Petrobras Business and Management Plan 2013-2017 Webcast - March 19th

2013 – 2017
Business and Management Plan

2013 – 2017
Business and Management Plan
Webcast
March, 19th 2013

DISCLAIMER

FORWARD-LOOKING STATEMENTS:
DISCLAIMER
The presentation may contain forward-looking statements about future We undertake no obligation to publicly update or revise any
events within the meaning of Section 27A of the Securities Act of 1933, as forward-looking statements, whether as a result of new
amended, and Section 21E of the Securities Exchange Act of 1934, as information or future events or for any other reason. Figures for
amended, that are not based on historical facts and are not assurances of 2013 on are estimates or targets.
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 All forward-looking statements are expressly qualified in their
results. Such terms as "anticipate", "believe", "expect", "forecast", "intend", entirety by this cautionary statement, and you should not place
"plan", "project", "seek", "should", along with similar or analogous reliance on any forward-looking statement contained in this
expressions, are used to identify such forward-looking statements. presentation.
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 NON-SEC COMPLIANT OIL AND GAS RESERVES:
Company’s most recent Annual Report on Form 20-F, which identify CAUTIONARY STATEMENT FOR US INVESTORS
important risk factors that could cause actual results to differ from those
contained in the forward-looking statements, including, among other We present certain data in this presentation, such as oil and gas
things, risks relating to general economic and business conditions, resources, that we are not permitted to present in documents filed
including crude oil and other commodity prices, refining margins and with the United States Securities and Exchange Commission
prevailing exchange rates, uncertainties inherent in making estimates of (SEC) under new Subpart 1200 to Regulation S-K because such
our oil and gas reserves including recently discovered oil and gas terms do not qualify as proved, probable or possible reserves
reserves, international and Brazilian political, economic and social under Rule 4-10(a) of Regulation S-X.
developments, receipt of governmental approvals and licenses and our
ability to obtain financing.

3

2013-2017 BMP: Maintenance of the Production Curve
The same production targets from the 2012-16 BMP were kept. 2013 target is still ±2% of 2.022 kbpd, due to
maintenance and performance of new assets: production units and drilling rigs.
5,000
5.00
5,00 • NE de Tupi
Oil and NGL Production (million bpd) (P-72)
• Lula Ext. Sul
• Iara NW
(P-68)
(P-71)
 Sapinhoá • Lula Oeste • Júpiter • Espadarte III
• Lula Alto • Deep Waters
Pilot (P-69)
Sergipe • Florim
(Cid. São Paulo) • Franco Sul • Sul Pq. Baleias • Bonito
• Lula Central
 Baúna (P-76)
4.00
4,000
4,00 (Cid. Itajaí) • Lula Sul •Tartaruga
• Maromba • Franco Leste 4.2
(P-66) • Espadarte I
Verde e Mestiça
• Lula NE Pilot • Carcará
• Franco 1 • Iara Horst
(Cid. Paraty) • Entorno de
(P-74) (P-70)
Iara (P-73)
• Papa-Terra • Parque dos
Million bpd

• Roncador IV
(P-63) • Carioca Doces
(P-62)
• Franco NW
• Roncador III • Sapinhoá • Lula Norte
3,000
3.00 (P-77)
3,00 (P-55) Norte (P-67)
• Iracema
(Cid. Ilhabela)
Norte • Franco SW
• Norte Pq.
(P-75)
2.75
Baleias (P-58) • Iracema Sul (Cid. Itaguaí)
(Cid.
• Papa-Terra Mangaratiba)
 Baleia Azul (P-61) 2.5
(Cid. Anchieta)
2.00
2,000
2,00
2.0 2.0 2.0 ±2%

25 new production units will start-up between 2013-17 or
38 new production units will start-up between 2013-20
1.00
1,000
1,00
2011
2011 2012
2012 2013
2013 2014
2014 2015
2015 2016
2016 2017
2017 2018
2018 2019
2019 2020
2020
 Production units in operation 4

2013-2017 BMP: Maintenance of the Production Curve
The same production targets from the 2012-16 BMP were kept. 2013 target is still ±2% of 2.022 kbpd, due to
maintenance and performance of new assets: production units and drilling rigs.
006
5,00
6.00
Oil and NGL Production (million bpd)
Oil, NGL and Natural Gas Production (million boe)
5.2

005
5.00
4,00
Million boed

4.00
004 4.2
3.4
3,00
3.0
3.00
003

2.4 2.4 2.4 ±2% 2.75

2,00 2.5
2.00
002
2.0 2.0 2.0 ±2%

1.00
1,00
001
2011
1905ral 2012
1905ral 2013
1905ral 2014
1905ral 2015
1905ral 2016
1905ral 2017
1905ral 2018
1905ral 2019
1905ral 2020
1905ral
5

