1. PETROBRAS AT A GLANCE
October, 2011
1

2. DISCLAIMER
FORWARD-LOOKING STATEMENTS:
DISCLAIMER
The presentation may contain forward-looking statements We undertake no obligation to publicly update or
about future events within the meaning of Section 27A of revise any forward-looking statements, whether as
the Securities Act of 1933, as amended, and Section 21E a result of new information or future events or for
of the Securities Exchange Act of 1934, as amended, that any other reason. Figures for 2011 on are
are not based on historical facts and are not assurances of estimates or targets.
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
company performance and financial results. Such terms qualified in their entirety by this cautionary
as "anticipate", "believe", "expect", "forecast", "intend", statement, and you should not place reliance on
"plan", "project", "seek", "should", along with similar or any forward-looking statement contained in this
analogous expressions, are used to identify such forward- presentation.
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 Company’s most recent Annual Report on CAUTIONARY STATEMENT FOR US INVESTORS
Form 20-F, which identify important risk factors that could We present certain data in this presentation, such
cause actual results to differ from those contained in the as oil and gas resources, that we are not permitted
forward-looking statements, including, among other to present in documents filed with the United
things, risks relating to general economic and business States Securities and Exchange Commission (SEC)
conditions, including crude oil and other commodity under new Subpart 1200 to Regulation S-K because
prices, refining margins and prevailing exchange rates, such terms do not qualify as proved, probable or
uncertainties inherent in making estimates of our oil and possible reserves under Rule 4-10(a) of Regulation
gas reserves including recently discovered oil and gas S-X.
reserves, international and Brazilian political, economic
and social developments, receipt of governmental
approvals and licenses and our ability to obtain financing.
2

3. Overview
3

4. PETROBRAS HISTORY
Becoming a major , publicly traded oil company through organic growth
Incorporated in 1953 as government Brazilian Government (directly and
monopoly for all hydrocarbon activities. indirectly), owns 48% of Petrobras, and
Little or no reserves, production or maintains control with 64% of voting
refining. shares.
A history of organic, operated, self funded Independent financial structure, with
growth. Transition from a refiner of investment grade foreign currency ratings
imported crude to integrated self notched above the sovereign.
sufficiency.
End of monopoly and opening of oil sector Listing on NYSE and SEC registration in
to international participants. Petrobras 2000. Full quarterly disclosure in IFRS and
status as an operator, without privileged U.S. GAAP. Market cap year-end 2010 of
position. USD 237 billion.
1953 1974 1984 1995-8 2000 2006-7 2010
Incorporation in 1953 Discovery of shallow
water offshore fields Discovery of mega Elimination of
as government Listing on NYSE, Brazil achieves USD 70 bn
fields in Monopoly,
monopoly with market cap self sufficiency capitalization and
Reserves: deepwater creation of oil
Reserves: Campos Basin. law. Full of $ 31 billion in oil production acquisition of
800 million BOE
16.8 million boe deregulation by rights to produce 5
Last refinery 2002. 1st Investment Discovery of bn BOE
Production: Production:
completed ‘81 grade rating Santos Pre-salt
2.6 Thous. BPD* 177 Thous. BPD
Production: Production: 2MM
Production: 1 MM BPD oil BPD oil in Brazil
Refining Cap: 41 Refining Cap: 823
Thous. BDP 467 Thous.BPD in Brazil in ‘98
Thous. BDP*
* 1954 4

5. OWNERSHIP
Broad distribution among government, Brazilian, and foreign shareholders
Foreign Shareholders
21% Non-Voting
30% 32%
36% 39% Voting
45%
18% Brazilian Non-Gov’t
20% Shareholders
25%
23% 21% Non-Voting
Voting
55% 61%
48% Brazilian Gov’t *
45% 41% 40%
Non-Voting
Voting
Oct/1992 Jul/2000 After Aug/00 After Jul/01 Dec/2009 Dec/2010
offering offering
o Brazilian government, by law, must maintain control. Does so with 64% of voting shares.
o Petrobras is the most actively traded ADR on NYSE in three years, and among all stocks, the 8th most
actively traded stock. On Bovespa, Petrobras most actively traded stock, by shares and by volume.
*Includes: Republic, BNDES, BNDESPAR, Sov. Wealth Fund
5

