Petrobras forecasts sizable increases in exports and production through 2020 due to expanding refining capacity and rising oil and gas output. This growth will require critical resources like drilling rigs, supply vessels, and production platforms. Petrobras plans to contract additional rigs with water depths over 2,000 meters through 2013 and 2015 to support a projected increase in deepwater drilling.

1. PETROBRAS’ BUSINESS PLAN:
INVESTMENT OPPORTUNITIES
José Sergio Gabrielli de Azevedo
CEO
November, 7th 2011
CCBJ
1

2. Petrobras forecasts a sizeable rise in its exports ...
26
636
8
155
2 1 1655
2
200
(th boed)
227
196
834
478 497 387
2009 2010 2011 2015 2020
Crude Oil Oil products Ethanol
2

3. ... which will happen, on the one hand, thanks to the expansion of its
refining capacity ... PREMIUM I
(2nd train)
300 kbpd
(2019)
COMPERJ
(2nd train)
165 kbpd
(2018)
PREMIUM II
300 kbpd
COMPERJ (2017)
(1st train)
165 kbpd PREMIUM I
(2013) (1st train)
300 kbpd 3.327
(2016)
ABREU E LIMA
230 kbpd 3.095
(2012) 2.643
2.536 4.910
3.070 3.217
(thousand bpd)
2.147 2.100 2.208 2.205
2.004
1.798 1.811
1.393
1.036
181
1980 2010 2011 2015 2020
Oil and NGL production - Brazil Throughput - Brazil Oil products demand (2 scenarios)
3

4. … and, on the other, to the remarkable rises of its oil and gas
production
6,418
142
246
1.120
3,993
+ 35 Systems
125
180
2,772 618
2,516 2,575
2,386 96
96 93
99 141 +10 Post-Salt Projects
132 144 435 4,910
111 317 334 +8 Pre-Salt Projects
321
+1 Transfer of Rights
3,070
845
’000 boe/day
Transfer of Rights
1.855 1.971 2.004 2.100 Added Capacity
Oil: 2,300,000 bpd 13
Pre-Salt 1,148
543
2008 2009 2010 2011 2015 2020
Oil Production - Brazil Natural Gas Production - Brazil Oil Production - International Natural Gas Production - International
4

5. This growth will demand critical resources …
Delivery Plan (to be contracted)
Current Situation Accumulated Value
Critical Resources (Dec/10)
By 2013 By 2015 By 2020
Drilling Rigs Water Depth Above 2.000 m 15 39 37 (1) 65 (2)
Supply and Special Vessel 287 423 479 568
Production Platforms (SS and FPSO) 44 54 61 94
Others (Jacket and TLWP) 78 80 81 83
Supply Vessel Drilling Rig FPSO
DRILLING RIGS UNDER CONTRACT
Water Depth 2006 2008 2010 2011 2012 2013
Up to 1,000 meters 6 11 11
1,000 to 2,000 meters 19 19 21 +2 +1 +1
Over 2,000 meters 2 3 15 +10 +13 +1
(1) The contracts for two rigs reallocated from international operations expire in 2015
(2) Long-term demand will be adjusted according to new assessments 5

6. … that will be increasingly built in brazil …
US$ billion
60 75,40% 75,60% 75,60% 74,60% 76,10% 80%
74,30%
70,00%
70%
50 72,80%
62,20%
67,20% 68,50%
57,00% 66,00% 60%
63,10% 64,00%
59,70% 59,90%
40 57,30%
50%
30 40%
30%
20
20%
10
10%
0 0%
2003 2004 2005 2006 2007 2008 2009 2010 2011
Investments in Brazil Total Investments Local Content (target) Local Content (actual)
6

7. ... as already happens with platforms at the new shipyards
Under Construction:
P-55: Estaleiro Atlântico Sul – PE (hull) /QUIP- RS (modules)
Recently built platform:
P-57: BrasFels – RJ
 Capacity: 180 thous. boe/day
 Value: US$ 1.2 billion
 Delivered two months ahead of schedule
P-56: Brasfels (RJ)
Under Construction:
P-61: Brasfels (RJ)
P-62: Jurong (ES)
FPSO Cidade de Paraty: Brasfels (RJ) - modules and integration
FPSO Cidade de São Paulo: Brasfels (RJ) - modules and integration
Under Construction:
P-63: QUIP (RS)
8 FPSOs (Pre-salt - P-66; P-67; P-68; P-69; P-70; P-71; P-72; P-73 ): Ecovix – Rio Grande (RS)
P-58: Estaleiro Rio Grande –RS , UTC Engenharia S/A – RJ e EBE – RJ.
 2 Jack-ups under construction (P-59 and P-60) in São Roque (BA)
 Inclusion of 900 new suppliers per year in Petrobras' Corporate Vendor List
 13 new shipyards currently under construction, raising the total number to 50*
*Source: Sinaval 7

8. Petrobras will implement cutting-edge technologies ...
OIL/WATER SUBSEA RAW WATER
SEPARATION INJECTION
- Resolves limitations from growing - Increases production in existing
water production systems
- Separates water and oil under the - 3 subsea systems for pumping raw
sea, reinjecting water and relieving water (with little treatment) to
the size of the surface equipment pressurize the reservoir, increasing
on the platform recovery factor without increasing
- Field: Marlim (Nov/2011) surface systems. Pioneer in the
world in such water depth
- Field: Albacora (Dec/2011)
8

9. … and through partnerships and integration with suppliers, research
centers and other oil companies …
International Research
Centers
Other operators
Suppliers
Brazilian Universities
and Research Centers
Expenditures (investments and funding): US$1.3 billion / year
9

10. ... will continue to invest in R&D as a major source of competitive
advantages
% of revenues
US$ million
Source: EvaluateEnergy 10

11. 11
11