Investments and Physical and Financial Monitoring
2012: Alignment of Forecasts and Accomplishments: Physical Progress Tracking Financial Progress

Investments in 2012 totaled R$ 84.1 Billion, which represents 101% of the projected in the Plan

Annual Investment Investment by Area Main Projects
1,6%
2% 0,4%
+1% 5%  E&P: Production Development Projects of Baleia
6% Azul (Cid. de Anchieta), Sapinhoá (Cid. de São
83.3 84.1
Paulo), Roncador Modules 3 and 4 (P-55 and P-62)
and Papa-Terra (P-61 and P-63).
R$ Billion

51%
 Downstream: RNEST and Comperj.
34%  G&P: UFN-III, Bahia Regasification Terminal and
UPGN Cabiúnas.
 International: Production Development Projects of
E&P Corporate Cascade and Saint-Malo.
Projected 2012 2012 Accomplished Downstream Distribution
2012-16 BMP International Biofuels
G&E

Individual Physical and Financial Monitoring of 174 projects (S Curves):
Average physical realization of 104.8% and financial realization of 110.6%.

6

Physical and Financial Performance: RNEST
RNEST: Physical Monitoring Curve

RNEST: Financial Monitoring Curve

RNEST Construction – 33 years after the last refinery (1980)
Suape Industrial Complex (PE) – Feb/13
Accumulated Physical Realization: 70.6%
Accumulated Financial Realization: US$ 11.7 Billion

7

Northeast Refinery (RNEST)
Physical and Financial Monitoring of the Project: Planning Fullfilled
RNEST: Physical Monitoring Curve

2012
Accomplished: 19.9%
2012-16 BMP: 19.7%
Sep/12
Dec/12
dez/12
Mar/13
Jun/12
Dec/11
Mar/12
dez/11

RNEST: Financial Monitoring Curve

2012
Accomplished: R$ 4.9 bi*
2012-16 BMP: R$ 5.0 bi
Sep/12
Dec/12
dez/12
Jun/12
Dec/11
Mar/12

Mar/13
dez/11

* Considers R$ 100 Million of claims
already negotiated 8

Parity: Seeking convergence with International Prices
9 months: +21.9% in Diesel and +14.9% in Gasoline
Seeking convergence with international prices.
In the last 9 months: 4 Diesel price readjustments, totaling +21.9%, and 2 Gasoline readjustments (+14.9%).

Average Brazil Price* x Average USGC Price**

260 2008 2009 2010 2011 2012 2013 900
240
800

Imported Volumes (Thousand bbl / d)
220
200 700
180 Losses
Prices (R$/bbl)

600
160
Gains 500
140
120 400
100
300
80
60 200
40
100
20
0 0
Jan/09

Jan/10

Jan/11

Jan/12

Jan/13

Mar/13
Nov/08

ARP USGC (w/ volumes sold in Brazil) Gasoline Imports
ARP Brazil Diesel Imports

(*) considers Diesel, Gasoline, LPG, Jet Fuel and Fuel Oil. (**) USGC price with domestic market prices. 9

Parity: Seeking convergence with International Prices
9 months: +21.9% in Diesel and +14.9% in Gasoline
Seeking convergence with international prices.
In the last 9 months: 4 Diesel price readjustments, totaling +21.9%, and 2 Gasoline readjustments (+14.9%).

Average Brazil Price* x Average USGC Price**

260 2008 2009 2010 2011 2012 2013 900
240
800

Imported Volumes (Thousand bbl / d)
220
200 700
180 Losses
Prices (R$/bbl)

600
160 1Q12 1Q13
Gains Brent (US$/bbl): 105 113 500
140 FX Rate (R$/US$): 1.67 +19% 1.99
120 400
100
300
80
60 200
40
100
20
0 0
Jan/09

Jan/10

Jan/11

Jan/12

Jan/13

Mar/13
Nov/08

ARP USGC (w/ volumes sold in Brazil) Gasoline Imports
ARP Brazil Diesel Imports

(*) considers Diesel, Gasoline, LPG, Jet Fuel and Fuel Oil. (**) USGC price with domestic market prices. 10

Exploratory Success and Increase in Reserves
More than 3 Discoveries per month between January/2012 and February/2013

53 discoveries in the last 14 months (Jan/12 – Feb/13), from which 25 were offshore (15 in Pres-salt)

Brazil
 Discoveries: 53
• Offshore: 25
• Onshore: 28
 Exploratory Success Ratio: 64%
 Reserves: 15.7 Billion boe
 RRR¹: 103% for the 21st consecutive year
 R/P²: 19.3 years

Pre-Salt
Discoveries: 15, of which 8 pioneers
Exploratory Success Ratio: 82%
¹ RRI: Reserves Replacement Ratio
² R/P: Reserve / Production
Reserves: 300 km in the SE region, 55% of GDP11
11