6. BUSINESS MODEL
Operating as an integrated balanced oil company, dominant in Brazil
Exploration & Production
• Focus on production in deep and ultra-deep waters;
• Licensed blocks guarantee access to reserves and economies of scale;
• New exploratory frontier, adjacent to existing operations.
Downstream
• Dominant position in a growing market, far from other refining
centers;
•Balance and integration between production, refining and demand.
Gas and Power
• Gas infrastructure develeped for processand and transfer of gas;
• Complete flexibility to consume domestic and imported gas.
Biofuels
• High productivitiy of Brazilian ethanol;
• Large areas of available unused agricultural land;
• Large consumer market, with fleet and distribution in place.
6

7. LOGISTICAL ADVANTAGES
Uniquely positioned to integrate upstream and downstream operations
Upstream Operations Downstream Operations
Existing Pipelines
Refineries
Petrobras
Marine Terminal
Other Companies In Land Terminal
Dominant Position Growing Market Logistical Synergies Stable Cash Flows
• Leadership in all segments of • Strong organic demand in one • Main oil producing basins and • Diversified cash flows with
the value chain of the fastest growing global refining located in S.E. Brazil, several growth drivers
• Market position ensures markets near GDP centers • Reduced volatility of cash
economies of scale and • Attractive domestic market • Logistical infrastructure fully flows due to ability to
efficient business model opportunities for upstream, developed smoothen prices fluctuations
downstream and other energy in the domestic market
segments
7

8. BUSINESS SEGMENTS
Fully integrated across the hydrocarbon chain, dominated by Brazilian production
Adjusted EBITDA US$ 32.6 Billion1 (2010) 2010 Proven Reserves (SPE)
RTM 15.986 billion boe
10%
G&P
Shallow Water
4% (0-300m)
Distribution Deep Water
3% 9%
(300-1,500m)
International 50%
6% Onshore
9%
E&P
77%
Ultra-Deep Water
(>1,500m)
32%
Our Main Segments: Key Statistics and Market Positions (2010)
Exploration and RTM (incl.
Distribution Gas and Power International Biofuels
Production Petrochemicals)
• 15.3 Bn boe of 1P(SPE) • 12 refineries (Brazil) • 7,306 service stations • 9,239 km of pipelines • 25 countries • 3 new Biodiesel
• 2.3 mm boed production •38.8% share of • Participation in 20 of • 0.7 Bn boe of 1P(SPE) Plants
•2.0 mm bbld refining
•98.5% of Brazilian distribution volume the 27 gas discos in • 245 thous. boed • Ethanol: Opening
capacity
production Brazil production new markets
• 20% of global DW and • 11.2 mty materials • 5,943 MW of • 281 thous. bbl/d • Responsible for 10%
UDW production nominal capacity (2) generation capacity refining capacity of Brazilian ethanol
exports
•Petrochemicals, Gas &
Power activities
Notes: (1) Includes Corporate and Elimination; (2) Through Braskem and Quattor 8

9. COMPARATIVE POSITION
Ranked among the leading integrated energy companies
2010 Oil and Gas Production (mm boe/d) 2010 Proven Reserves – SEC (bln boe)
4.4
24,8
3.8
3.3
2.8 17,8
2.6
2.4
2.1 14,2
12,7
1.8 10,7 10,6
8,3
6,8
5,4
0.6
XOM BP RDS CVX BR TOT COP ENI BG XOM BP RDS BR TOT CVX COP ENI STL
Oil Gas Oil Gas
2010 Refining Capacity (mm boe/d)
6.3 Market Cap (US$ bn) – September 28nd, 2011
350
3.9
2.7 2.7 196 184
2.6 2.2
2.3 147
115 103 87
70 68
0.7
0.3
* * * *
XOM RDS BP COP TOT BR CVX ENI STL XOM RDS CVX PBR BP TOT COP ENI STL
Source: Evaluate Energy (barrels per calendar day, considering company % shareholding and including JVs) and Bloomberg
Notes: Peer companies selected above have a majority of capital traded in the public market; * 2009 9

10. WORLD OIL DEMAND
Replacing production with new discoveries will be a major challenge
GLOBAL LIQUIDS DEMAND SCENARIO
(MM bpd)
110 110
Projects under Projects under development,
100 development and
prospective
100 prospective and new
discoveries
90 90 OPEP
80 Project 80 Project
Decline Decline
70 Non-OPEP
70
60 60
50 50
40 40
30 30
20 20
2000 2005 2010 2015 2020 2000 2005 2010 2015 2020
• To meet growing world demand while replacing existing productionadditional capacity
of 38 MMbpd will be needed by 2020
• Demand must be met by a combination of factors:
• New discoveries
• Alternatives energy sources
• Increase of energy efficiency
Source: WoodMackenzie
10

