P-58)
Iracema Sul
(C. Mangaratiba)
Roncador IV
(P-62)
Sapinhoá Norte
(Cid. Ilhabela)
Papa-Terra
(P-61+TAD)
Florim
Lula Alto
Lula Central
JúpiterLula Sul
(P-66)
Búzios I
(P-74)
Lapa
Lula Norte
(P-67)
Búzios II
(P-75)
Lula Ext. Sul
e CO Sul de Lula
(P-68)
Lula Oeste
(P-69)
Búzios III
(P-76)
Tartaruga Verde
e Mestiça
Maromba I
Iara Horst
(P-70)
Búzios IV
(P-77)
Entorno de Iara
(P-73)
NE de Tupi
(P-72)
Iara NW
(P-71)
Sul Pq. Baleias
ES Águas
Profundas
Carcará
Espadarte III
SE Águas
Profundas I
Búzios V
Revitalização
Marlim I
SE Águas
Profundas II
Libra
Revitalização
Marlim II
Iracema Norte
(Cid. Itaguaí)
On Stream
Built
Ordered
Under Bidding
+640kbpd +660kbpd +150kbpd +1000kbpd +900kbpd +1050kbpd Capacity added per year
3 MM bbl

9. Ramping Up
New Systems

10. 10
FPSO Cid. São Paulo
(Sapinhoá)
2,200
1,900
1,950
1,850
2,150
2,050
2,000
2,100
Feb-14
1,9261,923
Jan-14 Mar-14
2,0142,009
Sep-13
2,022
1,979
Aug-13
1,951
1,908
Jul-13
1,929
1,888
Jun-13
2,021
1,955
1,920
Jan-13
1,994
1,965
1,979
May-13
1,925
1,892
Apr-13
1,974
1,924
Mar-13
1,890
1,846
Fev-13
1,988
1,917
Dec-13
2,027
1,964
Nov-13
2,009
1,957
Oct-13
1,994
1,960
Th. bpd
1Q13
Average 1,910
2Q13
Average 1,931
4Q13
Average 1,960
1Q14
Average 1,922
3Q13
Average 1,924
P-58
(Parque das Baleias)
P-55
(Roncador)
P-63
(Papa-Terra)
Nov 12thFPSO Cid. Paraty
(Lula NE Pilot)
FPSO Cidade de Itajaí
(Baúna)
Feb 16th
Jan 5th Mar 17th
Dec 31st
Capacity:
120 th. bpd (45% Petrobras)
2013 – 10 th. bpd
1Q14 – 20 th. bpd
Capacity:
80 th. bpd (100% Petrobras)
2013 – 36 th. bpd
1Q14 – 72 th. bpd
Capacity:
120 th. bpd (65% Petrobras)
2013 – 10 th. bpd
1Q14 – 30 th. bpd
Capacity:
140 th. bpd (62.5% Petrobras)
2013 – 1 th. bpd
1Q14 – 9 th. bpd
Capacity:
180 th. bpd
(100% Petrobras)
1Q14 – 8 th. bpd
Capacity:
180 th. bpd
(100% Petrobras)
1Q14 – 2 th. bpd
Production Operated by PetrobrasPetrobras Production
Jun 6th
» Main factors that impacted production in the 1Q14:
 Demobilization of FPSO Brasil (integrity) and complete stoppage of Marlim P-20 for 103 days (fire).
 Limited availability of PLSVs, due to the delayed decision of contracting abroad (2010 → 2012), after failed attempts to contract them in Brazil,
impacting the pace of interconnection of wells.
 Delays in the delivery of the platforms by the shipyards and bigger than expected scope for off-shore activities.
 Longer time for the execution of innovative projects, such as the BSRs (monobuoys) and systems P-63/P-61/TAD.
2013: 1,931 th. bpd
Production in the 1Q14 was 1,922 kbpd, in line with projections

