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Forward-looking statements:
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statements are only projections and may differ materially from Non-sec compliant oil and gas reserves:
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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
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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
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)
6
A história geológica do Pre-Salt
Pré-sal Geological History
164 MY
7
A história geológica do Pre-Salt
Pré-sal Geological History
152 MY
8
A história geológica do Pre-Salt
Pré-sal Geological History
130 MY
9
A história geológica do Pre-Salt
Pré-sal Geological History
122 MY
10
A história geológica do Pre-Salt
Pré-sal Geological History
108 MY
11
A história geológica do Pre-Salt
Pré-sal Geological History
79 MY
12
A história geológica do Pre-Salt
Pré-sal Geological History
49 MY
13
A história geológica do Pre-Salt
Pré-sal 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
Presence of contaminants
C (CO2 and H2S) in the
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
20
G&G / Reservoir
21
Wells Engineering
22
Flow Assurance
23
Subsea Engineering
24
Topside Facilities
25
CAPEX (2014 – 2018)
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)
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
28
28
Main Results: Great Reduction of Average Well Construction Time
29
29
Main Results: Great Reduction of Average Well Construction Time
First Horizontal
Well
30
30
Main Results: Great Reduction of Average Well Construction Time
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
Well construction
record: 92 days
Injector Well
Completion Design Simplification
Dual Derrick Rig Optimization
SESV for installing PAB and XT
32
32
Production from Pre-Salt Reservoirs Operated by Petrobras
500
Campos Basin
450
Pre-Salt first oil
Jubarte field (EWT)
400 P-34
350
300
250
200 Aug/14
CUMULATIVE
150
CAMPOS BASIN / RJ PRODUCTION
100 CAMPOS BASIN / ES
SANTOS BASIN
414
50
million
boe
0
sep/08
33
Production from Pre-Salt Reservoirs Operated by Petrobras
500
Santos Basin
450
Pre-Salt first oil
Lula field (Tupi lead) - EWT
400 FPSO BW Cid. São Vicente
350
300
250
200 Aug/14
CUMULATIVE
150
CAMPOS BASIN / RJ PRODUCTION
100 CAMPOS BASIN / ES
SANTOS BASIN
414
50
million
boe
0
may/09
34
Production from Pre-Salt Reservoirs Operated by Petrobras
500
Santos Basin
450
First definitive
400
production system
Lula field pilot
350 FPSO Cid. Angra dos Reis
300
250
200 Aug/14
CUMULATIVE
150
CAMPOS BASIN / RJ PRODUCTION
100 CAMPOS BASIN / ES
SANTOS BASIN
414
50
million
boe
0
dec/10
35
Production from Pre-Salt Reservoirs Operated by Petrobras
500
Sapinhoá Field
450
First Oil
FPSO Cid. São Paulo
400
350
300
250
200 Aug/14
CUMULATIVE
150
CAMPOS BASIN / RJ PRODUCTION
100 CAMPOS BASIN / ES
SANTOS BASIN
414
50
million
boe
0
jan/13
36
Production from Pre-Salt Reservoirs Operated by Petrobras
500
Lula NE Field
450
First Oil
FPSO Cid. Paraty
400
350
300
250
200 Aug/14
CUMULATIVE
150
CAMPOS BASIN / RJ PRODUCTION
100 CAMPOS BASIN / ES
SANTOS BASIN
414
50
million
boe
0
jun/13
37
Production from Pre-Salt Reservoirs Operated by Petrobras
500
Production
development of
450
Baleia Azul, Baleia
400 Franca and Jubarte
350 fields
P-58
300
250
200 Aug/14
CUMULATIVE
150
CAMPOS BASIN / RJ PRODUCTION
100 CAMPOS BASIN / ES
SANTOS BASIN
414
50
million
boe
0
mar/14
38
Time to Reach a Production of 500,000 bopd
40
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
41
Libra is Located Close to Búzios Field, in the Pre-Salt Area in
Santos Basin
About Libra...