11. BRAZIL LEADERSHIP IN RECENT DISCOVERIES
Deep-water discoveries in Brazil represent 1/3 of the worldwide discoveries in the last 5 years
New Discoveries 2005-2010
(33,989 million bbl) Deep-Water
Discoveries
Brazil
Brasil
38%
62%
Other
Outros
Other Discoveries Deep-Waters
• In the last 5 years, more than 50% of the new discoveries (worldwide) were made in deep waters
• The development of these reserves will demand additional capacity from the supply chain
• Expansion of the oil and gas chain in Brazil is in line with this perspective
Petrobras expects to double its proved reserves until 2020, keeping the discovery cost around US$2/boe
Source: PFC Energy
11

12. COMPETIVE ADVANTAGE
Reserves in ultra-deep water in Brazil benefit from comparatively low break-even
Expected Costs of Production
140
Deepwater and
Production costs (US$/bbl-2008)
120 Ultra-deep water
100
Oil Gas to Coal to
80 Shales liquids liquids
Arctic
CO₂ - EOR
60
EOR
Heavy oil
and
bitumen
40
Other
20 Produced MENA
convention Petrobras expected
al oil maximum break-even cost
0 1000 2000 3000 4000 5000 6000 7000 8000 9000 10000
Reserves (bn bbls)
Source: IEA – Outlook 2008 12

13. DEEPWATER LEADERSHIP
A history of developing technology and know-how in Brazilian 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
Deepwater Production Offshore Production Facilities
2010 Gross Global Operated¹
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
Source: PFC Energy Note: (1) These 15 operators account for 98% of global deepwater production in 2010. Minimum water depth is 1,000 feet (about 300 meters) 13

14. OIL PRODUCTION
With access to abundant reserves, Petrobras can more than double production
6,418
142
246
1.120
3,993
125
180 + 35 Systems
2,575 2,772 618
2,386 2,516 +10 Post-Salt Projects
93 96
96 141 +8 Pre-Salt Projects 4,910
99 144
’000 boe/day
111 132 435
317 334 +1 Transfer of Rights
321
3,070 845
Transfer of Rights
Added Capacity
1.855 1.971 2.004 2.100 13
Oil: 2,300,000 bpd 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
• Pre-salt and Transfer of Rights will represent 69% of the additional capacity up to 2020;
• Pre-Salt participation in the total production will enhance from the current 2% to 18% in 2015 and 40.5% in
2020.
Note: Does not include Non-Consolidated International Production.
14

15. GROWING MARKET
Brazil is the world’s seventh largest oil consumer and growing fast
Total Oil Consumption per Country* – 2010 (MM bpd)
Above 3 MM bpd Between 2-3 MM bpd Under 2 MM bpd
19,15
9.1
 While OECD oil consumption
4.5
decreasing 0.04% p.a., Brazil
3.3 3.2 2.8 2.6 2.4 2.4 2.3
consumption grew 2.1%.
2.0 1.8 1.7 1.6
 In last two year, Brazilian
consumption grew 20%
EUA
India
Russia
Canada
United Kingdom
Saudi Arabia
South Corea
Brazil
Mexico
Iran
Japan
German
France
China
Total Oil Consumption
230 (Índex 1999 = 100)
* Including Ethanol + Biodiesel Brazil
210
EUA
190 World
OECD
170 India
150 China
130
110
90
1999 2001 2003 2005 2007 2009
Source: BP Statistical Review 2011 15

16. HIGH GROWTH POTENTIAL
Low per capita consumption supports demand growth in developing countries
30
25 1980 2000 2010
per capita - barrels per year
20
15
10
5
0
USA Japan OECD Brazil China India
Source: BP e US Census Bureau 16

17. POTENTIAL INCREASE OF OIL PRODUCTS CONSUMPTION
Brazil still has a low motorization rate
Licenses for new vehicles
17,4 18,0 2000
2010
11,8
Million of units
2015
6,0
5,0 4,0
3,7 3,2 3,5 3,0
2,6 2,7 2,7 2,2 2,1 1,5 0,8
United States Japan Germany France Italy China Brazil India
Number of vehicles per 1000 habitants
814
688 2010
592 545 599 2015
208
153
47 16
United States Japan Germany France Italy China Brazil India
17

18. GLOBAL REFINING
Regions with fast growth continue to invest in refining
3.204
Adding Refining Capacity (2011-2016)
Thousand bpd
1.997
1.755
736 703
437
153
Asia Middle East North America Latin America Europe Ex-USSR Africa
Expansion New Refineries
• Small refineries and with low complexity being closed in stagnant markets
• New large-scale refineries, high complexity, adapted to process heavy oil in growing markets
Source: Pira, Petrobras, 2011
18

