America General Meeting - 2nd Quarter 2009

FPSO Update for NOIA 2012 Fall Meeting Chinook

Gas Export Gregory D. Roland Regulatory Compliance Area Manager Petrobras America Inc. October, 2012

Cascade 1 Petrobras America General Meeting - 2nd Quarter 2009 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.

2 Petrobras America General Meeting - 2nd Quarter 2009 History

3 Petrobras America General Meeting - 2nd Quarter 2009

More History

• 1891 – 1896 Ohio and California • 1900 – , Texas and Louisiana • Drilled on platforms, not too far from shore • 1947 - Approximately 50 years pass – out of sight of land • Need for storage or pipelines.... • Going farther out, the more the technology has to increase • Floating rigs / facilities

4 Petrobras America General Meeting - 2nd Quarter 2009

FPSO

Floating Production Storage and Offloading

5 Long PetrobrasHistory America of Technological General Meeting - 2nd Quarter and 2009 Operational Leadership in Deepwater

6 Petrobras America General Meeting - 2nd Quarter 2009

Cascade and Chinook Field History (1996 Lease Sale)

Year Cascade Chinook

2002 1 Discovery Well 2003 1 Discovery Well 2005 2 Appraisal Wells 2006 Petrobras Operator 2009 2 Wells 2010 1 Well 2012 1 Well Producing 1 Well Producing 2nd Well by end of year 2nd Well drilling

7 Petrobras America General Meeting - 2nd Quarter 2009 Cascade and Chinook Location & Infrastructure

200,000 400,000 600,000 800,000 1,000,000 1,200,000 1,400,000 1,600,000 1,800,000 2,000,000 2,200,000 2,400,000 2,600,000 2,800,000 3,000,000 3,200,000 3,400,000 11,200,000 11,200,000 FLORIDA ALABAMA MISSISSIPPI LOUISIANA 11,000,000 11,000,000

MISSISSIPPI SOUND TEXAS PENSACOLA CHANDELEUR SOUND MOBILE ADDN. 30°00'N

CHANDELEUR SOUND CHANDELEUR CHANDELEUR E. ADDN 10,800,000 10,800,000

BRETON SOUND DESTIN DOME SABINE PASS SABINE PASS MAIN PASS MAIN PASS S.& E. ADDNS

WEST CAMERON SOUTH MARSH ISLAND N. ADDN

10,600,000 VIOSCA KNOLL 10,600,000 EAST CAMERON BAY MARCHAND HIGH ISLAND VERMILION SOUTH PASS WEST DELTA SOUTH PASSE. ADDN WEST CAMERON GRAND ISLE W. ADDN SOUTH PELTO HIGH ISLAND EUGENE ISLAND E. ADDN SOUTH MARSH SHIP SHOAL ISLAND SOUTH PASS WEST DELTA S. ADDN GALVESTON SOUTH TIMBALIER S. ADDN 10,400,000 10,400,000 DE SOTO CANYON

GRAND ISLE BRAZOS S. ADDN MISSISSIPPI CANYON

WEST CAMERON SOUTH MARSH SOUTH TIMBALIER S. ADDN EAST CAMERON VERMILION ISLAND SHIP SHOAL S. ADDN HIGH ISLAND S. ADDN S. ADDN S. ADDN EUGENE ISLAND S. ADDN S. ADDN HIGH ISLAND S. ADDN E. ADDN MATAGORDA ISLAND GALVESTON S. EXT 10,200,000 S. ADDN EWING BANK 10,200,000 28°00'N BRAZOS S. ADDN

MUSTANG ISLAND E. ADDN MUSTANG ISLAND LLOYD RIDGE 10,000,000 ATWATER VALLEY 10,000,000 GREEN CANYON GARDEN BANKS EAST BREAKS

CORPUS CHRISTI

NORTH PADRE NORTH PADRE ISLAND ISLAND 9,800,000 E. ADDN 9,800,000 Cascade & HENDERSON PORT ISABEL LUND ALAMINOS CANYON KEATHLEY CANYON WALKER RIDGE 9,600,000 SOUTH PADRE 9,600,000 SOUTH PADRE ISLAND ISLAND E. ADDN Chinook 26°00'N

FLORIDA PLAIN 9,400,000 LUND SOUTH 9,400,000 SIGSBEE ESCARPMENT AMERY TERRACE

200,000 400,000 600,000 800,000 1,000,000 1,200,000 1,400,000 1,600,000 1,800,000 2,000,000 2,200,000 2,400,000 2,600,000 2,800,000 3,000,000 3,200,000 3,400,000 96°00'W 94°00'W 92°00'W 90°00'W 88°00'W

8 CascadePetrobras and America Chinook General Meeting Phased - 2nd Quarter 2009 Development Phase 1

• 2 Wells from Cascade & 1 from Chinook; • Subsea X-Trees, Manifolds, Pumps, Flowlines and Risers; • Gas exported by Pipeline and Oil by Shuttle –Tanker.

