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Brazilian-Pre-Salt-Update-Citibank-Global-Energy-and-Utilities-Conference-Boston

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Petrobras
Petrobras

Brazilian Pre-Salt Update Citibank Global Energy and Utilities Conference - Boston Mauro Yuji - Gerente de Planejamento do Pré-Sal

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Brazilian Pre-Salt Update Mauro Yuji Hayashi E&P-PRESAL Planning Manager May/2014
Agenda 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 Disclaimer
Agenda 3rd Largest Oil Producer, and 5th Largest Oil&Gas Producer Petrobras Highlights OILANDGASPRODUCTION (millionbarrelsperday) OILPRODUCTION (kbd,Thousands)
Agenda 20 17 15 15 14 13 13 12 10 9 0 5 10 15 20 25 Reserve/ProductionYears 721% 176% 175% 145% 126% 112% 102% 99% 79% 49% 0% 200% 400% 600% 800% Reserve Reposition Index 4th best relation Reserve/Production, and 5th best Reserve Reposition Index Petrobras Highlights
Agenda 2nd Biggest Oil Reserve Petrobras Highlights
Agenda The Largest Industry CAPEX Petrobras Highlights
Agenda BMP 2014-2018 US$ 220.6 billion 38.7 (18%) 153.9 (70%) Distribution Biofuels Downstream Other Areas 1International Gas and Energy Engineering, Technology and Materials E&P 2.2 (1%) 1.0 (0.4%) 2.7 (1.2%) 2,3 (1.0%) 9.7 (4%) 10.1 (5%) 112,5 (73%) 18,0 (12%) 23,4 (15%) E&P - US$ 153.9 bilhões Production Development + Exploration US$ 135.9 billion 53,9 (40%) 82,0 (60%) Production Development Exploration Infrastructure and Support Pre-Salt Post-Salt Petrobras Investments – 2014-2018 BMP Pre-Salt (Concession) Transfer of Rights PSA (Libra)
AgendaBrazilian Pre-Salt
Brazilian Pre-Salt Province
Agenda Rio de Janeiro Curitiba ES MG PR São Paulo RJ 100 km Brazilian Pre-Salt Province Curitiba Florianopolis Vitória ES MG SC 100 km RJ PR São Paulo SP Santos Basin Campos Basin BRAVA TRACAJÁ CARIMBÉ NAUTILUS BALEIA AZUL BALEIA FRANCA BMC-33 (100%) CONCESSION (CAMPOS BASIN) PRODUCTION SHARING TRANSFER OF RIGHTS (100%) (40%) (20%) (20%) (10%) (10%) CONCESSION (SANTOS BASIN) (10%) (10%) (14%) (30%) (25%) (65%) (25%) (10%) (65%) (25%) (10%) (80%) (20%) (80%) (20%) BMS-8 (Carcará) BMS-9 (Sapinhoá / Lapa) BMS-10 (Parati) BMS-11 (Lula-Iracema/ Iara) BMS-21 (Caramba) BMS-24 (Júpiter) (66%) (45%) (60%) (20%) (20%)BMS-50 (Sagitário) SUL DE GUARÁ SUL DE LULA NE DE TUPI ENTORNO DE IARA FLORIM BÚZIOS LIBRA CARCARÁ IRACEMA SAGITÁRIO LULA IARA CARAMBA LAPA JUPITER SAPINHOÁ
Agenda Rio de Janeiro Curitiba Florianopolis ES MG PR SC São Paulo SP RJ 100 km Pre-Salt - Size Campos Basin 7,000 km2 (1.7 million acres) SP 650 US GoM Blocks Santos Basin Pre-Salt 15,000 km2 (3.7 million acres)
AgendaMain Results: Excellent exploratory success 46 discoveries in 14 months (jan/13 to feb/14): 24 offshore discoveries 14 in the Pre-Salt Exploratory Success in 2013 in the Pre-salt 100% Petrobras as operator
Agenda • High resolution seismic • Suitable geological and flow model • New materials • New subsea systems • CO2 separation and reinjection Main results: technology is no longer an issue
Agenda Reduction of drilling time From 134 to 60 days (2006/2013) Main Results: Wells Learning Curve 55% 134 days 60 days 109 days: drilling + completion record (2013) Pre-Salt Province TOTAL • 171 wells (until Feb/14)