• Libra area discovered in
2011
42
Libra Has an Area of ~1500km2, Equivalent to That of Houston
ES
MG
Equivalent to
Houston's area
RJ
Rio de Janeiro
São Paulo
Campos Basin
SP
PR
Curitiba
SC
100 km43
Florianopolis
Libra's Size Has Attracted a Lot of Attention
44
The Libra Partnership Offers a Vast Array of Opportunities
+• Collaborative environment
+ +• Multi-cultural partnership
+• Resources alignment
PPSA
45
Local Content is Required in Different Levels
Examples LC requirement
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
47
Libra's Reservoir Has Very Unique Characteristics
Low H2S High GOR (~440 m3/m3) High CO2 content (~44%)
48
Base of Salt | Structural Map (c.i. = 100m)
2-ANP-2A
Libra1 NW1
Libra2 C1
5 Km
49
Libra: Orders of Magnitude
600-900m: estimated reservoir thickness in the central area
2.000 to
2.500 m
509 m
1000 to
452 m
1.500 m
442 m
381 m
Up to
275 m
SALT 2.500 m
Up to
RESERVOIR 1000 m
SK46/48
92m
5450
5483m DIA
5500
SK44
87m
DST 1
5550
# Testo 1 5570m DPA
5600
Gross-pay = 329 m
# Testo 2
5650 150m
Net-pay = 277,9 m
5700
5720m Oil
Water N/G = 84,4 %
SK38
5750
5800 Øm = 14 %
5850 304m
Sw = 13 %
5900
5950
6000
51
Volumes
8 to 12 Bi bbls recoverable
52
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
53
Libra Project will Leverage Existing Knowledge of the Santos
Basin Pre-Salt Area
Wells
6 116
drilled
Wells
4 57
tested
Wells
0 36
completed
EWTs 0 9
Operating
0 3
Prod. Systems
Phase 0 Phase 1
Operating
Data acquisition
production > 1MM bbl/d
2014/2020 2021/2030
55
Exploration / Appraisal Strategy | Preliminary
56
EWTs: Reduction of Uncertainty by Understanding Dynamic
Behavior is Crucial to Optimize Final Production Systems
1 production and 1
injection well
57
We are Moving Ahead Quickly: First View on Preliminary Libra Full
Field Exploration and Development
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4
FPSOs L1 (Pilot)
L2 L3 L4 L5 L6 L7 L8 L9 L10 L11 L12
Declaration of commerciality
58
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
59
Reservoir (1/2)
Characterization challenges:
Inversion and 4D studies
Heterogeneities understanding and incorporation in the 3D geologic model
Better understanding of the coquinas, mainly regarding sweep efficiency
61
Wells (1/2)
Contaminants content require special metallurgy (SDSS), but there is a high local
content requirement as well (new materials?)
Use MPD system in large scale, minimizing impacts in the durations and maintaining
the highest HSE standards
62
Wells (2/2)
63
Flow Assurance
Asphaltenes
Higher risks due to gas reinjection
It may be necessary to keep pwf above a limit pressure
Continuous downhole injection of inhibitor
Scaling
CaCO3 and sulfates deposition risks
Mitigation: injection of desulfated water, continuous scaling inhibitor injection,
remote squeeze
Hydrates
Higher risks in case of WAG application
Mitigation: thermal insulation / specific operational procedures
Wax
Mitigation: risers and flowlines thermal insulation
Pressure and GOR management – minimize deposition in the risers
Frequent pigging may be needed
64
Subsea
Potential increase in risers and flowlines diameters (higher flow rates, manifolds)
WAG: separated lines for gas and water injection and operational issues – hydrates, multiple
control systems
65
Surface Facilities
66
Surface Facilities | Key Points
67
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
68
After ~ 40 Production Systems Come into Stream in Brazil
Until 2020, Local Supplier Capacity Will Turn to Libra
Petrobras Oil and NGL production curve in Brazil The Libra decade
1,0
13 14 15 16 17 18 19 20
4.2
Multiplex
completions
3.2
million bopd
+7,5%
+- 1%
1.93
70
The Way Forward to 2020 | Petrobras Oil Production
Ocean 4.2
bottom
sensors for
seismic
imaging
3.2
million bopd
+7,5%
+- 1%
1.93
71
The Way Forward to 2020 | Petrobras Oil Production
Advanced 4.2
membrane
materials for
CO2 separation
from natural gas
3.2
million bopd
+7,5%
+- 1%
1.93
72
The Way Forward to 2020 | Petrobras Oil Production
Subsea
processing:
Subsea
Separation and
SSGL Pumping
BMSHA
2020-2030
2020 2030
73
The Way Forward to 2020 | Petrobras Oil Production
2020-2030
2020 2030
74
The Way Forward to 2020 | Petrobras Oil Production
Laser drilling
2020-2030
2020 2030
75
The Way Forward to 2020 | Petrobras Oil Production
2020-2030
2020 2030
76
Technological Park in Rio de Janeiro
CENPES
77
Acknowledgements
PPSA
78
78
Final Message