This document provides an update on Brazil's pre-salt oil and gas reserves. It summarizes key developments including increasing production from pre-salt fields in the Campos and Santos basins through expanded drilling and new production units coming online. Production has ramped up significantly from initial test wells to over 700,000 barrels per day currently. New technologies have been applied including deeper wells and new types of risers. Pre-salt fields provide competitive production costs and represent Brazil's role in global energy supply.

1. Brazilian
Pre-Salt
—
Update
MAURO YUJI HAYASHI
Pre-Salt Planning Manager
May, 2015

2. 22
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.
DISCLAIMER

3. WHAT IS PRE-SALT?
—
3
 Large reservoirs of oil and natural gas
 Located between 5,000 and 7,000 meters below sea level and 300 km from the coast
 Water depths that can exceed 2,000 meters from the water line
 Under a layer of salt that is more than 2,000 meters deep, in some areas
 Characteristics of the oil: light (30º API) and variable content of CO2 (between 1 and 20%)

4. PRE-SALT PROVINCE, REGIMES AND PARTNERS
—
Concession - Santos Basin
BMS-8
BMS-9
BMS-11
BMS-21
BMS-24
BMS-50
(66%) (10%) (10%) (14%)
(45%) (30%) (25%)
(65%) (25%) (10%)
(80%) (20%)
(80%) (20%)
(60%) (20%) (20%)
Production
Sharing
Agreement
(40%)
(20%)
(20%)
(10%)
(10%)
Transfer of Rights
(100%)
Concession blocks
Transfer of rights area
Production sharing contract
4
Concession - Campos Basin
(100%)
Xerelete
Alb. Leste
BM-C-33
(41,175%) (41,175%) (17,65%)
(90%)
(35%) (35%)
(10%)
(30%)
Other concessions

5. PRE-SALT PROVINCE – Size
—
S
P
650x
US GoM Block
15.000 Km²
(3.7 million acres)
4

6. MAIN RESULTS - Extended Well Tests (EWTs)
—
E&P PRESAL Atualização: Fevereiro/2014
FPSO Dynamic Producer
FPSO Cidade de São VicenteEWTs Period Block
Lula Apr/09 - Dec/10 BM-S-11
Lula NE Apr/11 - Nov/11 BM-S-11
Iracema S Feb/12 - Oct/12 BM-S-11
Sapinhoá N Jan/13 - May/13 BM-S-9
Lula Sul Nov/13 – Apr/14 BM-S-11
Atapu Mai/15 – On stream Cessão Onerosa
EWTs Period Block
Sapinhoá Dec/10 - Jul/11 BM-S-9
Carioca NE Oct/11 - Feb/12 BM-S-9
Lula Central Oct/13 – Apr/14 BM-S-11
Iara Oeste Jun/14 – Dec/14 BM-S-11
Búzios I Mar/15 – On stream Cessão Onerosa

7. MAIN RESULTS - Drilled Wells and Operating Rigs
—
E&P PRESAL Atualização: Fevereiro/2014
1 2 8
23
44
69
81
2
5 9
13 19
28
38
50
57
58
139 Drilled Wells (Santos Basin Pre-Salt Cluster)
Exploration
Production Development
2 2 3
7
11 14
21 23 21 24
24 Operating Rigs (Santos Basin Pre-Salt Cluster)
Reference: Mar/2015
*Petrobras operated wells only

8. 54% of time reduction in well construction, from 2010 to 2014
0%
20%
40%
60%
80%
100%
2010 2011 2012 2013 2014
Drilling Completion
Time reduction in well construction
achievable through:
• Petrobras work force expertise
• Accelerated learning curve usage
• Strong Planning
• Discipline and Methodologies
SESV Skandi Santos
MAIN RESULTS - reduction in well time construction
—

9. Mil bpd
First Oil: September 2008
Campos Basin
Jubarte Field (EWT)
P-34
Set/08
MAIN RESULTS - First Oil in Campos Basin Pre-Salt
8

10. First Oil: May 2009
Santos Basin
Lula Field (Tupi) - EWT
FPSO BW Cid. São Vicente
Mil bpd
May/09
MAIN RESULTS - First Oil in Santos Basin Pre-Salt
9

11. First Oil: October 2010
Santos Basin
Lula Field (Pilot)
FPSO Cid. Angra dos Reis
First pre-salt horizontal well
CO2 separation and re-injection system
First WAG (Water Alternating Gas) test
Oct/10
MAIN RESULTS - First Definitive Production System in Santos Basin
10

12. First Oil: September 2012
Campos Basin
Pirambu and Baleia Azul Fields
FPSO Cid. de Anchieta
Sep/12
MAIN RESULTS - First Definitive Production System in Campos Basin
11

13. First Oil: January 2013
Santos Basin
Sapinhoá Field
FPSO Cid. de São Paulo
Jan/13
First BSR (Buoy Supporting Risers)
MAIN RESULTS - First Oil in Sapinhoá Field
12

14. Second BSR (Buoy Supporting Risers) First Oil: June 2013
Santos Basin
Lula Field – NE Area
FPSO Cid. de Paraty
Jun/13
MAIN RESULTS - Production Development in Santos Basin
13

15. First Oil: March 2014
Campos Basin
Norte Parque das Baleias Area
P-58
Mar/14
MAIN RESULTS - Production Development in Campos Basin
14

