Post on 21-Apr-2017
Cristina PinhoExploration & ProductionSeptember, 2014
Barclay's Oil and Gas Conference
DISCLAIMERFORWARD-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 asproved, probable or possible reserves under Rule 4-10(a)of Regulation S-X.
AGENDA
• OVERVIEW/BUSINESS AND MANAGEMENT PLAN 2014-2018
• PRODUCTION UPDATE
- RAMPING UP NEW SYSTEMS
- MAINTAINING EXISTING SYSTEMS
• PER BOE ANALYSIS
• PRE-SALT UPDATE
• NEW UNITS
• CONCLUSION
4
• 2.6 mm boed production
• 293 production fields
• 92% of Brazilian production
• 34% of global DW and UDW production
Exploration and Production
• 12 refineries (Brazil)
• 2.2 mm bpd refining capacity
• Oil products sales in Brazil: 2,443 Kbpd
• Oil products output in Brazil: ,2,180 Kbpd
Downstream
• 7,710 service stations
• 37,7% of market share
• 21% share of service stations
Distribution
• 9,190 km of gas pipelines in Brazil
• NG Supply: 96.3 million m³/d
• 3 LNG Regasification terminals with41 MMm³/d capacity
• 6,885 MW of generation capacity
Gas and Power
• 17 countries
• 0.7 Bn boe of 1P (SPE)
• 217 th. boed production
• 231 th. bpd refining capacity
International
• 3 Biodiesel Plants and interest in 2 addiotional plants: 14,1 kbbld
• Ethanol: opening new markets
• Largest domestic producer of biodiesel: 20% of internal market
• 3rd producer of ethanol in Brazil
Biofuels
(1) Adjusted according average exchange rate. Excludes Corporate and Elimination.
2013 Proven Reserves (SPE Criteria) ‐ BrazilAdjusted EBITDA per Segment (US$ bn) (1)
OnShore8%
Shallow Water (0-
300m)6%
Deep Water (300-1,500m)
45%
Ultra-Deep Water
(> 1,500m)41%
15.97 Billion boe
30.6 43.4 42.0 37.44.1
-6.9 -15.6 -9.8
1.43.6 2.0 1.61.3
1.3 1.6 1.52.13.0 3.2 3.5
E&P RTM G&P Distribution International
2010 2011 2012 2013
PETROBRAS TODAYFully integrated across the hydrocarbon chain
5
• Leader in deep-water production, with access to abundant oil reserves
• New exploratory frontier, adjacent to existing operations
• Dominant position in growing market, far from other refining centers
• Balance and integration between production, refining and demand
• Fully developed infrastructure for processing and transfporting gas
• Integration accross full energy and hydrocarbon chain in Brazil
Exploration & Production
Downstream
Gas & Power/ Biofuels/PetrochemicalsAbundant reserves 300
km away from the market
5
COMPETITIVE ADVANTAGESUniquely positioned to integrate upstream and downstream operations
Business and Management
Plan2014-2018
7
Investments in Exploration & Production: US$ 153.9 billion
Downstream 38.7 (17.5%)
Gas & Energy 10.1 (4.6%)
International 9.7 (4.4%)
Distribution 2.7 (1.2%)
Biofuels 2.3 (1.0%)
Engineering, Technology& Materials 2.2 (1.0%)
Other Areas 1.0 (0.5%)
2014-18 BMPTotal Investment
US$ 220.6billion
Exploration & Production153.9 (69.8%)
Production Development112.5 (73%)
Infrastructure: 18.0 (12%)
Exploration: 23.4 (15%)Pre-saltConcession
Transfer of RightsProduction Sharing
Post-salt
Exp + R&D
82.0(60%)
53.9(40%)
8
Projects Under Implementation, Bidding Process and Evaluation
2014-18 BMPTotal InvestmentUS$ 220.6
billion
Downstream 38.7 (17.5%)
Gas & Energy 10.1 (4.6%)
International 9.7 (4.4%)
Distribution 2.7 (1.2%)
Biofuels 2.3 (1.0%)
Engineering, Technology& Materials 2.2 (1.0%)
Other Areas 1.0 (0.5%)
Exploration & Production 153.9 (69.8%)
Under Implementation(US$ 175.9 billion)• Projects being executed
(construction)• Projects already bid• Resources required for studies
of Projects Under Evaluation
Under Bidding Process¹(US$ 30.9 billion)• E&P projects in Brazil
Represent around 200 th. bpd ofproduction in 2018 and 900 th. bpd in 2020.