19. Exploration & Production
19

20. E&P STRATEGY
Sustainable development of hydrocarbon reserves
Increase oil and gas reserves and production, in a sustainable manner, and be
recognized for its excellence in E&P operations, placing the Company among the world’s
five largest oil producers
2011-15 Business Plan Highlights:
• 65% of Capex allocated to production development.
• 19 large projects, adding capacity of 2.3 million bpd.
• Drilling of more than 1,000 offshore wells, of these 40% is exploratory and 60% is production
development.
• In 2020, the pre-salt production will correspond to 40.5% of the oil production in Brazil.
20

21. RESERVES AND RECOVERABLE VOLUMES
Rapid growth in reserves from discoveries in deep waters
Proved Reserves – SPE criteria
Million boe
30.000
25.000
20.000 Pre-salt: Lula
and Cernambi 15,28 Bi boe
15.000 Whales Park,
Mexilhão
Roncador
10.000
Marlim
5.000 Namorado
Guaricema Garoupa
Carmópolis
0
Onshore 0-300 m 300-1500 m > 1500 m Pre-salt's Recoverable Volume * Transfer of Rights
* Lula/Cernambi, Iara, Guará and Whales Park, ranging from 8.1 to 9.6 Billion boe 21

22. RESERVE PROFILE
Proved reserves consist largely of offshore oil that is relatively heavy
Proven Reserves as of Dec/2010 (SPE/ANP)
(15.28 billion boe)
Oil + Condensate
< 22º API 84%
(heavy) 22 – 31 º API
(intermediate)
45% 11%
5%
34% Associated Gas
15% 6% Non-Associated Gas
Gas > 31 º API (light)
Undeveloped 39% 61%
Developed
Proven Reserves Proven Reserves
22

23. BRAZILIAN BASINS
Offshore brazil is a vast area, still underexplored
USA
t
23

24. PRODUCTION
Petrobras history is to grow production by expanding into new frontiers
Thousand bpd
2500 Deep water
Shallow water 2.004
Onshore
2000
1500 1.271
1601
1000 749
653
42
500 181 400 292
189
75 230 214
106 211
0
1980 1990 2000 2010
Deep and ultra-deep Pre-salt
Onshore Shallow water Deep water
water
24

25. OFFSHORE GEOLOGY
Producing from pre-salt reservoirs will drive future investment
Campos Basin Santos Basin
West East
Post-salt turbidites:
current production
Albian carbonates
Pre-salt carbonates:
Pre-salt carbonates Supergiants oil fields
Near-term production increase Mid and long-term production increase
Geological cross section in Santos Basin used to explain petroleum systems of Santos and Campos basins
25

26. E&P FOCUS
Maintain and expand traditional areas, while transitioning to new reservoirs
E&P portfolio has around 3,000 projects
1 1 • Maintain production:
• Implement full development of the main production
Tertiary and Upper concessions.
Cretaceous
• Decrease decline in existing fields.
Turbidites
• Operational maintenance in existing Production Systems.
• Continuous exploration effort.
2 Albian carbonates
Salt
Pre-salt carbonates 2 • Explore, appraise and start production mostly in existing
3 Campos Santos 4 Production Systems (inside existing ring fences).
3 • Explore, appraise and start production mostly in existing
Production Systems (inside existing ring fences).
4 • Explore & appraise. Extended Well Tests in main discoveries. Start production of pilot projects.
Declare commerciality. Reduction of the project implementation time: equipments standardization,
arrival of new drilling rigs, replicante FPSOs.
26

27. E&P INVESTMENTS IN BRAZIL– 2011-15 BUSINESS PLAN
Pre-salt now more than half of development spending next five years
Pre-Salt Post-Salt
US$ 53.4 Billion US$ 64.3 Billion
2% Tranfer
13% 12%
of
Rights 21% 22%
21%
54%
57%
Exploration Development Infrastrutucre and support
• Annual investments of more than US$ 4 billion in exploration
• 23% of the pre-salt investments are in the transfer of rights areas
27

28. MAIN PROJECTS NG Projects
Pre-Salt and Transfer of
Large projects sustain production increases Rights Projects
Post-Salt Projects
Lula Pilot EWTs
FPSO BW Cidade
Angra dos Reis
100.000 bpd
 Juruá GNA
Lula NE
Franco 1
FPSO Cidade de
Transfer of Rights

