2. Disclaimer
The presentation may contain forecasts about future events. Such forecasts merely reflect the
expectations of the Company's management. Such terms as "anticipate", "believe", "expect",
"forecast", "intend", "plan", "project", "seek", "should", along with similar or analogous
expressions, are used to identify such forecasts. These predictions evidently involve risks and
uncertainties, whether foreseen or not by the Company. Therefore, the future results of
operations may differ from current expectations, and readers must not base their expectations
exclusively on the information presented herein. The Company is not obliged to update the
presentation/such forecasts in light of new information or future developments.
All projects forecasted herein are subject to approval by the appropriate stakeholders.
CAUTIONARY STATEMENT FOR US INVESTORS
The United States Securities and Exchange Commission permits oil and gas companies, in their filings
with the SEC, to disclose only proved reserves that a company has demonstrated by actual production
or conclusive formation tests to be economically and legally producible under existing economic and
operating conditions. We use certain terms in this presentation, such as oil and gas resources,
that the SEC’s guidelines strictly prohibit us from including in filings with the SEC.
3. AGENDA
PRE-SALT
BACKGROUND
STRATEGY
MAIN RESULTS
PERSPECTIVES
5. Pre-Salt - Key Facts
• 31 % under contract
• 69 % to be granted through
upcoming bids
6. Pre-Salt - Key Facts
Some key facts:
Average water depth: 2100 m
• 31 % under contract
Distance to coast: 300 km • 69 % to be granted through
upcoming bids
Average salt thickness: 2 km
Average reservoir depth: 5 km
Declared Recoverable Volumes
· Lula: 6.5 billion boe
· Lula - Iracema Area: 1.8 billion boe
· Sapinhoá: 2.1 billion boe
· Transfer of Rights: 5.0 billion boe Transfer of Rights:
Total: 15.4 billion boe 100% Petrobras
15. Pre-Salt timeline
2008 2009 2010 2011 2012 2013 2014 2015 2016
Sep 2010: Transfer of Rights
Oct 2010: 1st oil of
Lula Pilot
Dec 2010: Declaration of
Commerciality - Lula Field
16. Pre-Salt timeline
2008 2009 2010 2011 2012 2013 2014 2015 2016
Dec 2010 to July 2011:
Sapinhoá EWT
Dec 2011: Declaration of
Commerciality Sapinhoá Field
Sapinhoá
17. Pre-salt Potential
15.4 bi boe*
Declared
Recoverable
Produced = 15.5 bi boe Volume
Lula + Sapinhoá
+ Transfer
of Rights
* Declared volume operated by Petrobras
18. AGENDA
PRE-SALT
BACKGROUND
STRATEGY
MAIN RESULTS
PERSPECTIVES
19. Deep Water Track Record
Thousand bpd
Shallow Deep & Ultra deep
Onshore Deep Water Pre Salt
Water Water
123 offshore units (45 floating and 78 fixed) 25 new offshore facilities over the last 5 years
Uruguá Lula Pilot Jubarte Marlim Sul
FPSO Cidade de Santos FPSO Cidade de Angra dos Reis P-57 P-56
20. Strategy
2 FPSOs Contracted Contracted
performing EWTs (First oil by 2013) (First oil by 2014/2015)