Projects under Studies in Phase I, II or III
(except E&P in Brazil)
Portfolio of Projects Under Implementation + Under Bidding Process
US$ 206.8 Billion Portfolio of Projects Under Evaluation
US$ 13.8 Billion
¹ Includes E&P projects in Brazil which will stil go through bidding process of their units, as well as Premium I and Premium II refineries, which will have the bidding process carried out throughout 2014 ² Source: IHS CERA Regional Downstream Capital Costs Indexes - 2011
Oil Production 2020: 4.2 million bpd
No impact in Oil Production 2020
9
2014-2018 BMP: Investment and Operating Costs Management
2014-2018 BMP US$ 220.6 Billion
PRC-PoçoProgram to Reduce
Well Costs
PRC-SubProgram to Reduce
Subsea Facilities Costs
PROEFProgram to Increase
Operational Efficiency
UO-BCUO-RIO
PROCOPOperating Costs
Optimization Program
INFRALOG – Logistic Infrastructure Optimization ProgramLocal Content Management– Take advantage of the industry´s capacity to maximize gains to Petrobras
Health, Safety, Environment and Energy Efficiency
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.
PRC Sub: Focus on CAPEX dedicated to subsea systems construction.
10
1.9
3,2
4.2
2013 2014 2015 2016 2017 2018 2019 2020
New systems ensure future growth
Growth in 2014:7.5% ± 1p.p.
Piloto Sapinhoá (Cid. São Paulo)
Baúna(Cid. Itajaí)
Piloto Lula NE(Cid. Paraty)
Papa-Terra(P-63)
Roncador III(P-55)
Norte Pq. Baleias (P-58)
Iracema Sul(C. Mangaratiba)
Roncador IV (P-62)
Sapinhoá Norte (Cid. Ilhabela)
Papa-Terra (P-61+TAD)
Florim
Lula Alto
Lula CentralJúpiterLula Sul
(P-66)
Búzios I(P-74)
Lapa
Lula Norte (P-67)
Búzios II(P-75)
Lula Ext. Sul e CO Sul de Lula
(P-68)
Lula Oeste(P-69)
Búzios III(P-76)
Tartaruga Verde e Mestiça
Maromba I
Iara Horst(P-70)
Búzios IV(P-77)
Entorno de Iara(P-73)
NE de Tupi (P-72)
Iara NW (P-71)
Sul Pq. Baleias
ES ÁguasProfundas
Carcará
Espadarte III
SE ÁguasProfundas I
Búzios V
RevitalizaçãoMarlim I
SE ÁguasProfundas II
Libra
RevitalizaçãoMarlim II
Iracema Norte (Cid. Itaguaí)
On StreamBuiltOrderedUnder Bidding
+640kbpd +660kbpd +150kbpd +1000kbpd +900kbpd +1050kbpd Capacity added per year
3 MM bbl
Ramping Up New Systems
12
19651920
1846
19241892
1979
1888 1908
1979 1960 1957 19641917 1923 1926 1933
19752008
19961957
1893
19771925
2024
1932 1954
20251997 2012 2029
1990 2012 2017 20192078
2120
1700
1800
1900
2000
2100
2200
2300
2400
2500
2600
jan/13
feb/13
mar/1
3
apr/1
3
may/1
3
jun/13
jul/13
aug/1
3
sep/1
3
oct/1
3
nov/1
3
dec/1
3
jan/14
feb/14
mar/1
4
apr/1
4
may/1
4
jun/14
Main factors influencing 2Q14 oil production, as compared to 1Q14 Start-up of production for P-62 (Roncador)
Contribution from new wells for P-55 (Roncador), P-58 (Parque das Baleias) and FPSO Cidade de São Paulo (Sapinhoá).