Cachalote and Mexilhão Paraty
FPSO

Baleia Franca Jaqueta Guará Pilot 2 120.000 bpd
150.000 bpd
FPSO Capixaba HG FPSO Cidade de
100.000 bpd São Paulo Guará (North) FPSO P-67
Parque das Baleias
Tambaú 120.000 bpd FPSO Replicant 2
FPSO P-58
FPSO Cidade de

Uruguá 180.000 bpd 150.000 bpd 150.000 bpd

FPSO Cidade de Santos BMS-9 our11
Santos NG Baleia Azul
FPSO Cidade de Cernambi South
Mil bpd 35.000 bpd Papa-Terra FPSO
Marlim Sul Anchieta TLWP P-61 & 150.000 bpd 3.070
100.000 bpd

module 3 FPSO P-63

Jubarte (FPSO Espadarte
3000 FPSO P-57
SS P-56 150.000 bpd
100.000 bpd reallocation)
180.000 bpd FPSO P-66
2500 Replicant 1
2.100 Baleia Azul 150.000 bpd
2.004 Roncador FPSO BMS-9 or 11
Roncador
2000 module 3 Módule 4 60.000 bpd

EWTs Lula NE e SS P-55 FPSO P-62 Maromba

Tiro Pilot Cernambi 180.000 bpd FPSO
180.000 bpd
1500 SS-11 FPSO BW Cidade 100.000 bpd
Atlantic Zephir São Vicente Tiro/Sidon Siri
30.000 bpd 30.000 bpd FPSO Cidade de Aruanã Jaqueta e FPSO ESP/Marimbá
1000 Itajaí FPSO 50.000 bpd FPSO
EWT Guará EWT Carioca 80.000 bpd 100.000 bpd 40.000 bpd
500
FPSO Dynamic
Producer
30.000 bpd
 FPSO Dynamic
Producer
30.000 bpd
4 EWTs
Pre-salt
3 EWTs
Pre-salt
5 EWTs
Pre-salt
5 EWTs
Pre-salt
0
2010 2011 2012 2013 2014 2015
28

29. P-34
P-57 Installed Units
Installed units in the Campos
Basin since 2004 FPSO Espírito Santo
2004
P-43 – 150.000 bpd
2010
2009
2008
2007
2006
2005
2004 FPSO Marlim Sul– 100.000 bpd
2005
P-48 – 150.000 bpd
FPSO Frade
P-54 2006
P-50 – 180.000 bpd
P-52
P-34 – 60.000 bpd
P-50
2007
P-52 – 180.000 bpd
FPSO Cid. Niteroi P-54 – 180.000 bpd
P-43 FPSO Espadarte – 100.000 bpd
P-53 2008
P-48
FPSO Marlim Sul
P-53 – 180.000 bpd
P-51
2009
FPSO Espadarte
P-51 – 180.000 bpd
FPSO Frade – 100.000 bpd
FPSO Cid. Niteroi – 100.000 bpd
FPSO Espírito Santo – 100.000 bpd
2010
P-57 – 180.000 bpd
29

30. P-58
New Units
New Units em Campos FPSO
FPSO Espadarte
Basin: 2011-15 2011
P-56 – 100.000 bpd
2015
2014
2012
2013
2011
2012
P-62
P-55 – 180.000 bpd
FPSO Espadarte – 100.000 bpd
P-55
2013
P-58 – 150.000 bpd
P-61 – 150.000 bpd
P-62 – 180.000 bpd
P-63 – 150.000 bpd
FPSO (Marimbá) – 40.000 bpd
FPSO (Aruana) – 100.000 bpd
FPSO
P-56
2014
FPSO
FPSO (Baleia Azul) – 60.000 bpd
2015
FPSO (Maromba) – 100.000 bpd
FPSO
P-61
P-63 30

31. PRODUCTION SYSTEMS
7 new systems until 2015, having already hired six
2010
Lula Pilot
FPSO Cidade Angra dos Reis – 100.000 bpd
The 1st production well in Lula Pilot reached
36,000 boed (28,000 bpd of oil), being the
most prolific well from Petrobras
2013
Lula Northeast
FPSO Cidade Paraty – 120.000 bpd
Piloto de Guará
FPSO Cidade de São Paulo – 120.000 bpd
2014
Guará North
FPSO – 150.000 bpd
Cernambi
FPSO – 150.000 bpd
2015
Lula Central Franco – Transfer of
FPSO – 150.000 bpd Rights
Lula High FPSO – 150.000 bpd
FPSO – 150.000 bpd
31