11. 11
2Q14 3Q14 4Q14
2014 Average: 2,075 th. bpd ± 1%
Factors that support production growth:
» New systems: P-62 (May 12th), P-61/TAD (3Q14), FPSO Cidade de Ilhabela (3Q14) and FPSO Cidade de Mangaratiba (4Q14).
» Connection of 65 production wells in 2014, of which 20 have already been connected by 05/09/2014.
» PLSV fleet increase: 11 vessels in 1Q14, 13 vessels in 2Q14, 16 vessels in 3Q14 and 19 vessels in 4Q13.
» PLSV productivity increase: from 99 km / PLSV / year in 1Q13 to 129 km / PLSV / year in 1Q14 (+30%).
Th. bpd
2,400
2,600
2,500
2,300
2,200
2,100
2,000
1,900
1,800
0
jul-14
may-14
aug-14
jun-14
apr-14
oct-14
dez-14
nov-14
sep-14
mar-14
1,926
feb-14
1,923
jan-14
1,917
dec-13
1,964
nov-13
1,957
oct-13
1,960
sep-13
1,979
aug-13
1,908
jul-13
1,888
jun-13
1,979
may-13
1,892
apr-13
1,924
mar-13
1,846
feb-13
1,920
jan-13
1,965
2Q13
Average 1.931
3Q13
Average 1.924
4Q13
Average 1.960
2013 Average: 1,931 th. bpd
1Q13
Average 1.910
1Q14
Average 1.922
P-62
Realized
FPSO Cid. São Paulo
FPSO Cid. Paraty
FPSO Cidade de Itajaí
Jan 5th
P-55
P-63
Cid. Ilhabela
Cid. Mangaratiba
4th Quarter
3rd Quarter
3rd Quarter
3rd Quarter
P-61
TAD
P-58
May 12th
Jun 6th
Feb 16th Nov 12th
Dec 31st Mar 17th
3rd Quarter
Production growth target of 7.5% (± 1 p.p.) maintained

12. 12
Our critical resources needs are fulfilled
1) Rigs above 2000m 2) PLSV = Pipe Laying Support Vessel
Current fleet: 55 Current fleet: 40 Current fleet: 11
New Production Units New UDW Drilling Rigs¹
above 2000m
New PLSVs²
5
1
7
6
9
2
5
5 6
13
19
28
30
35
2014 2015 2016 2017 2018 2019 2020
2
7
5
8
5
1
2
9
14
22
27 28
2014 2015 2016 2017 2018 2019 2020
8
9
2
8 8
17
19 19 19 19
2014 2015 2016 2017 2018 2019 2020
Sete Brasil drilling rigs will largely
replace the internationally built rigs

13. 13
Production Wells Expected to be Connected in 2014
New Production Wells in 2014 New Injection Wells in 2014
18
49
59
64
17
22
28
Connected Completed Drilled Total
3
Connected Completed Drilled Total
In 2014, up to April, 20 wells connections were done with 30% more efficiency (km/PLSV/year) than in the last year.

14. 15
Buoyancy Supported Risers
Dimensions:
33ft x 130ft x 170ft
A pioneer concept for subsea
systems: a giant buoy to
support rigid risers.
• Which fields?
– Sapinhoá Field
(FPSO Cid. de São Paulo)
– Lula NE Field
(FPSO Cid. de Paraty)
• Operational status:
– All 4 buoyancies are
installed.
• Time for installation:
– 1st buoy: 164 days
– 2nd buoy: 55 days
• The Results:
– In 2013: more 17 mil bpd
– In 2014: more 19,5 mil
bpd

15. Maintaining
Existing
Systems

16. 18
Main Operational Units
Vitória
ES
MG
Rio de Janeiro
RJ
PR
São Paulo
SP
100 km
Curitiba
SC
Campos Basin
Santos Basin
Parque das Baleias
Cangoá Peroá
CanapuGolfinho
Camarupim
Carapó
RoncadorAlbacora
Marlim
Barracuda
Garoupa
Carapicu
Xerelete
Papa-Terra
Maromba
Carataí
Pampo
Iara
Libra
Ent. Iara
Búzios
Jupiter
Peroba
Sul de Lula
Lula
Iracema
Parati
Lapa
Sagitário
Florim
Bem-te-vi/Carcará
Caramba
Sapinhoá
S. Guará
Merluza
Guaiamá
Piracucá
Baúna
Piracaba
Tubarão
Estrela do Mar
Coral
Caravela
Cavalo Marinho
Mexilhão Carapiá
Pirapitanga
Tambaú
Tambuatá
UO-SUL
1 production units
71 kbpd
UO-BS
8 production units
142 kbpd
UO-BC
34 production units
372 kbpd
UO-ES
7 production units
287 kbpd
UO-RIO
17 production units
840 kbpd

17. 19
Program to Increase Operational Efficiency (PROEF)
488
455 452 442
418
389 390 389
355
382
428
413 408 405
374
357 370
312
335
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 Apr/14
With PROEF
Without PROEF
920
871
887
871 881
839
807
910
851 840 841
811
824
775
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 Apr/14
With PROEF
Without PROEF
Oil + NGL Production (kbpd)
Oil + NGL Production (kbpd)
73
68 71
76 76 74 75 77 77
81
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 Apr/14
92 91 89
94 91 93 92 94 95 96
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 Apr/14
Operational Efficiency(%)
Operational Efficiency(%)
UO-BC
Recovering wells and
subsea systems.
Total Expenditure*
US$ 1,897 mm
NPV*
US$ 1,080 mm
Production gain:
+43 kbpd in the 1Q14.
UO-RIO
Integrity improvement and
optimization in the usage of
resources.
Total Expenditure*
US$ 3.2 mm
NPV*
US$ 1,340 mm
Production gain
+15 kbpd in the 1Q14.
* By February 2014

