Drilling Deeper Petrobras
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Transcript of Drilling Deeper Petrobras
The majorPetrobras Deepwaters Projects
The majorPetrobras Deepwaters Projects
Marcos AssayagEquipment &Logistics Project Manager
Petrobras E&P London OfficeAberdeen – Scotland - March 15th, 2012
Marcos AssayagEquipment &Logistics Project Manager
Petrobras E&P London OfficeAberdeen – Scotland - March 15th, 2012
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.
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.
CAUTIONARY STATEMENT FOR US INVESTORS
DISCLAIMERDISCLAIMER
SummarySummary
Major Production Development Projects: pre-salt and post-salt scenarios
Recent results in E&P
Petrobras Overview
Production Development Strategy
Main Challenges
Final remarks
Demands of Goods and Services
SummarySummary
Major Production Development Projects: pre-salt and post-salt scenarios
Recent results in E&P
Petrobras Overview
Production Development Strategy
Main Challenges
Final remarks
Demands of Goods and Services
Exploration and Production
•2.4 mm boed production
• 576 Concession Areas
• 318 production fields
•91.2% of Brazilian production
• 20% of global DW and UDW production
RTM (incl. Petrochemicals)
• 12 refineries (Brazil)
•2.0 mm bbld refining capacity
• 11.2 mty materials nominal capacity (1)
Distribution
• 7,485 service stations
•39.2% share of distribution volume
•20% share of service stations
Gas and Power
• 9,251 km of pipelines
• Participation in 21 of the 27 gas discos in Brazil
• 5,806 MW of generation capacity
International
• 28 countries
• 0.7 Bn boe of 1P(SPE)
• 245 thous. boedproduction
• 231 thous. bbl/d refining capacity
•Petrochemicals, Gas & Power activities
Biofuels
• 3 new Biodiesel Plants
• Ethanol: Opening new markets
•The largest national producer of biodiesel
• The 3rd national producer of Ethanol
Note: (1) Through Braskem and Quattor
2011 Proven Reserves (SPE)16.412 billion boe
Shallow Water(0-300m)8%
Ultra-Deep Water(>1,500m)34%
Deep Water(300-1,500m)
50%Onshore8%
Number of Employees: 81,918
Petrobras Overview:Fully Integrated across the Hydrocarbon Chain
32%
49%
19%
Outras Descobertas Águas Profundas
New Discoveries 2005‐2010
(33,989 million bbl)
Source: PFC Energy
BRAZIL LEADERSHIP IN RECENT DISCOVERIESDeep‐water discoveries in Brazil represent 1/3 of the worldwide discoveries in the last 5 years
BRAZIL LEADERSHIP IN RECENT DISCOVERIESDeep‐water discoveries in Brazil represent 1/3 of the worldwide discoveries in the last 5 years
• In the last 5 years, more than 50% of the new discoveries (worldwide) were made in deep waters. Brazil alone accounts for 62% of these discoveries.
• Projections indicate that as Brazil develops these newly discovered reserves, it will lead non‐OPEC supply growth in the coming decades
Other Discoveries Deep‐Waters
Net Changes in Non‐OPEC Productive Capacity Between Now and 2030 for Non‐OPEC Countries
Million barrels pe
r day
Brazil(62% of deep waters discoveries)
100
5
8
8
9
10
12
12
13
15
15
45
0 20 40 60 80 100
Others
ENI/Agip
ConocoPhillips
CNOOC
Total
Anadarko
Chevron
BP
ExxonMobil
StatoilHydro
Shell
Petrobras
FPSO Semi Spar TLP Other
1977Enchova410ft125m
1988Marimbá1,610ft491m
1994Marlim3,370ft1,027m
1997Marlim Sul5,600ft1,707m
2003Roncador6,180ft1,884m
2009Lula
7,125ft2,172m
Deepwater Production2010 Gross Global Operated¹
Offshore Production Facilities
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)
Long history of technological and operational
leadership in deepwater
Long history of technological and operational
leadership in deepwater
53%
33%
8%2%1%2%1%
E&PRTCG&EPetrochemicalsDistributionBiofuelsCorp. Projects
127.5(*) 70,6
13.25,1
2,53,52,8
US$ 224.7 billions
Investment Plan by Business Segment2011 / 2015
Investment Plan by Business Segment2011 / 2015
6%
57%
31%
• 5% of investments will be made overseas, 87% of which in E&P.