Sustainable production growth (from 1,926 th. bpd in March to 2008 th. bpd in July), i.e., +82 th. bpd production throughout 2Q14.
1Q13: 1,910 2Q13: 1,931 3Q13: 1,924 4Q13: 1,960 1Q14: 1,922 2Q14: 1,972
2013 average: 1,931 kbpd
Cid. São PauloJan 6
Cid. ParatyJun 6
P-63Nov 12
Cid. ItajaíFeb 16
P-55Dec 31
P-58Mar 17
P-62May 12
PETROBRAS: OIL AND NGL PRODUCTION IN BRAZILNew units are now contributing to an accelerating ramp up - especially total operated production
13
19651920
1846
19241892
1979
1888 1908
1979 1960 1957 19641917 1923 1926 1933
19752008
20492103
1700
1800
1900
2000
2100
2200
2300
2400
2500
2600
jan/13
feb/13
mar/1
3
apr/1
3
may/1
3
jun/13
jul/13
aug/1
3
sep/1
3
oct/1
3
nov/1
3
dec/1
3
jan/14
feb/14
mar/1
4
apr/1
4
may/1
4
jun/14
jul/14
aug/1
4
sep/1
4
oct/1
4
nov/1
4
dec/1
4
Factors that support production growth: New systems: P-61/TAD (4Q14), FPSO Cidade de Ilhabela (4Q14) and FPSO Cidade de Mangaratiba (4Q14). Planned connection of 33 production wells in 2H14. 30 were connected in 1H14.
- PLSV FLEET INCREASE: 11 vessels in 1Q14, 13 in 2Q14, 16 in 3Q14 and 19 in 4Q14.- PRODUCTIVITY INCREASE: from 84 km / PLSV / year in 2Q13 to 114 km / PLSV / year in 2Q14 (+36%).- READINESS: Reduction in PLSV downtime: from 33% in 2Q13 to 31% in 2Q14 (-2 p.p.).
1Q13: 1,910 2Q13: 1,931 3Q13: 1,924 4Q13: 1,960 1Q14: 1,922 2Q14: 1,972
2013 average: 1,931 kbpd 2014 average: 2,075 kbpd ± 1%
P-61
TAD
Cid. Mangaratiba
Cid. Ilhabela
OIL AND NGL PRODUCTION IN BRAZIL - 2014 PROJECTIONProduction target of 7.5 (± 1 p.p.) maintained, as year end production offsets lower first half production
Cid. São PauloJan 6
Cid. ParatyJun 6
P-63Nov 12
Cid. ItajaíFeb 16
P-55Dec 31
P-58Mar 17
P-62May 12
14
Our critical resources needs are fulfilled
1) Rigs above 2000m, Sete Brasil rigs will largely replace current fleet 2) PLSV = Pipe Laying Support Vessel
Current fleet: 55 Current fleet: 40 Current fleet: 11
New Production Units New UDW Drilling Rigs¹above 2000m New PLSVs²
2
7
5
8
51
2
9
14
22
27 28
2014 2015 2016 2017 2018 2019 2020
3
5
9
2
8 8
1719 19 19 19
2014 2015 2016 2017 2018 2019 202023 1
7
6
92
5
5 6
13
19
28 3035
2014 2015 2016 2017 2018 2019 2020
15
17 22
28
3
64 64
27
55
Production Wells Expected to be Connected in 2014
New Production Wells in 2014 New Injection Wells in 2014
Connected Completed Drilled Total Connected Completed Drilled Total
In 2014, up to June, 30 wells connections were done with 30% more efficiency (km/PLSV/year) than in the last year.