Pre-Salt Production is a Reality
Production reached 300 thousand barrels of oil per day in Feb/20/2013

Pre-Salt Production Data Technological Challenges Surmounted
 Oil Production reached 300 kbpd (of which 249 kbpd  High Resolution Seismic: higher exploratory
is Petrobras’ stake), 43% in Santos Basin and 57% in
Campos Basin; success
 This level was reached with only 17 producing wells, 6  Geological and numerical modelling: better
in Campos Basin and 11 in Campos Basin;
 Level reached only 7 years after discovery: production behaviour forecast
• Campos Basin: 11 years  Reduction of well construction time from 134
• US Gulf of Mexico: 17 years days in 2006 to 70 day in 2012: lower costs
• North Sea: 9 years
 Production of 1 million bpd operated by Petrobras will  Selection of new materials: lower costs
be reached by 2017 and the 2.1 million bpd threshold  Qualification of new systems for production
will be reached by 2020.
gathering: higher competitiveness

 Separation of CO2 from natural gas in deep
waters and reinjection: lower emissions and
increase in recovery factor

12

Refining in Brazil: Oil Products Output
Oil Products output increases every year and will continue to grow with the start-up of the new refineries.
Successive records in oil processing have been broken.
Oil Products Output in Brazil (Million bbl / day)
Refineries in Operation Refineries under Construction Refineries in Design Phase

3.5 • Premium I
Phase 1 • Premium I
• Comperj Phase 2
Oct/17
Phase 2 Oct/20
• Comperj Jan/18
3.0 Daily Oil Processing Phase 1
records Apr/15 • Premium II
Dec/17
• RNEST
• RNEST Phase 2
2.5 2.11 MMbpd
Phase 1 May/15
(Jan)
Nov/14
2.10 MMbpd 2.12 MMbpd
(Aug) (Mar)
2.0

Utilization Factor
1.5
92% 96% 93% 93% 93%

1.0

13

MWavg

4,000

2.000
4.000
6.000
8.000
10.000
12.000

0
6,000
10,000
12,000

2,000
8,000

0
01-Jan-10
21-Jan-10
10-Feb-10
02-Mar-10
22-Mar-10
11-Apr-10
01-May-10
21-May-10

¹ Where Petrobras has a stake or supplies fuel
10-Jun-10
30-Jun-10
2010
20-Jul-10
09-Aug-10
29-Aug-10
18-Sep-10
08-Oct-10
28-Oct-10

Petrobras - Gas
17-Nov-10
07-Dec-10
27-Dec-10
16-Jan-11
05-Feb-11
25-Feb-11
17-Mar-11
06-Apr-11
26-Apr-11
16-May-11
05-Jun-11
25-Jun-11

Third Parties - Gas
15-Jul-11
2011

04-Aug-11
24-Aug-11
13-Sep-11
03-Oct-11
23-Oct-11
12-Nov-11
02-Dec-11
22-Dec-11

Petrobras - Oil
11-Jan-12
31-Jan-12
20-Feb-12
10,000 MW: Petrobras Supplies Fuel for 16% of the System Needs

11-Mar-12
31-Mar-12
Thermo Power Generation in the National Grid System

20-Apr-12
10-May-12
30-May-12
We had successive power generation records in 2012 and 2013.

19-Jun-12
09-Jul-12
2012

29-Jul-12
(Nov/23)

Third Parties - Oil

18-Aug-12
10,149 MWavg

07-Sep-12
27-Sep-12
17-Oct-12
06-Nov-12
26-Nov-12
16-Dec-12
05-Jan-13
25-Jan-13
Thermo power generation, Petrobras and Third Parties¹, above the 10,000 MW threshold in October/2012.

14-Feb-13
06-Mar-13
2013

(Feb/06)

14
10,485 MWavg

2013-17 Business and Management Plan Fundamentals

PRIORITY
CAPITAL
PERFORMANCE DISCIPLINE
Financiability
Assumptions
• Management • Priority for
• Investment Grade rating • Guarantee the oil and
maintenance focused on
reaching expansion of natural gas
• No new equity issuance physical and the business exploration &
financial targets with solid production
• Convergence with
International Prices (Oil of each project financial projects in
Products) indicators Brazil
• Divestments in Brazil and,
mainly, abroad

2013 2017
15

2013-2017 BMP Investments: Approved by Petrobras’ Board of
Directors in 03/15/13

2013-2017 Period
US$ 236.7 Billion Financiability Assumptions

• Investment Grade Rating maintenance:
28%
27.4% − Leverage lower than 35%
(US$ 64.8 bi)
E&P − Net Debt/EBITDA lower than 2.5x
62.3% 4.2% • No new equity issuance
(US$ 9.9 bi)
(US$ 147.5 bi)
2.2% • Convergence with International Prices (Oil
(US$ 5.1 bi) Products)
1.1% • Divestments in Brazil and, mainly, abroad
(US$ 2.9 bi)