Phase 0 Phase 1a Phase 1b
Information Gathering Production Innovation acceleration
2008/2018 2013/2017 After 2017
• Appraisal Wells • Sapinhoá Pilot • New technologies
• Extended Well Tests • Lula NE Pilot
• Lula Pilot • Sapinhoá N
• Iracema S
• Iracema N
• 8 Replicants FPSO`s
• 4 Transfer of Rights
production units
Hulls + Topsides Hulls contracted
1st oil just 4 years
contracted Topsides being contracted
after discovery
(First oil by 2016) (First oil by 2016)
28. Main Results - EWT
EWT Period Block
Lula Apr/09 to Dec/10 BM-S-11
Lula NE Apr/11 to Nov/11 BM-S-11
Sapinhoá Dec/10 to Jul/11 BM-S-9
Carioca NE Oct/11 to Feb/12 BM-S-9
Iracema S Since Feb/12 BM-S-11
· Very good lateral continuity
· High productivity
29. Main Results - Lula Pilot
• Sucessfull pionering CO2 reinjection in deep water
• Very high productivity
• First horizontal well
• Fast track project
30. Production Output
Jan / 2011
54 k bpd
31 k bpd
85 k bpd
AUG/2012
Sep / 2012
PPSBS 113 mil bpd
107 k bpd
100 BC 78 mil bpd
85 k bpd
million 192 k bpd
boe
SEP/2008
39. Energy Landscape · Major Offshore Discoveries
Established
Emerging
Havis, Goliat, Frontier
Avaldsnes-Aldous, Barents Sea
North Sea
Aphrodite,
Mediterranean
Zaedyus, Cameia-1, Cobalt
French and Azul-1,
Moccasin, Guyana Angola Pre-salt
US GoM
Multiple,
Mozambique
Lula, Cernambi,
Sapinhoá, Franco
Brazilian Pre-salt
Major Offshore Discoveries
2012 Exploration Projects
Source: Oil & Gas Journal 2010
40. Energy Landscape · 2030
2030 - Oil and NGLs Production Forecast (million b/d)
+ 17 %
Europe
Asia Pacific
South America
Africa
Asia
North and Central America
Middle East
Source: WoodMackenzie, 2010
41. Energy Landscape · 2030
2030 - Offshore Oil and NGLs Production Forecast (million b/d)
+ 26 %
Europe
Asia Pacific
South America
Africa
Asia
North and Central America
Middle East
Source: WoodMackenzie, 2010
42. Energy Landscape · 2030
2030 - Deepwater Oil and NGLs Production Forecast (million b/d)
+ 90 %
Europe
Asia Pacific
South America
Africa
Asia
North and Central America
Middle East
Source: WoodMackenzie, 2010
43. Perspectives
Franco 4
Oil Production Lula Alto
Jan/16
Jan/18
Sul de Guará
Lula Central Jan/18
Mar/16 Lula Ext Sul
Jan/17 Júpiter
Lula Sul Mar/18
Sapinhoá Jun/16 Iara Horst
Carcará Ent. de Iara Florim
Norte (C. de Franco 1 Jun/17
IlhaBela) NE Tupi Mar/18 Dez/19 Dez/20
Piloto Jul/16 Franco 5
Set/14 Jul/17
Sapinhoá Carioca 1 Dez/18
(Cidade de Iracema Sul Iara NW
São Paulo) (Cidade de Ago/16
Out/17 Sul Parque das 4.200
Mangaratiba) Lula Norte Baleias
Jan/13 Franco 3
Nov/14 Set/16
Piloto Lula NE Dez/17
Baleia Azul Norte Parque Iracema Franco 2
(Cidade de
(Cidade de Paraty) das Baleias Norte Dez/16
Anchieta) (P-58)
Mai/13 Dez/15
2.500
Papa Terra (P- Carimbé Maromba
2.022 Baúna e 61 e P-63)
Piracaba Roncador III Roncador IV
(Cidade de Itajaí) Aruanã Espadarte I Bonito Espadarte III
(P-55) (P-62)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