Agenda 3 8 24 72 83 165 181 8 18 47 86 136 214 0 30 60 90 120 150 180 210 240 270 300 330 360 390 420 2008 2009 2010 2011 2012 2013 2014 (March) Daily Production Average Santos Basin (kbpd) Campos Basin (kbpd) 169 395 16 42 Production Record: 444 kbpd in April 18th 2014 3 119 301 Sep/2008 Mar/2014328 million boe Cumulative Production 16 19 9 8 Campos Basin Gulf of Mexico North Sea Pre-Salt Pre-Salt achieved 400 kbpd in 8 years Main Results: 400+ kbpd production
AgendaAfter 8 years ... 34 36 36 BAZ-04 (Baleia Azul) LL-02 (Lula Pilot) SPS-77 (Sapinhoá Pilot) *Lula NE Pilot on stream from jun/13 to dec/13, connected to just one production well 9,0 14,8 Lula* Petrobras E&P Lifting Cost 2013 (US$/boe) High Productivity Wells (kbpd at peak) 13 13 13 17 15 16 21 23 25 10 15 20 25 2012 2013 2014 Campos Basin - RJ Campos Basin - ES Santos Basin* Average Weels Productivity (kbpd) 5 Weels 8 Weels 4 Weels 6 Weels 9 Weels 6 Weels 5 Weels 12 Weels 9 Weels Number of contributors weels* *Excluding EWTs, because their production are limited to gas burn restrictions. Feb/13 Jun/12 Feb/14
AgendaMain Results: 11 FPSOs and 23 production wells on stream Reference: Mar/2014 P-48 1 production well P-53 3 production wells FPSO Capixaba 2 production wells FPSO Cid. Anchieta 5 production wells FPSO Cid. Angra dos Reis 4 production wells FPSO Cid. Paraty 2 production wells FPSO Cid. São Paulo 2 production wells FPSO Dynamic Producer 1 production well FPSO Cid. Niterói 1 production wells FPSO Cid. São Vicente 1 production well P-58 1 production well
Agenda FPSO Dynamic Producer FPSO Cidade de São Vicente EWTs Period Block Lula Apr/09 - Dec/10 BM-S-11 Lula NE Apr/11 - Nov/11 BM-S-11 Iracema S Feb/12 - Oct/12 BM-S-11 Sapinhoá N Jan/13 - May/13 BM-S-9 Lula Sul Nov/13 – Apr/14 BM-S-11 EWTs Period Block Sapinhoá Dec/10 - Jul/11 BM-S-9 Carioca NE Oct/11 - Feb/12 BM-S-9 Lula Central Oct/13 – Apr/14 BM-S-11 EWT’s 6 more to come (2014-2015)
Agenda Lula Pilot First Oil: Oct/2010 Discovery + 4 yearsFPSO Cidade de Angra dos Reis Pilot Projects
Agenda Sapinhoá Pilot First Oil: Jan/2013 Discovery + 5 yearsFPSO Cidade de São Paulo Pilot Projects
Agenda Lula NE Pilot 1st Oil: Jun/2013 Discovery + 7 yearsFPSO Cidade de Paraty Pilot Projects
AgendaMeanwhile in Campos Basin... Baleia Azul First Oil: Set/12 First FPSO fully dedicated to Pre-Salt in Campos Basin Discovery + 4 yearsFPSO Cidade de Anchieta
AgendaOne more … Norte Parque das Baleias On stream since March 17th 180 kbpd oil 8 MM m3 gas 15P + 9I wellsP-58
Agenda Buoyancy Supported Risers 1 Sapinhoá Pilot 2 wells producing • 1st well (SPS-77) producing since February 18th • 2nd well (SPH-04) producing since April 3rd • 2 more wells to be connected in 2014 On going ... BSR1 on location (2013)
Agenda Buoyancy Supported Risers 2 Lula NE Pilot Already installed • 70% reduction of installation period (165 to 50 days) • 1st well (LL-22) 1st oil May 2014 • 3 more wells to be connected in 2014 Ballasting of BSR2 (Dec/2013) On going ...
Agenda Buoyancy Supported Risers 3 Sapinhoá Pilot Already installed FPSO Cid. São Paulo, PLSV 7Seas and BSR 3 (Feb/2014) • End of the first SCRs installation expected by Q2 On going ...