32. VARREDURA PROJECT
Technological development and exploratory optimization in existing concessions
Varredura Project
Discoveries indo Pr é-sal
Descobertas Pre-salt
Campos Basin 2009/10
na Bacia de Campos
2009/10 (VARREDURA)
(Varredura) • Additional recoverable volume from discoveries:
• Post-salt: Marimbá, Marlim Sul and Pampo:
1,105 MM boe;
• Pre-salt: Barracuda, Caratinga, Marlim, Marlim
Leste, Albacora and Albacora Leste: 1,130 MM
boe*.
• Well productivity exceeds 20,000 bpd
67 exploratory wells will be drilled between 2011 and 2015 in production areas in
Campos basin
*No volumes have been announced regarding the Marlim Leste and Albacora Leste discoveries. 32

33. PRE-SALT PRODUCTION
Appraisal stage production from Pre-salt already making significant contribution
CAMPOS BASIN (PRE-SALT)
 Baleia Franca: 19,800 bopd
 Brava: 6,900 bopd
 Carimbé: 23,100 bopd
 Tracajá: 19,800 bopd
 TOTAL: 69,600 bopd
SANTOS BASIN (PRE-SALT)
 EWT Guará: 15,300 bopd
 EWT Lula NE: 14,400 bopd
 Lula Pilot: 28,300 bopd
 TOTAL: 58,000 bopd
TOTAL PRODUCTION (JUL/11): 127,600 bopd
33

34. NATURAL GAS PRODUCTION
Start up of Plangas and Pre-salt projects will substantially increase capacity
Amazon Basin
Manaus
Coari
Jurua Urucu
Santos Basin
UTGCA Mexilhão
Urugua
UGN
RPBC
PMLZ-1 Lula
Million m3
100 95
2011-15
Non-Associated Natural Gas
80 75 2015-20
• Mexilhão – 15MM m3/day Associated Natural Gas from Pre-salt
60 55 • Uruguá-Tambaú – 10 MM m3/day
• Juruá – 2 MM m3/day
Natural gas production from
42 Pre-salt in Santos Basin must
40
Associated Natural Gas overcome 20 MM m3/day
20 Increasing production in the
Campos and Santos Basin
0
2010 2011 2015 2020
34

35. NEW TECHNOLOGIES
Applications enhance recovery, while slowing decline and increasing production
Technological Solution Technology Status
Subsea BCS In Operation
Subsea Pumping Model In Operation (Jubarte e Golfinho)
Subsea Pumping
Systems Skid BCS Prototype in TLD ESP 23 (Oct/11)
Subsea Muliphase Pump BMSHA Prototype in Barracuda (Dec/11)
Gas/Liquid Subsea
VASPS Prototype Tested in P-08 (2011)
Separation
Oil/Water Subsea
SSAO Prototype in Marlim (End of 2011)
Separation
Raw water injection SRWI Prototype in Albacora (End of 2011)
Subsea electric
transmission and Under qualification Prototype scheduled to 2015
distribution
VASPS Underwater Electric Raw water injection Oil/Water Subsea
Pump in Skid Separation
35

36. NEW TECHNOLOGIES - HIGHLIGHT
Petrobras is implementing 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)
36

37. LIFTING COSTS
Costs pressured by higher oil prices
R$/barrel 187.78 US$/barrel
117.36
175.30
104.97
147.02
140.16 86.48 35.00
134.51 55.14
78.30 76.86 30.48
50.66
43.91 42.72 43.47 25.58
24.50 24.67
34.21 21.88
31.66 19.10
26.37 24.26 26.13 14.07 15.29
14.71
10.6 11.38 13.12
17.54 18.46 17.34 19.00 20.93 9.79 10.29
2Q10 3Q10 4Q10 1Q11 2Q11
2Q10 3Q10 4Q10 1Q11 2Q11
Brent Government Lifting cost
2Q11 vs. 1Q11: Take
o Higher expenses due to well interventions and preventive maintenance contributed to the upturn.
o Increase in government take reflects higher oil reference price.
37

38. E&P PROFITABILITY IN BRAZIL
Profitability of oil Production in Brazil fully exposed to oil prices
Brent vs. E&P Net income per Barrel E&P Net Income ($/boe)
25
20
Net income per Barrel (US$)
15
10
5 Peer Range
Peers
Petrobras
0
2005 2006 2007 2008 2009 2010
Brent (Average in dollars)
E&P ROCE
60%
50%
• E&P profitability strongly correlated to oil price
• Production in Brazil: 86% oil and 14% gas 40%
• Higher net profit per barrel yields better return 30%
than its peers
20%
• Stable regulatory environment allows for Peers
Peer Range
capturing the benefits of the increase in oil prices 10% Petrobras
0%
2005 2006 2007 2008 2009 2010
Source: PFC Energy Peers: BP, CVX, XOM,RDS, TOT
38