• Obs: HSEE (US$ 4.2 bi), IT (US$ 2.7 bi), Technology (US$ 4.6 bi), Logistics (US$ 17.4 bi) and Maintenance & Infrastructure (US$ 20.6 bi)
Annual investments of more than US$ 4 billion in exploration
Investments of US$ 12.4 billion related to the transfer of rights areas in 2011‐15
Pre‐Salt
US$ 53.4 billion
Post‐Salt
US$ 64.3 billion
17%
65%
Production Development
18%Exploration
Infrastructure68%
Other areasTransfer of Rights
26%Pre‐salt
6%
Exploration
Production Development
Pre‐salt37%
Transfer of Rights
Other areas48%
15%
E&P investments in Brazil: US$117.7 bn
Note: Pre‐salt includes Basins in Santos, Campos and Espírito Santo
TOTAL E&P INVESTMENTS IN BRAZIL2011-15 BUSINESS PLAN
TOTAL E&P INVESTMENTS IN BRAZIL2011-15 BUSINESS PLAN
SummarySummary
Major Production Development Projects: pre-salt and pos-salt scenarios
Recent results in E&P
Petrobras Overview
Production Development Strategy
Main Challenges
Final remarks
Demands of Goods and Services
VISIONIncrease 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:
Allocate 65% of Capex to Production development.
Deliver 19 major growth projects, adding capacity of 2.3million bpd.
Drilling of more than 1,000 offshore wells, of these 30% is exploratory and 70% is production development.
In 2020, the pre‐salt production will correspond to 40.5% of the oil production in Brazil.
STRATEGYSustainable development of hydrocarbon reserves
STRATEGYSustainable development of hydrocarbon reserves
SummarySummary
Major Production Development Projects: pre-salt and pos-salt scenarios
Recent results in E&P
Petrobras Overview
Production Development Strategy
Main Challenges
Final remarks
Demands of Goods and Services
BW Cidade de São Vicente• Well RJS‐647 AreaEarly Production System
BW Cidade de Angra dos Reis• Lula Pilot
FPSOs currently Operating in Pre-Salt clusterFPSOs currently Operating in Pre-Salt cluster
Prodution: 10,500 bpd
Prodution: 66,000 bpd
Santos Basin Pre Salt Cluster:Current Production: 76,500 bpd
Mar/2012
SummarySummary
Major Production Development Projects: pre-salt and post-salt scenarios
Recent results in E&P
Petrobras Overview
Production Development Strategy
Main Challenges
Final remarks
Demands of Goods and Services
1.855 1.971 2.004
321 317 334 435
618
1.120
111 132 144141
180
246
2.100
99 9693 96
125
142
2008 2009 2010 2011 2015 2020
Oil Production‐ Brazil Natural Gas Production ‐ Brazil Oil Production ‐ International Natural Gas Production ‐ International
2,386 2,516
6,418
3,993
1,148543
Pre-SaltMM boe
/day
2,772
845Transfer of Rights
13
+10 Post‐Salt Projects
+8 Pre‐Salt Projects
+1 Transfer of Rights
Added Capacity
Oil: 2,300,000 bpd
2,575
Note: Does not include non‐Consolidated International Production.
Pre‐salt and Transfer of Rights will represent 69% of the additional capacity up to 2020;
Pre‐Salt participation in the total oil production will enhance from the current 2% to 18% in 2015 and 40.5% in 2020.