0.4% 1.0% 1.4%
(US$ 1.0 bi) (US$ 2.3 bi) (US$ 3.2 bi)

E&P Downstream G&E International Pbio* Distribuition ETM* Other Areas*

* Pbio = Petrobras Biofuel │ETM = Engineering, Technology and Materials │Other Areas = Financial, Strategy and Corporate 16

2013-2017 BMP Investments: Implementation x Evaluation
Under Implementation Under Evaluation
Total = All E&P projects in Brazil and projects of the
remaining segments in phase IV
+ Projects for the remaining segments,
excluding E&P, currently in phase I, II and III.

US$ 236.7 Billion US$ 207.1 Billion US$ 29.6 Billion
947 projects 770 projects 177 projects

1.0%
6.1% (US$ 0.3 Billion)
62.3% 71.2% (US$ 1.8 Billion)
(US$ 147.5 Billion) 27.4% (US$ 147.5 Billion) 20.9% 6.4%
(US$ 64.8 Billion) (US$ 43.2 Billion) (US$ 1.9 Billion)

13.5%
2.9% (US$ 4.0 Billion)
(US$ 5.9 Billion)
1.5%
4.2%
(US$ 3.2 Billion)
(US$ 9.9 Billion)
2.2% 0.5%
(US$ 5.1 Billion) (US$ 1.1 Billion)

1.1% 1.4%
(US$ 2.9 Billion) (US$ 2.9 Billion) 73.0%
(US$ 21.6 Billion)
0.4% 1.4% 1.1%
(US$ 3.2 Billion) 0.5% (US$ 2.3 Billion)
(US$ 1.0 Billion) 1.0%
(US$ 1.0 Bililon)
(US$ 2.3 Billion)

E&P Downstream G&E International Pbio* Distribuition ETM* Other Areas*

* Pbio = Petrobras Biofuel │ETM = Engineering, Technology and Materials │Other Areas = Financial, Strategy and Corporate
Phase I: Opportunity Identification; Phase II: Conceptual Project; Phase III: Basic Project ; Phase IV: Execution 17

2013-2017 Business and Management Plan :
Project Portfolio Management

INVESTMENTS UNDER IMPLEMENTATION
US$ 147.5 Billion US$ 43.2 Billion US$ 5.9 Billion US$ 3.2 Billion US$ 2.9 Billion US$ 1.1 Billion
E&P Downstream Gas & Energy International Distribution Biofuels
Implementation of
Projects under
US$ Evaluations contingent
207.1 bi*
on:
 Results of Technical-
Economical Feasibility
studies;
 Availability of Resources
US$
29.6 bi* (financiability);
 Competition for available
- US$ 21.6 Billion US$ 4.0 Billion US$ 1.9 Billion US$ 0.3 Billion US$ 1.8 Billion
resources.
E&P Downstream Gas & Energy International Distribution Biofuels

INVESTMENTS UNDER EVALUATION

* US$ 207.1 Billion include ETM (US$ 2,3 bi) and Other Areas (US$ 1,0 bi) investments 18

Programs to Support the 2013-2017 BMP

2013-2017 BMP
US$ 236.7 Billion
PROEF
Program to
Increase PROCOP
PRC-Poço
Operational Operating Costs
Program to
Efficiency Optimization
Reduce Well Costs
Program
UO-BC
UO-RIO

INFRALOG – Logistic Infrastructure Optimization Program
PRODESIN – Divestment Program
Petrobras Local Content Management – Take advantage of the industry´s capacity to maximize gains to Petrobras

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.
19

INFRALOG: Optimization of the Investments through
Integrated Management of Logistic Projects

Decrease in investments were incorporated in the 2013-2017 BMP, totaling US$ 2.2 Billion.
Additional opportunities to reduce up to US$ 2.8 Billion between 2018-2020 were also mapped.

Offshore Support Basis Natural Gas Liquids Destination

E&P provides offshore support harbor and airport DOWNSTREAM and G&E developing solutions to
infrastructure, focusing on Espírito Santo, Campos and improve the transportation and utilization of natural gas
Santos Basins liquids produced by E&P in the Pre-Salt

INFRALOG
Transportation and Oil Exports Oil Products and Biofuels Supply and
Distribuition
DOWNSTREAM and TRANSPETRO transport E&P DOWNSTREAM, TRANSPETRO and PETROBRAS
production to the refineries or export in traditional large DISTRIBUITION aiming to increase capacity for storage,
vessels pipeline transportation and in multiclient distribution
bases

Planning, monitoring and managing projects and actions to meet the infrastructure
needs of Petrobras System at lower costs.