39. PROFITABILITY
New E&P projects generate attractive returns
45,0%
40,0%
Key Assumptions:
35,0% • 150,000 bpd FPSOs
30,0% • Production of 500 MM barrels
25,0%
• Ramp-up in line with industry
• Historic decline rate
20,0%
• Oil value = 95% Brent
15,0%
• Does not include exploration and
10,0% acquisition costs
5,0%
0,0%
60 70 80 90 100 110 US$/ bbl
Case 1 – US$12/boe Capex / US$5/boe Opex (expected scenario)
Case 2 – US$15/boe Capex / US$7/boe Opex
Case 3 – US$12/boe Capex / US$5/boe Opex without Special Interest (such as Transfer of Rights)
• The graph illustrates the cost-benefit ratio of a standard production
development in Brazil, using assumptions based on previous experiences
39

40. DISTRIBUTION OF UPSTREAM REVENUES
In higher oil price environment, net income per BOE benefits from concession terms
Distribution of the Realization Price of a Barrel of
Domestically Produced Oil
$ per Barrel Realization Price % Share of Realization Price
$90,00
100,0%
$70,00 80,0%
60,0%
$50,00
40,0%
$30,00
20,0%
$10,00
0,0%
2003 2004 2005 2006 2007 2008 2009 2010 1S11 2003 2004 2005 2006 2007 2008 2009 2010 1S11
$(10,00)
-20,0%
Lifting Other COGS DD&A Income Tax Other
SG&A Net Income R&D Exploratory Costs Government Take
40

41. PRE-SALT
Pre-salt represent a large and relativly unexplored area
41

42. SANTOS PRE-SALT MASTER PLAN HIGHLIGHTS
From 2006 to 2010...
Infraestructure
Pipeline Tupi-Mexilhão
Definitive Systems
FPSOs/
Piloto de Lula (AR)
FPSOs/EWTs
Tupi (CSV) Guará (DP)
W Polaris Cajun (SS76)
Deepwater Expedition Clipper
(NS28) Ocean Valor (SS77)
(NS20)*
New Rigs
(NS21)
W Taurus (SS68) W Orion (SS78)
Paul Wolf Victoria (SS70)
Louisiana W Emminence
(SS53) (SS51) Stena (NS25)* Dave Beard (SS71)
(SS69)
Goldstar (SS73)
Júpiter
Discoveries
Pré-Sal/Parati Carioca
Iara Iracema
Bem-Te-Vi Franco
Caramba
Tupi Guará
... 2006 2007 2008 2009 2010
* Sondas que não estão mais sob contrato com a Petrobras ou consórcios operados pela Cia.
42

43. SANTOS PRE-SALT MASTER PLAN HIGHLIGHTS
... 2011 and onwards
ROTA 2 ROTA 3
Infrastructure
Replic.
Definitive Systems
1
Piloto Guará
Guará Norte
FPSOs/
Replic. Replic.
2 3
Piloto Lula Cernambi
NE Sul
C.O. Replic.
1 4
Lula NE (CSV)
FPSOs/EWTs
Cernambi
(CSV / 2S 2011)
4 EWTs 3 EWTs 5 EWTs 5 EWTs
Carioca
(DP / 2S 2011)
Vitoria 10000
New Rigs
(NS-30) Drilling Rigs to be contracted
7 drilling rigs
+ 3 sondas (includes up to 28 rigs to be constructed in Brazil)
... 2011 2012 2013 2014 2015 2016
43

44. DEVELOPMENT OF PRE-SALT
All first-phase units under construction or being contracted
1st already contracted and
Already contracted
3 FPSOs in operation 2nd being negotiated
(start-up in 2012 and 2013)
(start-up in 2014)
Phase 0 Phase 1a Phase 1b
Acquisition of information Production > 1 MM bbl in 2017 Significant production increase
2008/2013 2013/2017 After 2017
• Appraisal wells • Guará Pilot • Accelerated innovation
• Extended well tests • Lula NE Pilot • Intensive use of new
• Lula Pilot • Guará N technologies specifically
developed for pre-salt
• Cernambi S conditions
• 8 definitive production
systems (replicant)
• 4 production units in the
Transfer of Rights area
In operation (only 4 Hulls already contracted
years after discovery) (conversion in the Inhaúma shipyard)
Under construction (hulls being built
in the Rio Grande shipyard) +
topsides under bid
44