AgendaOn going ... Buoyancy Supported Risers 4 Lula NE Pilot End of installation expected by Q2
Agenda Arriving at Brasa Yard – Dec/2013 Apr/2014 On going ... FPSO Cidade de Ilhabela Sail away by Jul/2014 Sapinhoá Norte (Santos Basin) 1st oil: Q3, 2014 150 kbpd oil 6 MM m³/d gas 8p + 7i wells
Agenda FPSO Cidade de Mangaratiba Sail away by Aug/2014 On going ... Brasfels Yard – Aug/2013 Apr/2014 150 kppd oil 8 MM m³/d gas 8p + 7i wells Iracema Sul (Santos Basin) 1st oil: Q4, 2014
AgendaMore to come 150 kbpd oil 8 MM m³/d gas 8p + 9i wells Iracema Norte (Santos Basin) 1st oil: Q4, 2015 FPSO Cidade de Itaguaí
Agenda 150 kbpd oil 6 MM m³/d gas 10p + 8i wells Lula Alto (Santos Basin) 1st oil: 2016 FPSO Cidade de Maricá More to come
Agenda 150 kbpd oil 6 MM m³/d gas 10p + 9i wellsFPSO Cidade de Saquarema Lula Central (Santos Basin) 1st oil: 2016 More to come
Agenda 8 New build FPSOs (Replicants) First: Lula Sul 1st oil: 2016P-66 More to come
Agenda P-74 4 Converted FPSOs First: Búzios 1 1st oil: 2016 More to come
AgendaThe Way Ahead Oil Production (BMP 2014-2018) Petrobras Share and Pre-Salt Contribution 2013 2014 2015 2016 2017 2018 2019 2020 4.2 Sapinhoá Pilot Lula NE Pilot MMbpd 52% 1.93 7% 3.2 Increase in 2014: 7,5% ± 1p.p. Lula Ext. Sul e CO de Sul de Lula Lula Oeste Búzios III Iara Horst Búzios IV Iracema Norte Norte Pq. Baleias Sapinhoá Norte Iracema Sul Lula Alto Lula Central Lula Sul Búzios I Lapa Lula Norte Búzios II Júpiter Búzios V Florim Libra NE de Tupi Iara NW Sul Pq. Baleias Carcará Entorno de Iara
Agenda Citi Research Global Oil Vision PBR IRR Break-even Brent Oil price (US$/boe) Competitive break-even and high return 1st quartile Market Insight
AgendaTeam Work For more information: Investor relations www.petrobras.com.br/ri +55 21 3224-1510 petroinvest@petrobras.com.br

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Brazilian-Pre-Salt-Update-Citibank-Global-Energy-and-Utilities-Conference-Boston

  • 1. Brazilian Pre-Salt Update Mauro Yuji Hayashi E&P-PRESAL Planning Manager May/2014
  • 2. Agenda 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 Disclaimer
  • 3. Agenda 3rd Largest Oil Producer, and 5th Largest Oil&Gas Producer Petrobras Highlights OILANDGASPRODUCTION (millionbarrelsperday) OILPRODUCTION (kbd,Thousands)
  • 4. Agenda 20 17 15 15 14 13 13 12 10 9 0 5 10 15 20 25 Reserve/ProductionYears 721% 176% 175% 145% 126% 112% 102% 99% 79% 49% 0% 200% 400% 600% 800% Reserve Reposition Index 4th best relation Reserve/Production, and 5th best Reserve Reposition Index Petrobras Highlights
  • 5. Agenda 2nd Biggest Oil Reserve Petrobras Highlights
  • 6. Agenda The Largest Industry CAPEX Petrobras Highlights
  • 7. Agenda BMP 2014-2018 US$ 220.6 billion 38.7 (18%) 153.9 (70%) Distribution Biofuels Downstream Other Areas 1International Gas and Energy Engineering, Technology and Materials E&P 2.2 (1%) 1.0 (0.4%) 2.7 (1.2%) 2,3 (1.0%) 9.7 (4%) 10.1 (5%) 112,5 (73%) 18,0 (12%) 23,4 (15%) E&P - US$ 153.9 bilhões Production Development + Exploration US$ 135.9 billion 53,9 (40%) 82,0 (60%) Production Development Exploration Infrastructure and Support Pre-Salt Post-Salt Petrobras Investments – 2014-2018 BMP Pre-Salt (Concession) Transfer of Rights PSA (Libra)
