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Brazilian Pre-Salt & Libra Brazilian Pre-Salt & Libra: Overview, Initial Results & Bruno Moczydlower Remaining Challenges Petrobras | Libra Reservoir Manager SPE Brazil Section Chairman Disclaimer Forward-looking statements: Disclaimer The presentation may contain forward-looking statements about We undertake no obligation to publicly update or revise any future events within the meaning of Section 27A of the Securities forward-looking statements, whether as a result of new Act of 1933, as amended, and Section 21E of the Securities information or future events or for any other reason. Figures for Exchange Act of 1934, as amended, that are not based on 2014 on are estimates or targets. 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 All forward-looking statements are expressly qualified in their conditions, company performance and financial results. Such entirety by this cautionary statement, and you should not place terms as "anticipate", "believe", "expect", "forecast", "intend", reliance on any forward-looking statement contained in this "plan", "project", "seek", "should", along with similar or presentation. analogous expressions, are used to identify such forward- looking statements. Readers are cautioned that these statements are only projections and may differ materially from Non-sec compliant oil and gas reserves: actual future results or events. Readers are referred to the cautionary statement for us investors documents filed by the Company with the SEC, specifically the Company’s most recent Annual Report on Form 20-F, which We present certain data in this presentation, such as oil and gas identify important risk factors that could cause actual results to resources, that we are not permitted to present in documents differ from those contained in the forward-looking statements, filed with the United States Securities and Exchange including, among other things, risks relating to general economic Commission (SEC) under new Subpart 1200 to Regulation S-K and business conditions, including crude oil and other because such terms do not qualify as proved, probable or commodity prices, refining margins and prevailing exchange possible reserves under Rule 4-10(a) of Regulation S-X. 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. 2 Agenda 1. Brazilian Pre-Salt Overview Main Challenges & Technological Solutions Initial Results 2. Libra Overview Main Exploratory Data Information Acquisition Plan Main Technical Challenges & Opportunities Way Forward & Final Message 3 Agenda 1. Brazilian Pre-Salt Overview Main Challenges & Technological Solutions Initial Results 2. Libra Overview Main Exploratory Data Information Acquisition Plan Main Technical Challenges & Opportunities Way Forward & Final Message 4 Brazilian Pre-Salt Province CONCESSION (100%) BALEIA FRANCA (CAMPOS BASIN) BALEIA AZUL CONCESSION (SANTOS BASIN) PRODUCTION SHARING BMS-8 (Carcará) (66%) (10%) (10%) (14%) (30% (40%) BRAVA BMS-9 (Sapinhoá / Lapa) (45%) (25%) ONEROUS ) ASSIGNMENT (20%) TRACAJÁ (65%) (25%) (10%) BMS-10 (Parati) (20%) (65%) (25%) (10%) (100%) NAUTILUS BMS-11 (Lula-Iracema/ Iara) (10%) CARIMBÉ BMS-21 (Caramba) (80%) (20%) (10%) BMS-24 (Júpiter) (80%) (20%) BMC-33 BMS-50 (Sagitário) (60%) (20%) (20%) LIBRA IARA BÚZIOS SAGITÁRIO FLORIM IRACEMA ENTORNO DE IARA LULA NE DE TUPI JUPITER Santos Basin Pre-Salt Cluster CARCARÁ SUL DE LULA LAPA SAPINHOÁ SUL DE GUARÁ 5 Pre-Salt Size 6x City of Moscow Campos Basin 7,000 km2 (1.7 million acres) Santos Basin Pre-Salt 15,000 km2 (3.7 million acres) 6 A história geológica do PrePré--salSalt Geological History 164 MY 7 A história geológica do PrePré--salSalt Geological History 152 MY 8 A história geológica do PrePré--salSalt Geological History 130 MY 9 A história geológica do PrePré--salSalt Geological History 122 MY 10 A história geológica do PrePré--salSalt Geological History 108 MY 11 A história geológica do PrePré--salSalt Geological History 79 MY 12 A história geológica do PrePré--salSalt Geological History 49 MY 13 A história geológica do PrePré--salSalt Geological History Nowadays 14 Pre-Salt Reservoirs | Recent Analogs Recent Stromatolites Lagoa Salgada, RJ, Brazil Recent Stromatolites Shark Bay, Australia 15 Pre-Salt Reservoirs | Getting There 16 Petrobras Evolution | From Post-Salt to Pre-Salt 1st oil field OTC 1st FPSO OTC 1st comercial Well with found in Award Production Award discovery from thickest oil Campos Basin 1992 System 2001 Pre-Salt column (563m) 8 km Mount Everest 7 km 8,8 km 6 km 5 km 4 km 3 km 2 km 1 km 17 0 km Agenda 1. Brazilian Pre-Salt Overview Main Challenges & Technological Solutions Initial Results 