3,070
4,910
PRODUCTIONWith broad access to new reserves, Petrobras can more
than double its production in the next decade
PRODUCTIONWith broad access to new reserves, Petrobras can more
than double its production in the next decade
+12 Post‐Salt Projects
+15 Pre‐Salt Projects
+8 Transfer of Rights
5% a.y
9% a.y
WHAT IS PRE‐SALT?WHAT IS PRE‐SALT?
Corcovado
Total depth from5,000 to 7,000 meters
Salt layer more than 2,000 meters thick.
Pre‐Salt LayerNew Exploratory Frontier
Water depths that canexceed 2,000 meters
Post‐Salt LayerFocus up to 2006
Large Oil CarbonaticReservoirs
Once upon a time ...Once upon a time ...
N
Total area: 149.000 km² Area already under concession: 45.625 km ² (30,6 %)
Area with Petrobras interest: 39.625 km ² (26,6%) Area without Petrobras interest: 6.000 km² (4%)
Area not under concession : 103.385 km ² (69,40%)
200 km
LULA
300km
L ≈ 800 kmW ≈ 200 km
WhalePark
PRE SALT PROVINCEPRE SALT PROVINCE
DEVELOPMENT OF PRE-SALTAll first-phase units under construction or being contracted
DEVELOPMENT OF PRE-SALTAll first-phase units under construction or being contracted
Significant production increase
After 2017
Phase 1b
Production > 1 MM bbl in 2017
2013/2017
• Guará Pilot
• Lula NE Pilot
• Guará N
• Cernambi S
• 8 definitive production systems (replicant)
• 4 production units in the Transfer of Rights area
Phase 1a
2008/2013
Phase 0
3 FPSOs in operation3 FPSOs in operation
In operation (only 4years after discovery)In operation (only 4years after discovery)
Already contracted(start‐up in 2012 and 2013)
Already contracted(start‐up in 2012 and 2013)
Hulls already contracted (conversion in the Inhaúma shipyard)
Hulls already contracted (conversion in the Inhaúma shipyard)
Under construction (hulls being built in the Rio Grande shipyard) + topsides
under bid
Under construction (hulls being built in the Rio Grande shipyard) + topsides
under bid
1st already contracted and 2nd being negotiated (start‐up in 2014)
1st already contracted and 2nd being negotiated (start‐up in 2014)
Acquisition of information
• Appraisal wells
• Extended well tests
• Lula Pilot
• Accelerated innovation
• Intensive use of new technologies specifically developed for pre‐salt conditions
Petrobras R&D Centre - Basic Design
Pre-Salt Replicating FPSO’s - 8 (eight)Pre-Salt Replicating FPSO’s - 8 (eight)
Module Function Module Function
01 CO2 Compression 02 Flare Systems
03 CO2 Removal & HCDP 04 Exportation Gas Compression
05 Gas Dehydration & Fuel Gas 06 Main Gas Compression
07 Gas Injection 08 Oil Processing
09 Production Manifold 10 Oil Proc & Produced Water
11 Water Inject. & Sulphate Removal 12 Topsides Utilities
13 Automation and Electrical 14 Lay Down Area
15 Power Generation 16 Power Generation
Basic Design by Petrobras Research
Center, CENPES
- Length: 288 m- Hull breadth: 54 m- Hull height: 31,5 m- Max Draft: 23,2 m- Accommodation: 110 persons- Cargo Capacity: 1.600.000 bbl- Offloading: 1.000.000 bbl/d- Live Time: 25 years- Power Generation: 4 TG’s (4 x 25 MW)- Oil and Gas Capacity: 150.000 bopd Oil, 6 MM nm³/d de Gas (Max)
PRE-SALT FPSOs Main CharacteristicsPRE-SALT FPSOs Main Characteristics
TOTAL: 8 Units
CO2 separation by membranes, newapplication in offshore projects by PETROBRAS;
Reservoirs with high CO2 content and the presence of H2S;
Dehydration of the gas through molecular sieves, technology applied by PETROBRAS only in onshore units;