20

PROCOP: Optimization of the Operational Activities Increasing
Productivity and Reducing Unit Costs
Benefits will come gradually and will lead to a total economy of R$ 32 Billion by 2016.

Initiatives Example
Economy of R$ 32 Billion in 4 years  Exploration & Production: Consumption of
chemicals and fuels; Productive drilling rig days;
Maritime and air transportation; Onshore well
Annual Reduction Targets interventions;
 Downstream: Consumption of chemicals and
12 catalyzers; Residual production; Scheduled
9 Stoppages routine; excessive lay day at ports; Fleet
4 7
use; Delivery Schedule;
Manageable Costs

 Transpetro: Intervention in vessels, terminals, oil
R$ Billion

and gas pipelines, and tanks;
 Gas & Energy: NG consumption to produce
ammonia; Operating cost for the gas pipeline
network;
 Engineering, Technology and Materials:
Supply and inventories of materials; IT costs per
2013 2014 2015 2016 user;
Annual Reduction provided by PROCOP  Corporate e Services: Expenditures with
Evolution of Manageable Costs buildings, trips and transportation; HSE
* Expenditures for industrial, administrative and support installations
management.
21

Exploration & Production

2013-2017 Period
US$ 147.5 Billion

16%
(24.3)
73%
(106.9)
11%
(16.3)

Production Development
Exploration
Infrastructure and Support

22
22

E&P Investments

2013-2017 Period

Exploration Production Development
US$ 24.3 Billion US$ 106.9 Billion

6% 25%
(1.4) (26.2)

24% 43%
(5.8) 70% (46.4)
(17.1)
Post-Salt
32%
Pre-Salt
(34.3)
Transfer of Rights

Aside from Exploration and Production Development, E&P infrastructure investments total US$ 16.3 Billion.
23

2013-2017 BMP: Production Curve Maintained
Production Curve in Brazil – Oil and NGL Production
• NE de Tupi
• Lula Ext. Sul
(P-72)
(P-68)
• Lula Alto • Iara NW
 Sapinhoá Pilots • Lula Oeste • Júpiter
(P-71) • Espadarte III
(Cid. São Paulo) • Lula Central (P-69)
• Deep Waters
• Franco Sul • Bonito
 Baúna • Lula Sul Sergipe • Florim
(P-76) • Maromba
(Cid. Itajaí) (P-66) • Iara Horst • Sul Pq. Baleias • Franco Leste
• Lula NE Piloto (P-70) • Espadarte I
• Roncador IV • Franco 1
(Cid. Paraty) •Tartaruga Verde • Carcará
(P-62) (P-74)
• Papa-Terra e Mestiça • Entorno de
(P-63) • Sapinhoá • Carioca • Parque dos Iara (P-73)
• Roncador III Norte Doces
• Lula Norte
Million bpd

(P-55) (Cid. Ilhabela) (P-67) • Franco NW
• Iracema (P-77)
• Norte Pq. • Iracema Sul Norte • Franco SW
Baleias (P-58) (Cid. (Cid. Itaguaí) (P-75)
 Baleia Azul • Papa-Terra Mangaratiba)
(Cid. Anchieta) (P-61)

2.0 2.0 2.0 ±2%

2012 2017 2020
2.0 Million bpd 2.75 Million bpd 4.2 Million bpd
Pre-Salt (Concession) Transfer of Rights New Discoveries (*)
7% 7% 6%
Pre-Salt (Concession) 35% Transfer of Rights 19%
44% Post-Salt
58% Post-Salt
93% Post-Salt
Pre-Salt (Concession) 31%

(*) Includes opportunities in blocks where discoveries have already been found 24


• NE de Tupi
2013 • Lula Ext. Sul (P-72)
(P-68) • Iara NW • Espadarte III
• Lula Alto • Lula Oeste (P-71) • Júpiter
 Sapinhoá Pilot • Florim
(P-69) • Deep Waters
(Cid. São Paulo) • Lula Central
• Franco Sul Sergipe • Bonito
• Lula Sul (P-76) • Sul Pq. Baleias
 Baúna • Franco Leste
(Cid. Itajaí) (P-66) •Tartaruga Verde Maromba
•
e Mestiça • Espadarte I
• Lula NE Pilot • Franco 1 • Iara Horst • Carcará
(Cid. Paraty) (P-74) (P-70) • Entorno de
Million bpd

• Papa-Terra • Carioca • Parque dos Iara (P-73)
• Roncador IV Doces
(P-63) (P-62) • Lula Norte • Franco NW
• Roncador III • Sapinhoá (P-67) (P-77)
(P-55) Norte
• Iracema • Franco SW
(Cid. Ilhabela)
• Norte Pq. Norte (P-75)
(Cid.
 Baleia Azul (P-61)
(Cid. Anchieta)

2.0 2.0 2.0 ±2%



Sapinhoá Pilot Project: Operating since January 5th, 2013
FPSO Cidade de São Paulo: 120 kbpd
Sapinhoá Pilot Project: Drilling, completion and interconnection of 13 wells to a chartered FPSO from Schahin/Modec with capacity to process120 kbpd
of oil and 5 million m3/d of natural gas.