Maintaining Existing
Systems
17
Main Operational Units
Vitória
ES
MG
Rio de Janeiro
RJ
PR
São Paulo
SP
100 km
Curitiba
SC
Campos Basin
Santos Basin
Parque das Baleias
Cangoá Peroá
CanapuGolfinho
Camarupim
Carapó
RoncadorAlbacora
MarlimBarracuda
Garoupa
CarapicuXerelete
Papa-Terra
MarombaCarataí
Pampo
IaraLibra
Ent. Iara
Búzios
Jupiter
PerobaSul de Lula
LulaIracemaParati
Lapa
Sagitário Florim
Bem-te-vi/CarcaráCaramba
Sapinhoá
S. Guará
Merluza
GuaiamáPiracucá
BaúnaPiracaba
TubarãoEstrela do Mar
CoralCaravela
Cavalo Marinho
Mexilhão CarapiáPirapitanga
Tambaú
Tambuatá
UO-SUL1 production units71 kbpd
UO-BS8 production units142 kbpd
UO-BC34 production units372 kbpd
UO-ES7 production units287 kbpd
UO-RIO17 production units840 kbpd
18
Program to Increase Operational Efficiency (PROEF)
488 455 452 442
418 389 390 389
355 382
428 413 408 405 374 357 370
312 335
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 Apr/14
With PROEFWithout PROEF
920
871 887 871 881 839
807 910
851 840 841 811 824
775
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 Apr/14
With PROEFWithout PROEF
Oil + NGL Production (kbpd)
Oil + NGL Production (kbpd)
73 68 71 76 76 74 75 77 77 81
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 Apr/14
92 91 89 94 91 93 92 94 95 96
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 Apr/14
Operational Efficiency(%)
Operational Efficiency(%)
UO-BCRecovering wells and subsea systems.
Total Expenditure*US$ 1,897 mmNPV*US$ 1,080 mmProduction gain:+43 kbpd in the 1Q14.
UO-RIOIntegrity improvement and optimization in the usage of resources.
Total Expenditure*US$ 3.2 mmNPV*US$ 1,340 mmProduction gain+15 kbpd in the 1Q14.
* By February 2014
19
Legacy Oil – accounts for 80% of the production target for 2014
0
0.5
1
1.5
2
2.5
2012 2013 2014
OIL POTENTIAL
(MM BPD
)
Reservoirs potential decline rate
SOURCE LARGEFIELDS
SMALLFIELDS
Onshore 5,3% 6,2%
Deep waters 12,0% 19,8%
Shallow waters 7,5% 12,1%
Decline Rates - CERA
CERA: Cambridge Energy Research AssociatesAuthors: Jackson/Eastwwod, 01/2012Deep waters = water depth > 300mLarge fields = reserves > 500 mm bbl
Decline rate1Q14 x 1Q13
10%
The control over the reservoirs decline rate ensures the oil
production forecast for the year
20
Average FX (R$/US$) 1.67 1.96 2.16 2.37 2.23 2.36% of costs in US$ 18 18 32 35 33 35
Oil production (th. bpd) 2,022 1,980 1,931 1,922 1,972 2,088Pre-salt production (th. bpd) 100 138 249 299 347 324
SPUs on stream 121 122 124 124 125 128Days of workovers (PROEF) 1,402 2,966 3,479 872 647 3,711
Higher productivity guaranteed the maintenance of lifting cost
11.3813.12 13.37 12.49 12.91 13.28
15.2413.80 14.76 15.02 14.96 14.33 14.15 14.57 14.16
19.0020.93
22.31 22.47 22.57
26.39
30.7928.33 29.49
31.2534.28
32.66 33.14 32.30 32.57
0
5