  • 10. Agenda Rio de Janeiro Curitiba ES MG PR São Paulo RJ 100 km Brazilian Pre-Salt Province Curitiba Florianopolis Vitória ES MG SC 100 km RJ PR São Paulo SP Santos Basin Campos Basin BRAVA TRACAJÁ CARIMBÉ NAUTILUS BALEIA AZUL BALEIA FRANCA BMC-33 (100%) CONCESSION (CAMPOS BASIN) PRODUCTION SHARING TRANSFER OF RIGHTS (100%) (40%) (20%) (20%) (10%) (10%) CONCESSION (SANTOS BASIN) (10%) (10%) (14%) (30%) (25%) (65%) (25%) (10%) (65%) (25%) (10%) (80%) (20%) (80%) (20%) BMS-8 (Carcará) BMS-9 (Sapinhoá / Lapa) BMS-10 (Parati) BMS-11 (Lula-Iracema/ Iara) BMS-21 (Caramba) BMS-24 (Júpiter) (66%) (45%) (60%) (20%) (20%)BMS-50 (Sagitário) SUL DE GUARÁ SUL DE LULA NE DE TUPI ENTORNO DE IARA FLORIM BÚZIOS LIBRA CARCARÁ IRACEMA SAGITÁRIO LULA IARA CARAMBA LAPA JUPITER SAPINHOÁ
  • 11. Agenda Rio de Janeiro Curitiba Florianopolis ES MG PR SC São Paulo SP RJ 100 km Pre-Salt - Size Campos Basin 7,000 km2 (1.7 million acres) SP 650 US GoM Blocks Santos Basin Pre-Salt 15,000 km2 (3.7 million acres)
  • 12. AgendaMain Results: Excellent exploratory success 46 discoveries in 14 months (jan/13 to feb/14): 24 offshore discoveries 14 in the Pre-Salt Exploratory Success in 2013 in the Pre-salt 100% Petrobras as operator
  • 13. Agenda • High resolution seismic • Suitable geological and flow model • New materials • New subsea systems • CO2 separation and reinjection Main results: technology is no longer an issue
  • 14. Agenda Reduction of drilling time From 134 to 60 days (2006/2013) Main Results: Wells Learning Curve 55% 134 days 60 days 109 days: drilling + completion record (2013) Pre-Salt Province TOTAL • 171 wells (until Feb/14)
  • 15. Agenda 3 8 24 72 83 165 181 8 18 47 86 136 214 0 30 60 90 120 150 180 210 240 270 300 330 360 390 420 2008 2009 2010 2011 2012 2013 2014 (March) Daily Production Average Santos Basin (kbpd) Campos Basin (kbpd) 169 395 16 42 Production Record: 444 kbpd in April 18th 2014 3 119 301 Sep/2008 Mar/2014328 million boe Cumulative Production 16 19 9 8 Campos Basin Gulf of Mexico North Sea Pre-Salt Pre-Salt achieved 400 kbpd in 8 years Main Results: 400+ kbpd production
  • 16. AgendaAfter 8 years ... 34 36 36 BAZ-04 (Baleia Azul) LL-02 (Lula Pilot) SPS-77 (Sapinhoá Pilot) *Lula NE Pilot on stream from jun/13 to dec/13, connected to just one production well 9,0 14,8 Lula* Petrobras E&P Lifting Cost 2013 (US$/boe) High Productivity Wells (kbpd at peak) 13 13 13 17 15 16 21 23 25 10 15 20 25 2012 2013 2014 Campos Basin - RJ Campos Basin - ES Santos Basin* Average Weels Productivity (kbpd) 5 Weels 8 Weels 4 Weels 6 Weels 9 Weels 6 Weels 5 Weels 12 Weels 9 Weels Number of contributors weels* *Excluding EWTs, because their production are limited to gas burn restrictions. Feb/13 Jun/12 Feb/14
  • 17. AgendaMain Results: 11 FPSOs and 23 production wells on stream Reference: Mar/2014 P-48 1 production well P-53 3 production wells FPSO Capixaba 2 production wells FPSO Cid. Anchieta 5 production wells FPSO Cid. Angra dos Reis 4 production wells FPSO Cid. Paraty 2 production wells FPSO Cid. São Paulo 2 production wells FPSO Dynamic Producer 1 production well FPSO Cid. Niterói 1 production wells FPSO Cid. São Vicente 1 production well P-58 1 production well
  • 18. Agenda FPSO Dynamic Producer FPSO Cidade de São Vicente EWTs Period Block Lula Apr/09 - Dec/10 BM-S-11 Lula NE Apr/11 - Nov/11 BM-S-11 Iracema S Feb/12 - Oct/12 BM-S-11 Sapinhoá N Jan/13 - May/13 BM-S-9 Lula Sul Nov/13 – Apr/14 BM-S-11 EWTs Period Block Sapinhoá Dec/10 - Jul/11 BM-S-9 Carioca NE Oct/11 - Feb/12 BM-S-9 Lula Central Oct/13 – Apr/14 BM-S-11 EWT’s 6 more to come (2014-2015)