Phase 1 Configuration

Potential Phases 2 & 3 • Up to 6 wells on Cascade & 7 on Chinook; • Subsea Trees and Manifolds; • Replacement of the FPSO; • Oil Export: Shuttle Tanker vs. Pipeline.

Option for Phase 3 9 Petrobras America General Meeting - 2nd Quarter 2009 Cascade and Chinook Well Drilling and Completion Rigs

2008 2008 2009

Ocean Endeavor West Sirius Discover Deep Seas Diamond Offshore Drilling Seadrill Limited Transocean Ltd.

10 Petrobras America General Meeting - 2nd Quarter 2009 Drilling and Completion of new Wells

2011 1st Quater2012 2011

ENSCO – Mendocino VANTAGE - Titanium Explorer Drill Ship Drill Ship

11 Petrobras America General Meeting - 2nd Quarter 2009

SUBSEA INNOVATIONS 1.- First pull-in of umbilicals using subsea winch operated by ROVs 2.- Deepest pipe-in-pipe flowlines 3.- Deepest gas export pipeline (8,200 ft) 4.- Deepest subsea boosting system (8,800 ft)

12 Petrobras America General Meeting - 2nd Quarter 2009 Cascade and Chinook Wave Buoy Installation and Operation

Wave Buoy on deck

13 Petrobras America General Meeting - 2nd Quarter 2009 Deepest and Highest Pressure Rated Riser | Free Standing Hybrid Risers (8200 ft)

4 Production Risers 1 Gas Export Riser

14 Petrobras America General Meeting - 2nd Quarter 2009 Buoy Disconnection

Should a hurricane come her way, the FPSO can disconnect from the subsea structures and go to safe waters

15 15 Petrobras America General Meeting - 2nd Quarter 2009 Subsea Installation Vessels

Technip - Olympic Technip - Deep Blue Subsea 7 Seven Seas Challenger

Hereema Balder Veolia – Viking Poseidon

16 ShuttlePetrobras Tanker America GeneralConstruction Meeting - 2nd Quarter 2009 in Philadelphia

Shuttle Launching

17 Petrobras America General Meeting - 2nd Quarter 2009 Shuttle Tanker Overseas Cascade

Shipping in the Gulf of Mexico Part of BP’s Macondo Operation

First use of purpose-built Jones Act ShuttleTankers in the USA

18 Petrobras America General Meeting - 2nd Quarter 2009

Vessel Name: BW Pioneer Length - 794 ft Processing Capacity – 80,000 Barrels/day Storage Capacity – 500,000 BBL Production: February 2012 FPSO/ Floating Production, Storage and Offloading First FPSO in the US Gulf of Mexico Deepest Floating Production19 System in the World (8200 ft) e cannot currently be displayed. Petrobras America General Meeting - 2nd Quarter 2009 CASCADE AND CHINOOK Main Highlights

1. First FPSO in the US Gulf of Mexico. 2. Deepest floating production system (8,200 ft). 3. First use of Purpose-built Jones Act shuttle tankers in the US. 4. First pull-in of umbilicals using subsea winch operated by ROV’s. 5. Deepest and highest pressure rated free standing hybrid risers (8,200 ft at 10,000 psi). 6. Deepest pipe-in-pipe flowline (8,800 ft). 7. Deepest subsea boosting system (8,800ft). 8. Deepest gas export pipeline (8,200 ft). 9. First single trip multi-zone – Frac Pack System application (3 zones) in deep wells (27,000 ft).

20 PetrobrasSAFET America General Meeting - 2nd Quarter 2009 FIRST Y Over 3 million man- hour without a Lost Time Incident

21 Petrobras America General Meeting - 2nd Quarter 2009 FPSO BW PIONEER

22 Petrobras America General Meeting - 2nd Quarter 2009 FPSO BW PIONEER

23 Petrobras America General Meeting - 2nd Quarter 2009

Thank you.

Chinook

Gas Export

Gregory D. Roland Regulatory Compliance Area Manager Petrobras America Inc. October, 2012

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