26
TOTAL PHYSICAL COMPLETION - Forecast: 59.9% / Accomplished: 54.0%
FPSO Cidade de São Paulo anchored in field – Mar/13 TOTAL LOCAL CONTENT – Commitment with ANP: 30% / Planned: 57% 26

Baúna Project: Operating since February 16th, 2013
FPSO Cidade de Itajaí: 80 kbpd
Baúna Project: Drilling, completion and interconnection of 13 submarine well to chartered FPSO Cidade de Itajaí, with capacity to process 80 kbpd of oil and
2 million m3/d of gas.

27
TOTAL PHYSICAL COMPLETION - Forecast: 69.8% / Accomplished: 53.5%
FPSO Cidade de Itajaí anchored in field - Jan/13 TOTAL LOCAL CONTENT – Commitment with ANP: 60% 27

Lula NE Pilot Project – 1st Oil on May 28th, 2013
FPSO Cidade de Paraty: 120 kbpd
Lula NE Pilot Project: Drilling, completion and interconnection of 14 wells to a FPSO chartered from QGOG/SBM with capacity to process 120 kbpd of oil
and 5 million m3/d of gas.

28
UNIT's PHYSICAL COMPLETION - Forecast: 99.0% / Accomplished: 97.8%
UNIT's LOCAL CONTENT – Planned: 65%
FPSO Cidade de Paraty Integration at BrasFELS Shipyard, Angra dos Reis/RJ, Mar/13. TOTAL LOCAL CONTENT – Commitment with ANP: 30% / Planned: 60% 28

Papa-Terra Project: 1st Oil of P-63 on July 15th, 2013
FPSO P-63: 140 kbpd
Papa-Terra Project: Drilling, completion and interconnection of 30 wells to P-61 TLWP (Tension Leg Wellhead Plataform) and P-63 (FPSO) with capacity to
produce 140 kbpd and 1 MM m2/day of gas.

29
UNIT’s PHYSICAL COMPLETION - Forecast: 98.5% / Accomplished: 94.1%
UNIT’s LOCAL CONTENT – Planned: 65%
P-63 Integration at Honório Bicalho Shipyard, in Rio Grande (RS) – Feb/2013 TOTAL LOCAL CONTENT – Commitment with ANP: 0% / Planned: 46% 29

Roncador Project Module III - 1st Oil on September 30th, 2013
SS P-55: 180 kbpd
Roncador Project Module III: Drilling, completion and interconnection of 17 wells to SS P-55 with capacity to process 180 kbpd of oil and 6 million m3/d of
gas.

30
UNIT’s PHYSICAL COMPLETION - Forecast: 87.5% / Accomplished: 89.2%
SS P-55 Integration at ERG1 Shipyard in Rio Grande/RS – Feb/2013 TOTAL LOCAL CONTENT – Commitment with ANP: 0% / Planned : 50% 30

Parque das Baleias Project: 1st Oil on November 30th, 2013
FPSO P-58: 180 kbpd
Parque das Baleias Project: Drilling, completion and interconnection of 24 wells to FPSO P-58, with a processing capacity of 180 kbpd of oil and 6 MM
m³/d of gas.

31
UNIT’s PHYSICAL COMPLETION – Forecast: 86.0% / Accomplished: 90.6%
FPSO P-58 Integration at Honório Bicalho Shipyard , in Rio Grande/RS – Mar/2013 31
TOTAL LOCAL CONTENT – Commitment with ANP: 0% / Planned : 58%

Papa-Terra Project: 1st Oil of P-61 on December 31st, 2013
TLWP P-61
Papa-Terra Project: Drilling, completion and interconnection of 30 wells to P-61 – TLWP (Tension Leg Wellhead Plataform) and to P-63 (FPSO) with capacity
to process 140 kbpd and 1 MM m³/day of gas.