  • 19. Agenda Lula Pilot First Oil: Oct/2010 Discovery + 4 yearsFPSO Cidade de Angra dos Reis Pilot Projects
  • 20. Agenda Sapinhoá Pilot First Oil: Jan/2013 Discovery + 5 yearsFPSO Cidade de São Paulo Pilot Projects
  • 21. Agenda Lula NE Pilot 1st Oil: Jun/2013 Discovery + 7 yearsFPSO Cidade de Paraty Pilot Projects
  • 22. AgendaMeanwhile in Campos Basin... Baleia Azul First Oil: Set/12 First FPSO fully dedicated to Pre-Salt in Campos Basin Discovery + 4 yearsFPSO Cidade de Anchieta
  • 23. AgendaOne more … Norte Parque das Baleias On stream since March 17th 180 kbpd oil 8 MM m3 gas 15P + 9I wellsP-58
  • 24. Agenda Buoyancy Supported Risers 1 Sapinhoá Pilot 2 wells producing • 1st well (SPS-77) producing since February 18th • 2nd well (SPH-04) producing since April 3rd • 2 more wells to be connected in 2014 On going ... BSR1 on location (2013)
  • 25. Agenda Buoyancy Supported Risers 2 Lula NE Pilot Already installed • 70% reduction of installation period (165 to 50 days) • 1st well (LL-22) 1st oil May 2014 • 3 more wells to be connected in 2014 Ballasting of BSR2 (Dec/2013) On going ...
  • 26. Agenda Buoyancy Supported Risers 3 Sapinhoá Pilot Already installed FPSO Cid. São Paulo, PLSV 7Seas and BSR 3 (Feb/2014) • End of the first SCRs installation expected by Q2 On going ...
  • 27. AgendaOn going ... Buoyancy Supported Risers 4 Lula NE Pilot End of installation expected by Q2
  • 28. Agenda Arriving at Brasa Yard – Dec/2013 Apr/2014 On going ... FPSO Cidade de Ilhabela Sail away by Jul/2014 Sapinhoá Norte (Santos Basin) 1st oil: Q3, 2014 150 kbpd oil 6 MM m³/d gas 8p + 7i wells
  • 29. Agenda FPSO Cidade de Mangaratiba Sail away by Aug/2014 On going ... Brasfels Yard – Aug/2013 Apr/2014 150 kppd oil 8 MM m³/d gas 8p + 7i wells Iracema Sul (Santos Basin) 1st oil: Q4, 2014
  • 30. AgendaMore to come 150 kbpd oil 8 MM m³/d gas 8p + 9i wells Iracema Norte (Santos Basin) 1st oil: Q4, 2015 FPSO Cidade de Itaguaí
  • 31. Agenda 150 kbpd oil 6 MM m³/d gas 10p + 8i wells Lula Alto (Santos Basin) 1st oil: 2016 FPSO Cidade de Maricá More to come
  • 32. Agenda 150 kbpd oil 6 MM m³/d gas 10p + 9i wellsFPSO Cidade de Saquarema Lula Central (Santos Basin) 1st oil: 2016 More to come
  • 33. Agenda 8 New build FPSOs (Replicants) First: Lula Sul 1st oil: 2016P-66 More to come
  • 34. Agenda P-74 4 Converted FPSOs First: Búzios 1 1st oil: 2016 More to come
  • 35. AgendaThe Way Ahead Oil Production (BMP 2014-2018) Petrobras Share and Pre-Salt Contribution 2013 2014 2015 2016 2017 2018 2019 2020 4.2 Sapinhoá Pilot Lula NE Pilot MMbpd 52% 1.93 7% 3.2 Increase in 2014: 7,5% ± 1p.p. Lula Ext. Sul e CO de Sul de Lula Lula Oeste Búzios III Iara Horst Búzios IV Iracema Norte Norte Pq. Baleias Sapinhoá Norte Iracema Sul Lula Alto Lula Central Lula Sul Búzios I Lapa Lula Norte Búzios II Júpiter Búzios V Florim Libra NE de Tupi Iara NW Sul Pq. Baleias Carcará Entorno de Iara
  • 36. Agenda Citi Research Global Oil Vision PBR IRR Break-even Brent Oil price (US$/boe) Competitive break-even and high return 1st quartile Market Insight
  • 37. AgendaTeam Work For more information: Investor relations www.petrobras.com.br/ri +55 21 3224-1510 petroinvest@petrobras.com.br