2. Libra Overview Main Exploratory Data Information Acquisition Plan Main Technical Challenges & Opportunities Way Forward & Final Message 18 Four Main Technological Challenges Ultra-deep waters / long Ultra-deep waters D distance to shore (~300 km) Presence of contaminants C (CO2 and H2S) in the reservoirs Thick salt layer & very deep B reservoirs Very heterogeneous A carbonate reservoirs & seismic imaging complexity 19 Overall Strategy: Phased Development Phase 0 Phase 1 Operating Data acquisition production > 1MM bbl /d 2008/2013 2014/2020 • FPSO families • Exploratory and adapted to pre- appraisal wells salt scenario • EWTs • Standardization • Pilot systems • Repeatability 3 Pilot Projects 18 Definitive Systems 20 G&G / Reservoir . High density, full azimuth seismic acquisition (world record: 21,700 km²) . Intensive use of seismic atributes . Highly detailed characterization of poorly-known microbial carbonate reservoirs . Lab testing & numerical modelling of complex recovery mechanisms, such as WAG . First use of WAG in ultra-deep waters (2,200 m) . Flexible / robust drainage plans 21 Wells Engineering . High level standards for HSE . Learning curve approach in well design and construction . Adoption of 5th and 6th generation rigs . Intensive use of specialized vessels . High angle wells, build up in the salt layer . Water depth record (2,249 m) for a subsea well drilled with Pressured Mud-Cap Drilling (PMCD) . Intensive use of intelligent completion -12 wells with this system installed Moscow, Russia | 15-19 June, 2014 F03 – Deep water exploration and production 22 Flow Assurance . 9 ⅝’’ intelligent completion with down hole chemical injection . Adoption of thermal insulation to prevent wax . Subsea layout to mitigate hydrates formation . Operational success in the first WAG cycles in Lula Field 23 Subsea Engineering . Mix of rigid and flexible lines: qualification of new gathering systems for pre-salt scenario . Deepest flexible riser installed in Lula field (2,220 m) . New design for WAG manifold . Subsea flexibility for reservoir drainage plans . Development of pre-salt 10kpsi X-trees, with standard mechanical interfaces 24 Topside Facilities . Use of standards FPSO: VLCC hulls with maximum electric energy generation of 4 x 25 MW . Flexibility to handle variables concentration of contaminants (mainly CO2 and H2S) . CO2 separation and reinjection in the reservoir . Development of local suppliers 25 CAPEX (2014 – 2018) Total CAPEX Production Development + Exploration US$ 153,9 billions US$ 135,9 billions 18,0 12% 23,4 15% 53,9 40% 112,5 82,0 73% 60% Production Development Exploration Post Salt Concession Infrastructure & Support Pre Salt Onerous Assignment PSC (Libra) E&P Petrobras E&P Partners Total with Partners US$ 153,9 billions US$ 44,8 billions US$ 198,7 billions (77%) (23%) (100%) 26 Agenda 1. Brazilian Pre-Salt Overview Main Challenges & Technological Solutions Initial Results 2. Libra Overview Main Exploratory Data Information Acquisition Plan Main Technical Challenges & Opportunities Way Forward & Final Message 27 Main Results: Great Reduction of Average Well Construction Time Average construction time decreased by more than 60% since 2010 100% 80% Drilling Completion -60% -65% 60% 40% 20% 0% 2010 2011 2012 2013 2014 TIMELINE AND TECHNOLOGICAL MILESTONES 2010 2011 2012 2013 2014 First wells completed Mechanical completion for 2 intervals 28 28 Main Results: Great Reduction of Average Well Construction Time Average construction time decreased by more than 60% since 2010 100% 80% Drilling Completion -60% -65% 60% 40% 20% 0% 2010 2011 2012 2013 2014 TIMELINE AND TECHNOLOGICAL MILESTONES 2010 2011 2012 2013 2014 Bit Design, BHA (Bottom Hole Assembly) and Fluid Optimization First Results Achieved 29 29 Main Results: Great Reduction of Average Well Construction Time Average construction time decreased by more than 60% since 2010 100% 80% Drilling Completion -60% -65% 60% 40% 20% 0% 2010 2011 2012 2013 2014 TIMELINE AND TECHNOLOGICAL MILESTONES 2010 2011 2012 2013 2014 First Horizontal Well 30 30 Main Results: Great Reduction of Average Well Construction Time Average construction time decreased by more than 60% since 2010 100% 80% Drilling Completion -60% -65% 60% 40% 20% 0% 2010 2011 2012 2013 2014 TIMELINE AND TECHNOLOGICAL MILESTONES 2010 2011 2012 2013 2014 MPD/PMCD in Floating Rigs to drill in ultra- deep waters Intelligent Completion for 9 ⅝” casing 31 31 Main Results: Great Reduction of Average Well Construction Time Average construction time decreased by more than 60% since 2010 100% 80% Drilling Completion -60% -65% 60% 40%
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