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The Constant Pursuit of Petroleum Self Sufficiency Presentation to the FIESP 14Th International Energy Meeting August 5Th & 6Th, 2013

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The Constant Pursuit of Petroleum Self Sufficiency Presentation to the FIESP 14Th International Energy Meeting August 5Th & 6Th, 2013 World Petroleum Council The Global Forum for Oil and Gas Science, Technology, Economics and Management The Constant Pursuit of Petroleum Self Sufficiency Presentation to the FIESP 14th International Energy Meeting August 5th & 6th, 2013 Renato T Bertani President -World Petroleum Council CEO – Barra Energia Oil & Gas Pennsylvania, 1859 Total Depth: 21.2m or 69ft World Petroleum Council The Global Forum for Oil and Gas BE Business Model Science, Technology, Economics and Management In order to build a new Brazilian independent E&P company Barra Energia has adopted the following strategy: • Experienced and capable team • Initial capital commitment of US$ 1.2bn • Target high growth opportunities in proven petroleum basins • Strong relationships with stakeholders Pre-salt • Position as one of few mid- Barra Focus Area cap Brazilian independent E&P companies 2 World Petroleum Council The Global Forum for Oil and Gas Science, Technology, Economics and Management WPC Mission Algeria Indonesia Kenya Mexico Norway Poland Angola Iran Korea Morocco Oman Portugal Argentina Israel Kuwait Mozambique Pakistan Qatar Australia Japan Libya Netherlands Panama Romania Austria Kazakhstan Macedonia Nigeria Peru Russia Azerbaijan Saudi Arabia Bahrain WPC Member Countries Serbia Belgium Sierra Leone Brazil Slovakia Canada Slovenia China South Africa Colombia Spain Croatia Suriname Cuba Sweden Czech Thailand Denmark Trinidad & Egypt Tobago Finland Turkey France UK Gabon Uruguay Germany USA Hungary Venezuela MISSION India Vietnam The mission of the World Petroleum Council is to promote the sustainable development, production and consumption of oil, gas and other energy resources for the benefit of all World Petroleum Council The Global Forum for Oil and Gas Energy Consumption Drivers Science, Technology, Economics and Management 241qua BTU 500 qua BTU 670 qua BTU 1 toe = 40 mmBTU +35% Key Drivers •Demographics • Economic Development • Environment • Technology • Regulatory Framework Source: International Energy Agency, 2012 World Petroleum Council The Global Forum for Oil and Gas Industry Deliveries Science, Technology, Economics and Management World Oil Resources tn boe Sources: BP Statistical Review, 2012 * EIA, Energy Outlook 2011 1.66 1.7 USGS various assessments 1.35 1.25 1.00 1.0 Technology Innovation Capital 2000 Now * Excl Non Conv Cum Prod Reserves Resources World Petroleum Council The Global Forum for Oil and Gas The Oil Supply Challenge Science, Technology, Economics and Management Reliable & Affordable Supply Source: EIA AEOutlook 2013 REFERENCE CASE 112 88 Unconventional Growth: from 3.9 to 13.1mmbo/day in 2035 (4.6%) Main components: Canada oil sands 4.8 USA biofuels 2.2 Brazil biofuels 1.7 Venezuela extra heavy 1.4 Petroleum Liquids: conventional oil and condensate, tight oil, shale oil, extra heavy oil, natural gas liquids and refinery gains 6 Other Liquids: , biofuels, GTL, CTL and kerogen to liquids World Petroleum Council Opec and Non Opec Liquid The Global Forum for Oil and Gas Science, Technology, Economics and Management Production Changes Liquids: Conventional (oil, condensate, natural gas plant liquids, refinery gains) Source: EIA , International Energy Outlook Non-Conventional (oil sands, extra heavy oil, biofuels, GTL, CTL) Issue: October 2011 World Petroleum Council Pre-salt Province: The Global Forum for Oil and Gas Science, Technology, Economics and Management The Innovative Thinking Factor General Regional Geological Section - Santos Basin Barra’s portfolio is centered in NW SE 0 one of the most sought after Terc. Sup. Terc. Inf. exploration basins in the Mud Line 2,000 world Maastrict Post-salt Camp/San 4,000 Lula Unmatched petroleum system Salt Carioca components: Carcará Sag 6,000 Pre-salt Meters Rift phase rich source Rift rock 8,000 Rift and Sag thick 10,000 20 km limestone reservoirs Thick salt layer provides perfect seal Comparison of ten Largest Accumulations in Santos Basin Vs. Gulf of Mexico Local salt layer windows allow hydrocarbon upward 12 10,6 10,5 migration to post salt ) 10 Boe turbidites reservoirs 8 6,5 Bn 6 Pre-Salt Geologic success ratio 3,6 4 3,4 (discoveries highly likely to be 2,1 2.9 1,6 1,5 1,2 2 0,7 0,7 0,6 developed) ~75%, among the ( Volume 0,5 0,5 0,5 0,4 0,4 largest in any exploration play - Iara Lula Ursa Libra Mars Tahiti Stones Franco Jupiter Timber Carioca Kaskida St. Malo Sapinhoa Cernambi Great White KnottyHead ____________________ Source: : Company Information, Petrobras. Thunder Horse World Petroleum Council The Global Forum for Oil and Gas Sustainability Principles Science, Technology, Economics and Management Society Regulatory Principles Governance Principles • Remuneration of risk and capital, assuring shareholder’s long term return • Steady & transparent access to resources • Return of proportional share of wealth to • Stable and balanced contractual terms society • Clear HSE rules and rigorous enforcement • Safe operations with positive environmental • Promotion of local, yet globally competitive, impact goods and services • Ethics and transparency as part of the business model World Petroleum Council The Global Forum for Oil and Gas The Case for Self Sufficiency Science, Technology, Economics and Management • Brazil has a unique opportunity to become a key international energy player for many decades to come • Self sufficiency should not be an objective in itself • Self sufficiency, and more, will be a consequence of the right policies, investment and innovation World Petroleum Council The Global Forum for Oil and Gas Science, Technology, Economics and Management Responsibly Energising a Growing World We hope to see you at the 21st WPC in Moscow, June 15th – 19th, 2014 .
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