32
Topside and hull of P-61 at BrasFELS Shipyard (RJ) – Jan/2013 TOTAL LOCAL CONTENT – Commitment with ANP: 0% / Planned : 46% 32


• NE de Tupi
2014 • Lula Ext. Sul (P-72)
(P-68) • Iara NW • Espadarte III
• Lula Alto • Lula Oeste (P-71) • Júpiter
 Sapinhoá Pilot • Florim
(P-69) • Deep Waters
(Cid. São Paulo) • Lula Central
• Franco Sul Sergipe • Bonito
• Lula Sul (P-76) • Sul Pq. Baleias
 Baúna • Franco Leste
(Cid. Itajaí) (P-66) •Tartaruga Verde Maromba
•
e Mestiça • Espadarte I
• Lula NE Pilot • Franco 1 • Iara Horst • Carcará
(Cid. Paraty) (P-74) (P-70) • Entorno de
• Papa-Terra • Carioca • Parque dos Iara (P-73)
Million bpd

• Roncador IV Doces
(P-63) (P-62) • Lula Norte • Franco NW
• Roncador III • Sapinhoá (P-67) (P-77)
(P-55) Norte
(Cid. Ilhabela)
• Norte Pq. Norte (P-75)
(Cid.
(Cid. Anchieta)

2.0 2.0 2.0 ±2%


Roncador Project Module IV – 1st Oil on March/2014
FPSO P-62: 180 kbpd
Roncador Project Module IV: Drilling, completion and interconnection of 17 wells to FPSO P-62 with a processing capacity of 180 kbpd of oil and 6 MM
m³/d of gas.

34
P-62 Integration at Atlântico Sul Shipyard, Ipojuca (PE) – Jan/2013 TOTAL LOCAL CONTENT – Commitment with ANP: 0% / Planned : 56% 34

Sapinhoá Norte Project: 1st Oil on September/2014
FPSO Cidade de Ilhabela: 150 kbpd
Sapinhoá Norte Project: Drilling, completion and interconnection of 15 wells to a production unit chartered from QGOG/SBM with processing capacity of 150
kbpd of oil and compression of 6 MM m³/day of gas.

35
UNIT’s PHYSICAL COMPLETION – Forecast: 41% / Accomplished: 62%
FPSO Cidade de Ilhabela’s Hull Conversion at CSSC Shipyard, in China - Feb/2013 TOTAL LOCAL CONTENT – Commitment with ANP: 30% / Planned : 56.3% 35

Lula Project - Iracema Sul: 1st Oil on November/2014
FPSO Cidade de Mangaratiba: 150 kbpd
Lula Project – Iracema Sul Area: Drilling, Completion and interconnection of 15 wells to a FPSO charted from Schahin/Modec with processing capacity of
150 kbpd and compression of 8MM m³/day of gas.

36
FPSO Mangaratiba’s Hull Conversion at Cosco Shipyard, in China – Mar/13 TOTAL LOCAL CONTENT – Commitment with ANP: 30% / Planned : 68% 36

2013-2017 BMP:
24 Contracted Units and 15 to Be Contracted between 2013-17
Production Curve in Brazil – Oil and LGN Production
• NE de Tupi
(P-72) (**)
• Lula Ext. Sul
(P-68) (**) • Iara NW
(P-71) (**) • Espadarte III
• Lula Alto (*) • Lula Oeste • Júpiter
 Sapinhoá Pilot • Deep Waters
(P-69) (**) • Florim
(Cid. São Paulo) • Lula Central (*) • Franco Sul Sergipe
• Bonito
• Sul Pq. Baleias
(P-76) (***)
 Baúna • Lula Sul • Maromba
•Tartaruga • Franco Leste
(Cid. Itajaí) (P-66) (**) • Espadarte I
Verde e Mestiça
• Franco 1 • Carcará
• Lula NE Pilot
(P-74) (***) • Iara Horst • Entorno de
(Cid. Paraty)
(P-70) (**) Iara (P-73) (**)
Million bpd

• Papa-Terra • Carioca • Parque dos
• Roncador IV
(P-63) (P-62) Doces
• Lula Norte
• Franco NW
• Roncador III • Sapinhoá (P-67) (**)
(P-77) (***)
(P-55) Norte
(Cid. Ilhabela)
• Norte Pq. Norte (P-75) (***)
(Cid.
(Cid. Anchieta)

2.0 2.0 2.0 ±2% • 24 Production Units contracted, 3 already in operation
(**) Hull being built in Rio Grande Shipyard (RS)
(***) Hull being converted in Inhaúma Shipyard (RJ)

• 15 new Production Units to be contracted between 2013-17

 Production units in operation (*) Units in final contraction phase 37

Exploration Investments in Brazil
Target: Keep R/P > 12 Minimizing Dry-Well Risks
Consolidation and delimitation of Pre-Salt and Transfer of Rights areas, besides Post-Salt Sergipe-Alagoas and Espirito Santo basins.
Selective investments in New Frontiers: Equatorial and East Margin.