2011 2016 2020
2.022 k bpd 2.500 k bpd 4.200 k bpd
Pre-Salt
(concession)
95% 69% 42%
28%
Pos-Salt Pos-Salt Pos-Salt
30% 19%
5%
Pre-Salt (concession) 1% Pre-Salt (concession) 11% Pre-Salt
Transfer of Rights New Discoveries (Transfer of Rights)
44. Perspective
Oil Production Franco 4
Lula Alto
Jan/18
Jan/16 Sul de Guará
Lula Central Jan/18
Mar/16 Lula Ext Sul
Jan/17 Júpiter
Lula Sul Mar/18
Sapinhoá Jun/16 Iara Horst
Jun/17 Carcará Ent. de Iara Florim
Norte (C. de Franco 1
IlhaBela) NE Tupi Mar/18 Dez/19 Dez/20
Piloto Jul/16 Franco 5
Set/14 Jul/17
Sapinhoá Carioca 1 Dez/18
(Cidade de Iracema Sul Iara NW
Ago/16
São Paulo) (Cidade de Out/17 Sul Parque das 4.200
Mangaratiba) Lula Norte Baleias
Jan/13 Franco 3
Nov/14 Set/16
Piloto Lula NE Dez/17
Baleia Azul Norte Parque Iracema Franco 2
(Cidade de
(Cidade de Paraty) das Baleias Norte Dez/16
Anchieta) (P-58)
Mai/13 Dez/15
2.500
2.022
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Baleia Azul
(FPSO Cidade de Anchieta)
1st oil: September 2012
45. Perspective
Oil Production Lula Alto
Franco 4
Lula Ext. Sul Sul de Guará
Lula Central Florim
Iara Horst Júpiter
Lula Sul Entorno de Iara
NE Tupi Carcará
Franco 1 Franco 5 4.200
Iara NW
Carioca 1
Sapinhoá Norte Franco 3
Piloto Sapinhoá (Cid. Ilhabela) Lula Norte
(Cid. São Paulo) Iracema Franco 2
Iracema Sul
Piloto Lula NE (Cid. Mangaratiba) Norte
(Cid. Paraty)
2.500
2.022
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Sapinhoá Pilot
(FPSO Cidade de São Paulo)
1st oil: January 2013
46. Perspective
Oil Production Lula Alto
Franco 4
Lula Ext. Sul Sul de Guará
Lula Central Florim
Iara Horst Júpiter
Lula Sul Entorno de Iara
NE Tupi Carcará
Franco 1 Franco 5 4.200
Iara NW
Carioca 1
Sapinhoá Norte Franco 3
Piloto Sapinhoá (Cid. Ilhabela) Lula Norte
(Cid. São Paulo) Iracema Franco 2
Iracema Sul
Piloto Lula NE (Cid. Mangaratiba) Norte
(Cid. Paraty)
2.500
2.022
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Lula NE Pilot
(FPSO Cidade de Paraty)
1st oil: May 2013
47. Perspective
Oil Production Lula Alto
Franco 4
Lula Ext. Sul Sul de Guará
Lula Central Florim
Iara Horst Júpiter
Lula Sul Entorno de Iara
NE Tupi Carcará
Franco 1 Franco 5 4.200
Iara NW
Carioca 1
Sapinhoá Norte Franco 3
Piloto Sapinhoá (Cid. Ilhabela) Lula Norte
(Cid. São Paulo) Iracema Franco 2
Iracema Sul
Piloto Lula NE (Cid. Mangaratiba) Norte
(Cid. Paraty)
2.500
2.022
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Sapinhoá Norte
(FPSO Cidade de Ilhabela)
1st oil: September 2014
48. Perspective
Oil Production Lula Alto
Franco 4
Lula Ext. Sul Sul de Guará
Lula Central Florim
Iara Horst Júpiter
Lula Sul Entorno de Iara
NE Tupi Carcará
Franco 1 Franco 5 4.200
Iara NW
Carioca 1
Sapinhoá Norte Franco 3
Piloto Sapinhoá (Cid. Ilhabela) Lula Norte
(Cid. São Paulo) Iracema Franco 2
Iracema Sul
Piloto Lula NE (Cid. Mangaratiba) Norte
(Cid. Paraty)
2.500
2.022