18. 20
Legacy Oil – accounts for 80% of the production target for 2014
0
0.5
1
1.5
2
2.5
2012 2013 2014
OILPOTENTIAL(MMBPD)
Reservoirs potential decline rate
SOURCE
LARGE
FIELDS
SMALL
FIELDS
Onshore 5,3% 6,2%
Deep waters 12,0% 19,8%
Shallow waters 7,5% 12,1%
Decline Rates - CERA
CERA: Cambridge Energy Research Associates
Authors: Jackson/Eastwwod, 01/2012
Deep waters = water depth > 300m
Large fields = reserves > 500 mm bbl
Decline rate
1Q14 x 1Q13
10%
The control over the reservoirs
decline rate ensures the oil
production forecast for the year


19. 21
Average FX (R$/US$) 1.67 1.96 2.16 2.37 2.36
% of costs in US$ 18 18 32 35 35
Oil production (th. bpd) 2,022 1,980 1,931 1,922 2,088
Pre-salt production (th. bpd) 100 138 249 299 324
Days of workovers (PROEF) 1,402 2,966 3,479 872 3,711
Higher productivity guaranteed the maintenance of lifting cost
19
20.93
22.31 22.47 22.57
26.39
30.79
28.33
29.49
31.25
34.28
32.66 33.14 32.65
11.38
13.12 13.37 12.49 12.91 13.28
15.24
13.8 14.76 15.02 14.96 14.33 14.15 14.62
0
5
10
15
20
25
30
35
40
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2014E
BRL/boe
USD/boe
More operational activities with constant oil production;
Stabilized unitary costs with a downward trend → increase in productivity and cost reduction
2011 Average:
R$ 21.19 /boe
2012 Average:
R$ 26.97 /boe
2013 Average:
R$ 31.94 /boe
2011 Average:
R$ 21.19 /boe
2012 Average:
R$ 26.97 /boe
2013 Average:
R$ 31.94 /boe
1Q 2014:
R$ 33.14 /boe
1Q 2014:
R$ 33.14 /boe
+9%
+7% -1%
+27%
+18%
+1%

20. 22
The 2014-18 BMP counts with the gains of PROCOP
Costs reduction between 2013 and 2016, with nominal values of R$ 37,5 billion
Ligting Cost
(R$/boe)
• Optimization of routine processes and
resources used in the production of oil & gas.
• Excellence level in the management of
materials and spares.
• Adequacy of overhead.
34.8
27.3
32.7
24.2
-5,9% a.a.
-7,2% a.a.
2014 2018

21. Pre-salt
Update

22. 24
Rio de Janeiro
MG
100 km
MG
100 km
The Pre-Salt Province
RJ
São Paulo
Curitiba
* Comerciality declaration of Lula (6,5 bi boe), Lula–Iracema (1,8 bi boe), Sapinhoá
(2,1 bi boe) e Lapa (459 mi boe)
Average Water Depth: 2,100 m
Distance from the coast: 300 km
Salt thickness: 2 km
Reservoir average depth: 5 km
Recoverable Volumes
· Lula: 6.5 bi boe
· Lula – Iracema area: 1.8 bi boe
· Sapinhoá: 2.1 bi boe
· Transfer of Rights: 5.0 bi boe
Total: 15.4 bi boe
Remaining areas
103.4 mil km²
69%
Areas under
concession
45.6 mil km²
31%
87%
Petrobras and
associates
13%
Consortium without
Petrobras
Campos
Basin
7,000 km2
(1.7 million acres)
Santos Basin
Pre-Salt
15,000 km2
(3.7 million acres)
650
US GoM
blocks
Concession
Transfer of Rights
Production Sharing

23. 25
Rio de Janeiro
MGMG
The Pre-Salt Province
RJ
São Paulo
Curitiba
FPSO
Capixaba
1 p. well
P-48
1 p. well
P-53
3 p. wells
FPSO Cid.
Angra dos Reis
4 p. wells
FPSO Cid.
Paraty
2 p. wells
FPSO Dynamic
Producer
1 p. well
FPSO Cid.
Niterói
1 p. well
FPSO Cid.
São Vicente
1 p. well
Concession
Transfer of Rights
Production Sharing
P-58
1 p. well
FPSO Cid.
Anchieta
5 p; wells
FPSO Cid.
São Paulo
2 p. wells
 9 production units
+ 2 EWT
 22 production
wells (10 PPSBS,
5 BC/RJ e 7 BC/ES)