10
15
20
25
30
35
40
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 2014E
USD/boeBRL/boe
More operational activities with constant oil production;Stabilized unitary costs with a downward trend → increase in productivity and cost reduction
2011 Average:R$ 21.19 /boe
2012 Average:R$ 27.03 /boe
2013 Average:R$ 31.94 /boe
2011 Average:R$ 12.60 /boe
2012 Average:R$ 13.81 /boe
2013 Average:R$ 14.77 /boe
1H 2014:R$ 32.72 /boe
1H 2014:R$ 14.36 /boe
+10% +7% -3%
+28%
+18% +2%
Pre-salt Update
22
Rio de Janeiro
MGMG
The Pre-Salt Province
RJ
São Paulo
Curitiba
FPSOCapixaba1 p. well
P-481 p. well
P-533 p. wells
FPSO Cid.Angra dos Reis4 p. wells
FPSO Cid.Paraty
2 p. wells
FPSO DynamicProducer
1 p. well
FPSO Cid.Niterói1 p. well
FPSO Cid.São Vicente1 p. well
ConcessionTransfer of RightsProduction Sharing
P-581 p. well
FPSO Cid.Anchieta5 p; wells
FPSO Cid.São Paulo
2 p. wells
9 production units+ 2 EWT
22 productionwells (10 PPSBS,5 BC/RJ e 7 BC/ES)
23
Pre-Salt Production Highlights
Lula Nordeste Pilot on stream since June 2013 with only 1 production well
Campos Basin
Santos Basin
13686
4718
217
316
42
119
169
301
2008 2009 2010 2011 2012 2013 1H 2014
165
83
72
24
195
8
Monthly Production Average(kbpd) Daily Production Record
580 kbpd in August 23rd 2014
Cumulative productionAug/08 to Jun/14312 million bbl
9.014.8
Lula Petrobras E&P
Lifting Cost 2013 (US$/boe)
34
36
36
BAZ-04 (Baleia Azul)
LL-02 (Lula Pilot)
SPS-77 (Sapinhoá Pilot)
High Productivity Wells (kbpd - peak)
412
24
Pre-salt Drilling Activity in the Santos Basin Pre-salt Cluster
2 23
7
10 10
2122
Active Rigs
2 3 4 4 69 10 12
6
15
21
2 3 4 57
15
25
33
2006 2007 2008 2009 2010 2011 2012 2013
DevelopmentExploration
23 injection wells21 production wells
50 exploratory wells
* dryhole
25
168
125
98 98
78
2010 2011 2012 2013 2014Duration (days/well)
158
10289 86
64
2010 2011 2012 2013 2014Duration (days/well)
Drilling Completion (including WCT)
Wells Construction in Santos Pre-salt – Total Duration
-11% p.a. -15% p.a.
26
• Sail away by Jul/2014• 1st oil: 2H 2014• 150 kbpd oil• 6 MM m³/d gas• 8p + 7i wells
FPSO CIDADE DE ILHABELA – SAPINHOA NORTE (START-UP 3Q14)Next Santos pre-salt unit on schedule with topsides fabrication and integration in Brazil
27
• Sail away by Aug/2014• 1st oil: 2H 2014• 150 kppd oil• 8 MM m³/d gas• 8p + 7i wells
FPSO CIDADE DE MANGARATIBA IRACEMA SUL (4Q14)Santos pre-salt unit also being completed in Brazil and on schedule for production this year
28
2
Rio Grande Shipyard ERG1 – RS (april/14)(1) P-66 final hull construction activities at quay
– 1st hull for Pre-Salt fully built in Brazil –70% Local content;
(2) P-67 hull construction on dry dock: integration of mega blocks built in China;
(3) P-67 and P-69 mega blocks built in Rio Grande Shipyard.