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Iracema Sul Project
(FPSO Cidade de Mangaratiba)
1st oil: November 2014
49. Perspective
Oil Production Lula Alto
Franco 4
Lula Ext. Sul Sul de Guará
Lula Central Florim
Iara Horst Júpiter
Lula Sul Entorno de Iara
NE Tupi Carcará
Franco 1 Franco 5 4.200
Iara NW
Carioca 1
Sapinhoá Norte Franco 3
Piloto Sapinhoá (Cid. Ilhabela) Lula Norte
(Cid. São Paulo) Iracema Franco 2
Iracema Sul
Piloto Lula NE (Cid. Mangaratiba) Norte
(Cid. Paraty)
2.500
2.022
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Replicants FPSO
Lula Alto (P66)
1st oil: January 2016
50. Perspective
Oil Production Lula Alto
Franco 4
Lula Ext. Sul Sul de Guará
Lula Central Florim
Iara Horst Júpiter
Lula Sul Entorno de Iara
NE Tupi Carcará
Franco 1 Franco 5 4.200
Iara NW
Carioca 1
Sapinhoá Norte Franco 3
Piloto Sapinhoá (Cid. Ilhabela) Lula Norte
(Cid. São Paulo) Iracema Franco 2
Iracema Sul
Piloto Lula NE (Cid. Mangaratiba) Norte
(Cid. Paraty)
2.500
2.022
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
E&P-PRESAL - R1 LULA ALTO - P-66 (Projeto Completo)
ACOMPANHAMENTO FÍSICO DO PROJETO - CURVA S
Fase II - Projeto Conceitual
100 MARCOS DE IMPLANTAÇÃO
1 - Conclusão da Fase Avaliação de Oportunidade (Portão 1) (P: jun-12 / R: jun-12) (P: 100% / R: 100%)
90 2 - Conclusão da Fase de Projeto Conceitual (Portão 2) (P:maio-13 / Proj:maio-13) (P: 5,5% / R: 5,5%) 8 10
3 - Emissão da Licença Prévia (LP) (P:jan-14 / Proj:jan-14) 1º Óleo (PNG 12-16):
4 - Conclusão da Fase de Projeto Básico (Portão 3) (P:mar-14 / Proj:mar-14) (P: 0% / R: 0%) jan/16 1º Óleo Projetado:
80
5 - Início da Construção 1º Poço (P:jun-14 / Proj:jun-14) jan/16
6 - Emissão da Licença de Instalação (LI) (P:dez-14 / Proj:dez-14)
70 9 1º Óleo EVTE: jan/16
7 - Chegada da UEP na Locação (P:set-15 / Proj:set-15) 7
Transfer of rights FPSOs 60
8 - Início da Interligação do 1º Poço (P:dez-15 / Proj:dez-15)
9 - Emissão da Licença de Operação (LO) (P: dez-15 / Proj:dez-15)
4
5
% Acumulado
Aprovações Data Ata DE Data de Partida
10 - Interligação do último poço (P:mar-18 / Proj:mar-18)
Fase I
50 6 22/06/12 Ata 4.950 08/01/16
Franco-1 (P74) - - -
Fase II
Fase III - - -
40
2 3
30
1st oil: July 2016 20
10
1
Justif.2
Referência: agosto/12
No mês Acumulado
Previsto PNG: 3,0 p.p. 13,0%
Realizado: 2,4 p.p. 12,0%
0
mar-10
jun-10
set-10
dez-10
mar-11
jun-11
set-11
dez-11
mar-12
jun-12
set-12
dez-12
mar-13
jun-13
set-13
dez-13
mar-14
jun-14
set-14
dez-14
mar-15
jun-15
set-15
dez-15
mar-16
jun-16
set-16
dez-16
mar-17
jun-17
set-17
dez-17
mar-18
Linha de Base Linha Base - PNG 12-16 Realizado Projetado
Fonte: SAP 31/08/12. Data da medição pela Diretoria de Exploração e Produção: 14/09/12
51. INVESTMENTS 2012-2016
Petrobras Investments in Pre-salt: US$ 69,6 bi
Santos Basin
85 %
15% 58,9 bi Development
10,7 bi Exploration
Infra
Santos Basin
82 %
Campos Basin 4% 48,3 bi
14 %
2,4 bi 8,1 bi
Total: Petrobras + Partners US$ 93,1 bi