16. First Oil: October 2014
Santos Basin
Iracema Sul Area
FPSO Cid. de Mangaratiba
Wells interconnection with flexible risers
Oct/14
MAIN RESULTS - First Oil in Lula Field – Iracema Area
15

17. First Oil: November 2014
Santos Basin
Sapinhoá Field – North Area
FPSO Cid. de Ilhabela
First SLWR (Steel Lazy Wave Riser)
Nov/14
MAIN RESULTS - Production Development in Santos Basin
16

18. MAIN RESULTS - Pre-Salt Production Ramp-up
0
50
100
150
200
250
300
350
400
450
500
550
600
650
700
Aug-08
Oct-08
Dec-08
Feb-09
Apr-09
Jun-09
Aug-09
Oct-09
Dec-09
Feb-10
Apr-10
Jun-10
Aug-10
Oct-10
Dec-10
Feb-11
Apr-11
Jun-11
Aug-11
Oct-11
Dec-11
Feb-12
Apr-12
Jun-12
Aug-12
Oct-12
Dec-12
Feb-13
Apr-13
Jun-13
Aug-13
Oct-13
Dec-13
Feb-14
Apr-14
Jun-14
Aug-14
Oct-14
Dec-14
Feb-15
Apr-15
CAMPOS BASIN
SANTOS BASIN
Daily Record
THOUSAND BPD
Sep 24th 2012
211 mil bpd
Feb 20th 2013
300 mil bpd
Dec 26th 2010
114 mil bpd
Feb 20th 2014
407 mil bpd
Jun 24th 2014
520 mil bpd
Dec 21st2014
713 mil bpd
Feb 26th2015
737 mil bpd
17

19. PRE-SALT PRODUCTION CAPACITY
12 Production Units + 2 EWTs (May/15)
—
Concession contracts
Transfer of rights contract
Production sharing contract
FPSO Cid. Paraty
Lula
FPSO Cid. Angra dos Reis
Lula
FPSO Cid. Mangaratiba
Lula
FPSO Cid. São Paulo
Sapinhoá
FPSO Cid. Ilhabela
Sapinhoá
FPSO Dynamic Producer
Búzios - EWT
Petrobras 48
Carimbé
Petrobras 53
Tracajá
FPSO Cid. Anchieta
Baleia Azul
Petrobras 58
Parque das
Baleias
FPSO Capixaba
Baleia Franca
FPSO Cid. Niterói
Marlim Leste
Petrobras 20
Marlim
FPSO Cid. São Vicente
Atapu -EWT
18

20. LATEST PRE-SALT PROJECTS ON STREAM
—
19

21. PETROBRAS CONTRIBUTION FOR INDUSTRY DEVELOPMENT
New production units on construction
—
Modules on integrationReplicants Platforms
Construction
Transfer of Rights
Platforms Construction
Cid. Caraguatatuba
Cid. Itaguaí
Cid. Maricá
P-66
P-67
P-68
P-74
Cid. Saquarema
P-75
P-76
P-77
20

22. PETROBRAS CONTRIBUTION FOR TECHNOLOGICAL DEVELOPMENT
OTC 2015
1. First Buoy Supporting Risers (BSR)
2. First Steel Catenary Risers with lined pipes
3. Deepest Steel Lazy Wave Riser (SLWR)
4. Deepest Flexible Risers - 2,220 m WD
5. First Application of Flexible Risers with Integrated Tensile
Armor Wire Monitoring System
21

23. 6. Water depth record for a Subsea Well Drilled with Pressured Mud-
Cap Drilling
7. Intelligent Completion in Ultra-deepwater Satellite Wells with High
Potential for Carbonate Scaling
8. First CO2 Separation from Associated Natural Gas in Ultra-
deepwater with CO2 Re-injection
9. Deepest Offshore Well 2,173 m Water Depth – Injecting Gas with
CO2
10. Water Alternating Gas Injection Method (WAG) in Ultra-
deepwaters
CONTRIBUTION FOR TECHNOLOGICAL DEVELOPMENT
OTC 2015
22

24. OilProduction
Million bopd
Oil Production Evolution
(2006 – 2014)
Production
increase
(kbopd)
2006 - 2014
+230
-570
-548
-50
-546
Source: Evaluate Energy, 2015
MAJORS’ WORLDWIDE OIL PRODUCTION: from 2006 to 2014
—
23

25. Global new sources break-even costs
THE PRE-SALT AND THE WORDL ENERGY DEMAND GROWTH
—
Global population growth*
New reserves sources*
Oil demand growth*1 2
3 4
Source: Rystad Energy UCUBE, IEA WEO 2012
*Source: Deloitte MarketPoint World Oil Markets and EIA
24

26. THE PRE-SALT AND THE WORDL ENERGY DEMAND GROWTH
—
All the strategies and efforts pursued
so far gave Petrobras strong
competitive advantages related to
costs reduction and productivity
improvement.
The propitious falling oil prices
scenario will greater the costs
reduction policy while improving
Petrobras competitiveness.
Additionally, Petrobras as the sole pre-
salt operator builds competitive
advantages based on scale gains.
In the end of the day, the pre-salt
production is viable, competitive,
profitable for Petrobras and partners
and also represents Brazilian fully
insertion on the world oil players.
Current projects average return
Source: Wood Mackenzie Corporate Benchmarking Tool -
Publicly Traded Companies (04/28/15)
25

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Thank You!
For more information:
Investor relations
www.petrobras.com.br/ri
+55 21 3224-1510
petroinvest@petrobras.com.br