1
3
3
P-66 PROGRESS AT THE RIO GRANDE SHIPYARDFirst hull completed, second hull being finalized
29
LibraFirst acreage bid under Production Sharing Contracts – ANP estimated volumes of ~8-12 billion BOE
ConcessionTransfer of RightsProduction Sharing
Libra
L1L1L3L3
L2L2
L4L4
L5L5L6L6 L7L7
L8L8
L9L9
L10L10
L11L11L12L12
L1L3
L2
L4
L5L6 L7
L8
L9
L10
L11L12
Unique Characteristics• Very thick Pre-salt reservoirs
up to 900 meters thick• Good reservoir quality
(porosity / permeability)• Light Oil (~ 27° API)
The Libra partnership offers a vast array of opportunities• Very strong oil companies• Integrated Project Team• Openness to new ideas
40% 20% 20% 10% 10%
Surplus Volumes of Transfer of
Rights
31
Field / Area Area (km2)Estimated and
Contractual Volume (bilion boe)
Drilled wells or in progress
Tested wells orwith tests in
progress
CO2 content ingas (%)
Lula 1,523 4.2 36 24 10 - 20%
Lula / área de Iracema 1.8 16 5 very low
Sapinhoá 233 .9 19 7 15 - 20%
Buzios 852 3.1 10 8 22 - 25%
Entorno de Iara 611 0.6 3 1 25 - 35%
NE Tupi 291 0.4 2 2 15 - 20%
Florim 292 0.5 2 1 very low
Sul de Lula 203 0.1 1 1 17%
Sul de Guará 145 0.3 1 0 15%
Libra 1,548 3.2 - 4.8 1 1 45%
• Transfer of Right Areas have high level of understanding, based on significant activities, with excellent results
• Technology, production, service and reservoir risks largely de-risked.
• Surplus volume projects can "replicate" Transfer of Rights projects, with large gains in learning curve and cost optimization
• SVToR volumes signify:• ~ 6 -9 years of producing 4.2 MM
barrels of Oil per day• Finding cost of $.46 – $.72 per
BOE versus $2.66 historical finding costs per BOE (lowering exploration capex by 22-$33 Bi.)
• Reduced need to participate in higher risk future bidding rounds
Leve
l of M
atur
ity o
f R
eser
voir
Know
ledge
Tran
sfer
ofRi
ghts
Surp
lus
9.8 to
15.2
billio
nbo
e
Tran
sfer
ofRi
ghts
EST. PRE- SALT VOLUMES (PETROBRAS ONLY)~ 24 -32 BIL. BOE*
*Volumes for concession areas are Petrobras estimates, TOR are contractual rights, PSC and SVToR are ANP estimates,
Conc
essio
nPS
C
32
Complying with regulations, Petrobras informed the ANP the estimates for volumes in Buzios, in the Declaration of
Commerciality, in Dec/13, indicating the expectation of up to7 billion boe in surplus volumes in this field (recoverable
volume of 10 billion boe)
AreasAdditional Volumes to the Transfer of Rights Contract from
9.8 to 15.2 billion boe, according to ANP(million boe)
Búzios Between 6,500 and 10,000
Entorno de Iara Between 2,500 and 4,000
Florim Between 300 and 500
Nordeste de Tupi Between 500 and 700
Source: CNPE Resolution N. 1, June, 24 2014.
Búzios Module 1 (transfer of rights) P-74: First Oil: 2016Capacity: 150 thousand barrels/day
Physical Progress (may/14): 55.5%
SURPLUS VOLUME TRANSFER OF RIGHTS AREAS (SVToR)(minimum exploratory program of ToR has confirmed additional volumes in the areas
33
201720162015 20272026202520142013 20242023 202820192018 20302029202220212020
US$ b
illion
Average ex-E&P Investments: US$ 10.6 billion/year Average ex-E&P Investments: US$ 3.8 billion/year
Petrobras ex-E&P investments in Brazil in the 2014-2018 BMP / 2030 Strategic Plan
Petrobras Total E&P Investments in Brazil in the 2014-2018 BMP / 2030 Strategic Plan
Investments in “Under Implementation” Portfolio + “Under Bidding process” Portfolio (Partnerships in the Premiums Refineries)
Average Investments in E&P: US$ 35 billion/yearPetrobras Average Production in Brazil: 2.9 million bpd
Average Investments in E&P: US$ 22.8 billion/yearPetrobras Average Production in Brazil: 3.7 – 4.2 million bpd
Num
bero
fpro
duct
ionp
latfo
rms/y
ear
+ +
SVToR IMPACT ON FUTURE PETROBRAS INVESTMENT SPENDING Reducing investments in the other segments while increasing investments in E&P in Brazil
THANK YOU!INFORMATIONInvestor Relations+55 21 3224-1510
petroinvest@petrobras.com.brwww.petrobras.com.br/ir