24. 26
Pre-Salt Production Highlights
Lula Nordeste Pilot on stream since June 2013 with only 1 production well
Campos Basin
Santos Basin
136
86
47
18
208
3
16
42
119
169
301
385
2008 2009 2010 2011 2012 2013 April 2014
165
83
72
24
203
8
Monthly Production Average
(kbpd) Daily Production Record
470 kbpd in May 11st 2014
Cumulative production
Aug/08 to Apr/14
378 million bbl
9.0
14.8
Lula Petrobras E&P
Lifting Cost 2013 (US$/boe)
34
36
36
BAZ-04 (Baleia Azul)
LL-02 (Lula Pilot)
SPS-77 (Sapinhoá Pilot)
High Productivity Wells (kbpd - peak)
411

25. 27
Pre-salt Drilling Activity in the Santos Basin Pre-salt Cluster
2 2
3
7
10 10
21
22
Active Rigs
2 3 4 4
6
9 10
12
6
15
21
2
3
4
5
7
15
25
33
2006 2007 2008 2009 2010 2011 2012 2013
Development
Exploration
23 injection wells
21 production wells
50 exploratory wells
55% Reduction of drilling time
from 134 to 60 days (2006-2013)*
Drilling + completion record (2013): 109 days
100% Exploratory success in the
pre-salt province in 2013
>90% Exploratory success in the
pre-salt province since 2006
* dryhole

26. 28
168
125
98 98
78
2010 2011 2012 2013 2014
Duration (days/well)
158
102
89 86
64
2010 2011 2012 2013 2014
Duration (days/well)
Drilling Completion (including WCT)
Wells Construction in Santos Pre-salt – Total Duration
-11% p.a.
-15% p.a.

27. 29
Libra
Concession
Transfer of Rights
Production Sharing
Libra
L1
L3
L2
L4
L5
L6 L7
L8
L9
L10
L11
L12
Unique Characteristics
• Very thick Pre-salt reservoirs
• Good reservoir quality
(porosity / permeability)
• Light Oil (~ 27° API)
The Libra partnership offers a
vast array of opportunities
• Very strong oil companies
• Integrated Project Team
• Openness to new ideas
40% 20% 20% 10% 10%

28. New Units

29. FPSO Cidade de Ilhabela - Sapinhoá Norte
• Sail away by Jul/2014
• 1st oil: 2H 2014
• 150 kbpd oil
• 6 MM m³/d gas
• 8p + 7i wells

30. FPSO Cidade de Mangaratiba - Iracema Sul
• Sail away by Aug/2014
• 1st oil: 2H 2014
• 150 kppd oil
• 8 MM m³/d gas
• 8p + 7i wells

31. P-66 - Lula Sul (Replicant)
• 1st oil: 2016
• The first of 8 new build
FPSOs (Replicants)

32. P-74 – Búzios I
• 1st oil: 2016
• The first of 4 Converted
FPSOs

33. Conclusion

34. 39
• To achieve our 7,5% (+-1%) growth in production in 2014, we are counting on:
– Arrival of 8 PLSV, making a total of 19 PLSVs (12 to pre-salt) by the end of 2014
– Out off the 10 new units planed for 2013-2014, 7 are already producing, one is in its final stage (P-61) and
the other 2 are almost done (92% and 93%).
– The BSR technology are now field proof with all the buoy installed.
– Highly productivity of the pre-salt fields (the last wells are producing 30- 35 kbpd).
• The decline rate of our fields are slightly better then the market benchmarks.
• PROEF is bringing great results by reducing the decline rate of our existing fields and also by
improving the efficiency of our production systems.
• PROCOP is proving very important for the upstream department of Petrobras because is decreasing
the lifting cost.
• The Pre-salt production is increasing in a sustainable manner and is showing the high productivity of
its fields (average production of 410 kbpd in April).
CONCLUSION

35. 40
• Petrobras is a businesses driven company and our focus now is the increase of production. Our
board is directly involved in this matter.
• We are getting more efficient in drilling and completing wells the Pre-salt layer, with an average
duration reduction of 13% yearly from 2012 to 2014, a remarkable outcome, since it accounts for
51% of our E&P investments.
• We are all very excited about Libra and committed to deliver a great project achieving production
and cost targets.
CONCLUSION

36. THANK YOU!
INFORMATION
Investor Relations
+55 21 3224-1510
petroinvest@petrobras.com.br
www.petrobras.com.br/ir