Compression and injection of gas at high pressures (approximately 550 kgf/cm2);
Compression and exportation of gas rich in CO2 at high pressures (approximately 300 ~ 550 kgf/cm2);
Pre-Salt – Topsides - FeaturesPre-Salt – Topsides - Features
o 2 Jack-ups under construction (P-59 and P-60) in São Roque (BA)o Inclusion of 900 new suppliers per year in Petrobras' Corporate Vendor List; o 13 new shipyards currently under construction, raising the total number to 50*;
Recently built platform: P-57: BrasFels – RJ
Capacity: 180 thous. boe/day Delivered two months ahead of schedule
8 FPSOs (Pre-salt - P-66; P-67; P-68; P-69; P-70; P-71; P-72; P-73 ): Ecovix – Rio Grande (RS)
P-61: Brasfels (RJ)P-62: Jurong (ES) / EASP-74, P-75, P-76 & P-77: Inhaúma (RJ)
P-63: QUIP (RS)
FPSO Cidade de Paraty: Brasfels (RJ) - modules and integrationFPSO Cidade de São Paulo: Brasfels (RJ) - modules and integration
Under Construction:
Under Construction:
PLATFORM CONSTRUCTIONJoint ventures with foreign shipbuilders
creating additional shipyard capacity
PLATFORM CONSTRUCTIONJoint ventures with foreign shipbuilders
creating additional shipyard capacity
P-55: Estaleiro Atlântico Sul – PE (hull) /QUIP- RS (modules)P-58: QUIP–RS , UTC Engenharia S/A – RJ e EBE – RJ.
*Source: Sinaval – Executive Summary -2011, Jan.
P-56: Brasfels (RJ)
Reduction in the complexity of the projects, using standard solutions
Contributing for the consolidation of Brazil as a supplying hub with international competitive level
Using international engineering patterns and metrics (KPIs) in our facility projects
Simplification and Standardization
Competitiveness/ Sustainability
Brazilian ContentTechnological & Engineering
Drivers
24
SummarySummary
Major Production Development Projects: pre-salt and pos-salt scenarios
Recent results in E&P
Petrobras Overview
Production Development Strategy
Main Challenges
Final remarks
Demands of Goods and Services
Import
ACTION ROUTESGOODS AND SERVICES SUPPLY
Current Demand Future Demand
National Industry
Import
Expansion of
Capacity of National
Supply of Goods
and Services
1. Expand production capacity of high competitiveness sectors (Innovation)
2. Developing the competitiveness of middle competitiveness sectors (process quality and Innovation)
3. Encourage the development of new national entrants
4. Encourage association of domestic and foreign companies
NATIONAL COMPETITIVE SUPPLY OF GOODS & SERVICESADEQUACY OF NATIONAL SUPPLIER ESTATE
NATIONAL COMPETITIVE SUPPLY OF GOODS & SERVICESADEQUACY OF NATIONAL SUPPLIER ESTATE
5. Encourage the installation of foreign companies in Brazil
LOCAL CONTENT ACHIEVEMENTSHigh level of local content already in place
LOCAL CONTENT ACHIEVEMENTSHigh level of local content already in place
Jubarte Development P‐57 65% Local Content
Roncador Development P‐5468% local content
Marlim Sul development P‐56 73% local content
▲Relevance Considering Topside Facilities Costs.
Supplying Topside Facilities – Major GapsSupplying Topside Facilities – Major Gaps
3
4
56
6
8
8
Supplying Subsea Facilities – Major GapsSupplying Subsea Facilities – Major Gaps
71
2
3
▲ Relevance considering Production Development Costs(*) e (**) Special Alloys
8
Special alloys for tubing, casings and pipelines (13 Cr, Super 13 Cr, Duplex, Super Duplex);
Carbon steel coated with Inconel 625 (pipes to process vessels).