45. SANTOS BASIN PRE-SALT UPDATE
Drilling campaign continues to accelerate
 High exploration success ratio (all
wells have found oil occurrences)
 High productivity in producing wells
LULA NE EWT
„
LULA
PILOT
 30 wells drilled up to July 2011
(26 exploratory)
 Up to 15 wells scheduled for
drilling in 2011
 9 rigs in operation (July 2011)
and another 5 scheduled for
start-up by year-end
Wells undergoing drilling, completion or appraisal 45
45

46. CAPITAL COSTS: PRE-SALT VS. CAMPOS
Similar equipment and processes: Principal difference is drilling and completion
Pre-salt
CAPEX DISTRIBUTION
27% 20%
53%
Gathering Completion + Drilling Units
Deepwater Projects in Campos Basin*
CAPEX DISTRIBUTION
33.3% 33.3%
o Additional drilling and completion cost
in the pre-salt compared with an
generic deepwater project in Campos
basin can be partially or fully offset by
higher quality and quantity of oil that is
33.3% expected in the pre-salt area.
Gathering Completion + Drilling Units
* Generic example, considering that these rates can change among the different existing projects in Campos Basin 46

47. PRE-SALT RESULTS
Reduced drilling time and exceptional reservoir behavior lead to growing optimism
Average drilling time of the wells completed during the year
(versus combined average time for 2006/7) Results obtained during EWTs
 Constant production
5 wells
 Restriction due to gas burning limitation
4 wells
 Good behavior of the reservoirs
5 wells
 Good lateral communication
6 wells
 No issues regarding flow guarantee
EWT Schedule
4
1
4
1
5 5
4
3 3
2011 2012 2013 2014 2015
TLD - Pré-Sal e and Transfer of
EWT – Pre-Salt Cessão Onerosa TLD - Outras áreas
EWT – Other areas
Rights
47

48. SANTOS PRE-SALT ECONOMICS
Increasing knowledge lowers expected investment, increasing NPV for Master Plan
200%
-45%
150%
Investment
100% -32%
50% 100%
81%
55%
0%
PLANSAL 2008 (2008-2030) PLANSAL 2009 (2008-2030) PLANSAL 2010 (2008-2030)
200%
Net Present Value
150%
100%
152%
118%
50% 100%
0%
PLANSAL 2008 (2008-2030) PLANSAL 2009 (2008-2030) PLANSAL 2010 (2008-2030)
48

49. NATURAL GAS FLOW
Route 1 in operation, Route 2 under construction and
Route 3 in study to identify the best alternative
Route 2
Route 3 FLNG
Route 1 (3 options)
PROJECTS ROUTE 1 Year
Adequacy UTGCA May/2013
Pipeline PMXL-UTGCA 2010
Pipeline Lula-Mexilhão Feb/2011
PROJECTS ROUTE 2 Year
Pipeline Iracema-Cabiúnas Aug/2014
Expansion of Processing TECAB Aug/2014
ROUTE 3: Solution pipeline + processing/ Gas FSO Jan/2016

50. LOGISTICS AND INFRASTRUCTURE Macae 50
Logistics solutions already in place to meet the Contrataçã
o
fleet of rigs and FPSOs in operation Porto do
Rio
Contrataçã
Contratação
o
Angra dos Reis
Up to 2 new (2011/Fluidos)
Aeroporto
de Cabo
centers of Frio
diesel, up to 3
fluid centers, Central
Fluido e Salmoura
Central de Central
passenger Passageiros Central
Diesel Fluido e Salmoura
(2014)
center
Central
Diesel
Central
Fluido e Salmoura
INFRASTRUCTURE Status
Jacarepaguá Airport Operating
Itanhaem Airport Operating
Cabo Frio Airport Operating
Rio Port Operating
Macaé Port Operating 50 km
Fluids Center 1 Operating Instalações fora de escala 5050

51. DECLARATION OF COMMERCIALITY
Deadlines for the declaration of commerciality influences development plans
2011 2012 2013 2014 2015 2016
BM-S-8
Bem-Te-Vi
(12/31/2012)
BM-S-9 Carioca
(11/11/2011)
Guará
(12/31/2012)
BM-S-10
Parati
(04/12/2012)
BM-S-11 Iara
(12/31/2013)
BM-S-21 Caramba
(04/30/2015)
BM-S-24 Júpiter
(02/28/2016)
51