US$ 24.3 Billion
Sergipe-Alagoas, Espírito Santo,

Consolidation and
24%
Pre-Salt Equatorial

Delimitation
(5.8) Margin
New Frontiers

6%
(1.4) Transfer
70% of Rights
(17.1) East
Post-Salt
Margin

Finding Cost (US$ / boe)
1.96 Concession Areas
1.56 March, 2012
1.15 Petrobras
0.58 0.64 0.76 Other Companies

2007 2008 2009 2010 2011 2012
Petrobras Costs Lower than Majors'
Majors (2007-2011): US$ 3.2 to 4.5 / boe
38

PROEF: Program Now Includes UO-RIO

Accomplished PROEF Targets
Operational Efficiency
(%)

HC/PAD Fields
Assets UO-BC
Assets UO-RIO

39

PRC-Poço: Program to Reduce Well Costs
Well Construction is a Relevant Portion in Investments

236.7

Other Areas 89.2

147.5
16.3 Infra-structure and Support
24.3 Exploration
Exploratory and Production
E&P 147.5 Development Well Investments
106.9 Production Development
total US$ 75 billion

2013-2017 BMP Brazil E&P
Investments Investments

 Increase of drilling rigs fleet and logistic resources
• Petrobras currently has 69 floating drilling rigs for well construction and maintenance in Brazil
 Well construction represents:
• 32% of Petrobras investments in 2013-2017 BMP
• 51% of Brazil E&P Investments

40

PRC-Poço: Program to Reduce Well Costs
Structure, Initiatives and Expected Gains

 The PRC-Poço corporate governance involves all E&P executive managers
and big portion of technical and management structure of E&P, with quarterly
reports to the executive board.

Program to Reduce Well Costs comprises 23 initiatives

Unit Cost Number of Activities Term of Each Activity

GROUP 1 GROUP 2 GROUP 3
PRC-Poço Reduce Unit Optimize Projects Seek Productivity
Structure Costs Scope Gains

4 Prioritized 7 Prioritized 12 Prioritized
Initiatives Initiatives Initiatives

 2013-2017 BMP has already incorporated gains of US$ 1.4 Bn from initiatives aiming to decrease well
construction time and optimization of operational sequencing.
 Initiatives in final structuring phase have already identified significant additional gains. These gains will be
quantified by May/2013, when each initiative will be linked to an investment project.
41

Downstream
Projects Under
Implementation + Evaluation
US$ 64.8 Billion

15%
(9.7)

13%
51% (8.4)
(33.3)
8%
(5.4)
5%
6% (3.3)
(4.0)

1% 1%
(0.3) (0.4)

Refining Capacity Expansion Fleet Expansion
Operational Improvement Petrochemical
Quality and Conversion Ethanol Logistics
Logistics for Oil Corporate

42
42

Downstream Investments
Projects Under Implementation
US$ 43.2 billion 2013-2017 HIGHLIGHTS
21%
(9.2)
 Refining capacity expansion on the Under
45% 11%
(19.4) (4.9) Implementation Portfolio: RNEST (Pernambuco)
9%
(3.7) and COMPERJ 1st Phase (Rio de Janeiro)
6% 6%
(2.4) (2.8)
1% 6%  Refining capacity expansion in design phase:
(0.3) 1% (2,8)
(0.4) Premium I (Maranhão), Premium II (Ceará) and
Projects Under Evaluation COMPERJ 2nd Phase (Rio de Janeiro)
US$ 21.6 billion
2%
(0.5)
 Diesel and Gasoline Quality Portfolio: REPLAN,
RPBC, REGAP, REFAP and RLAM
16%
(3.5)
64%  Fleet expansion: PROMEF – 45
(13.8) 8% Oil and Oil Products transportation vessels
(1.7)
7% 3%
(1.5) (0.5)

Refining Capacity Expansion Operational Improvement Quality and Conversion Logistics for Oil

Fleet Expansion Petrochemical Ethanol Logistics Corporate 43

Northeast Refinery (RNEST): Start-up on November/14
Processing capacity: 230 kbpd

9 5
1

2
8
8 4
1 4
6

3
8
8

6 6
7

6

6 6
7

44
TOTAL PHYSICAL PROGRESS- Forecast: 70.3% / Accomplished: 70.6%
RNEST construction – Feb/13 LOCAL CONTENT- Target: 75% / Planned: 86.5%
(1) Oil and oil products storage area; (2) Atmospheric distillation unit; (3) Power House; (4) Coking Unit; (5) Intermediary products tanks; (6) Contractors yard; (7) Acid water treatment
unit; (8) Pipelines; (9) Hydrotreatment units 44

Petrobras Business and Management Plan 2013-2017 Webcast - March 19th

Petrobras Business and Management Plan 2013-2017 Webcast - March 19th

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Petrobras Business and Management Plan 2013-2017 Webcast - March 19th