Some lines are in carbon steel with internal coating organic
316 stainless steel and 9% Nickel Steel.
Pressure vessels: super duplex stainless steel
Heat exchangers: super duplex stainless steel or Titanium plates
Obs.: The use of these materials is associated with high levels of CO2 found in Pre Salt fields and also the presence of H2S.
Materials with local supply constraintMaterials with local supply constraint
Opportunities for the marine industryOpportunities for the marine industry
Construction of Production, Drilling
and Completion Rigs in Brazil
Design and construction of hulls
Construction of several topsides modules
Hull and topsides integration
Supply boats
Maintenance and inspection of the fleet
Equipment for Drilling and Production Units Boats and safety equipment
Equipment for cargo handling
Pressure vessels
Motors, compressors and turbines
Several valves
Development for special
applications Special metallurgy resistant to
high pressures and CO2
Anchoring system with polyester
cables
Industrial pipes
Opportunities for the equipment industryOpportunities for the equipment industry
Growing demand for specialized services Design and construction of Natural Gas Processing Plants
Maintenance and inspection of subsea equipment
Project Management
Maintenance of large machines
Great Logistics Needs Different transportation alternatives
Cargo Transportation
Technologies and supply facilities
Technology and stock management
Specialized Human Resources Certification and training
Opportunities for the supply servicesOpportunities for the supply services
SummarySummary
Major Production Development Projects: pre-salt and pos-salt scenarios
Recent results in E&P
Petrobras Overview
Production Development Strategy
Main Challenges
Final remarks
Demands of Goods and Services
Pre-salt Technological ChallengesPre-salt Technological Challenges
Reservoir characterization
Recovery Process
Well Construction
Flow Assurance
Logistics
Materials
Gas and CO2 Handling
Heterogeneous layered carbonateVariable reservoir quality
Offshore Logistics Main ChallengesOffshore Logistics Main Challenges
HUBFluido e SalmouraHUB
Diesel
HUBFluido e Salmoura
HUBFluido e Salmoura
HUBDiesel
UEPs fora de escala
Provide the necessary infrastructure- Construction of seaports- Construction of airports- Construction of warehouses
Use of Logistic Hubs- Diesel hub- Passengers hub- Fluids hub
Improve visibility and confidence - Operators spent reasonable percentage of their time trying to get information about the status of their requests - Implement to cargo track and trace technologies throughout the supply chain
Logistics Expected Growth - 30% in 2 years - 100% in 5 -7 years
32
None of the challenges mentioned is obstacle for pre-salt production development, but instead, a
good opportunity for optimization of the cost effectiveness of the projects.
Major Pre-Salt Ultra-deepwaters projects
SummarySummary
Major Production Development Projects: pre-salt and pos-salt scenarios
Recent results in E&P
Petrobras Overview
Production Development Strategy
Main Challenges
Final remarks
Local Content
The Post-Salt Projects are of paramount importance for the
production growth and will help fund the development of
Pre-Salt fields;
Petrobras has a worldwide recognized deepwater experience
to address technical and commercial challenges for Pre-salt
appraisal and development;
A new way to design and implement mega offshore project is
required to comply with Petrobras business plan;
Pre-Salt started production on May 2009, with a steep ramp-
up on the following years.
Final Remarks (1)Final Remarks (1)
33
Petrobras’s strategy of “Extended Well Test” followed by a “Pilot System” and a “Phased Development” has been shown suitable in reducing the capital exposure and increasing the operational flexibility;
There are huge opportunities for already installed and newcomers. Brazilian supply chain should be strengthened;
In order to carry out such portfolio, Petrobras is looking forward to establishing stable long term business relationships with all available companies that are willing to invest in Brazil in a sustainable basis.
Final Remarks(2)Final Remarks(2)
34