Upload
dangthien
View
218
Download
0
Embed Size (px)
Citation preview
The image part with relationship ID rId22 was not found in the file.
Jefferies 2012 Global Energy Conference
Pedro Augusto BonesioPetrobras America CFO
November 2012
2
Disclaimer
The presentation may contain forward-looking statements aboutfuture events within the meaning of Section 27A of the Securities Actof 1933, as amended, and Section 21E of the Securities Exchange Actof 1934, as amended, that are not based on historical facts and arenot assurances of future results. Such forward-looking statementsmerely reflect the Company’s current views and estimates of futureeconomic circumstances, industry conditions, companyperformance and financial results. Such terms as "anticipate","believe", "expect", "forecast", "intend", "plan", "project", "seek","should", along with similar or analogous expressions, are used toidentify such forward-looking statements. Readers are cautioned thatthese statements are only projections and may differ materially fromactual future results or events. Readers are referred to thedocuments filed by the Company with the SEC, specifically theCompany’s most recent Annual Report on Form 20-F, which identifyimportant risk factors that could cause actual results to differ fromthose contained in the forward-looking statements, including, amongother things, risks relating to general economic and businessconditions, including crude oil and other commodity prices, refiningmargins and prevailing exchange rates, uncertainties inherent inmaking estimates of our oil and gas reserves including recentlydiscovered oil and gas reserves, international and Brazilian political,economic and social developments, receipt of governmentalapprovals and licenses and our ability to obtain financing.
We undertake no obligation to publicly update or revise anyforward-looking statements, whether as a result of newinformation or future events or for any other reason. Figuresfor 2012 on are estimates or targets.
All forward-looking statements are expressly qualified intheir entirety by this cautionary statement, and you shouldnot place reliance on any forward-looking statementcontained in this presentation.
NON-SEC COMPLIANT OIL AND GAS RESERVES:
CAUTIONARY STATEMENT FOR US INVESTORS
We present certain data in this presentation, such as oil andgas resources, that we are not permitted to present indocuments filed with the United States Securities andExchange Commission (SEC) under new Subpart 1200 toRegulation S-K because such terms do not qualify as proved,probable or possible reserves under Rule 4-10(a) ofRegulation S-X.
FORWARD-LOOKING STATEMENTS
PETROBRAS TODAYFully integrated across the hydrocarbon chain
15,71 billion boe
Shallow Water(0-300m)8%
Ultra-Deep Water(>1,500m)34%
Deep Water(300-1,500m)50%
Onshore8%
• 2.4 mm boed production
• 494 Concession Areas
• 303 production fields
• 90% of Brazilian production
• 20% of global DW and UDW
production
Exploration and Production
• 12 refineries (Brazil)
• 2.0 mm bpd refining capacity
• 11.2 mty materials nominal
capacity
Downstream
• 7,485 service stations
• 39.2% share of distribution
volume
• 20% share of service stations
Distribution
• 9,251 km of pipelines
• Participation in 21 of the 27
gas discos in Brazil
• 5,806 MW of generation
capacity
Gas and Power
• 28 countries
• 0.7 Bn boe of 1P(SPE)
• 245 th. boed production
• 231 th. bpd refining capacity
• Petrochemicals, Gas & Power
activities
International
• 3 new Biodiesel Plants
• Ethanol: Opening new
markets
• Largest domestic producer of
biodiesel
• 3rd producer of Ethanol in
Brazil
Biofuels
35.4
19.3
30.6
43.4
-1.6
11.0
4.1
-6.9-0.2
0.9
1.4
3.6
1.4
1.1
1.3
1.3
0.2
1.1
2.1
3.0
E&P RTM* G&P Distribution International
2008 2009 2010 2011(3) (3)(2) (2)
(1) Excludes Corporate and Elimination (2) Adjusted according average exchange rate (3) IFRS USD
Adjusted EBITDA per Segment (US$ bn) (1) 2011 Proven Reserves (SPE Criteria) - Brazil
3
The image part with relationship ID rId8 was not found in the file.
COMPTETITIVE ADVANTAGESUniquely positioned to integrate upstream and downstream operations
• Leader in deep-water production, with access to abundant oil reserves
• New exploratory frontier, adjacent to existing operations
• Dominant position in growing market, far from other refining centers
•Balance and integration between production, refining and demand
• Fully developed infrastructure for processing and transfporting gas
• Integration accross full energy and hydrocarbon chain in Brazil
Exploration & Production Downstream Gas & Power/ Biofuels/Petrochemicals
Abundant reserves 300 km away from the market
4
The image part with relationship ID rId8 was not found in the file.
-
5,000
10,000
15,000
20,000
25,000
30,000
Onshore 0-300m 300-1500m > 1500m Pre-salt's Recovery Volume Transfer of Rights
* Lula/Iracema, Iara, Guará and Whales Park, ranging from 7.3 to 8.5 Billion boe
RESERVES AND RECOVERABLE VOLUMESRapid growth in reserves from discoveries in deep waters
Million boe
GaroupaNamorado
Marlim
Roncador
Whales Park, Mexilhão
Pre-salt: Lula andIracema
15,70 Bi boe
CarmópolisGuaricema
Pre-salt: Sapinhoá
Shallow-water
Proved Reserves – SPE criteria
5
The image part with relationship ID rId19 was not found in the file.
95% 69% 42%
5%30%
28%1%
19%
12%
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Post-salt Pre-salt (Concession) Transfer of Rights New Discoveries*
PRODUCTION CURVE IN BRAZIL - OIL AND LNGPost-Salt, Pre-Salt and Transfer of Rights
Tho
usan
ds b
pd
Production Curve in Brazil – Oil and LNG Production
(*) Includes new opportunities in blocks where discoveries have already been found
2014
Norte Pq. Baleias (P-58)
Roncador IV (P-62)
Sapinhoá Norte (Cid. Ilhabela)
Iracema Sul(Cid. Mangaratiba)
2016
Lula Alto
Lula Central
Lula Sul
Franco 1
Carioca 1
Lula Norte
Franco 2
2012
Baleia Azul(Cid. Anchieta)
Baúna e Piracaba(Cid. Itajaí)
2013
Piloto Sapinhoá(Cid. São Paulo)
Piloto Lula NE (Cid. Paraty)
Papa-Terra (P-61 e P-63)
Roncador III (P-55)
2015
Iracema Norte
2017
Lula Ext. Sul
Iara Horst
NE Tupi
Carimbé
Aruanã
Iara NW
Franco 3
2018
Franco 4
Sul de Guará
Júpiter
Carcará
Sul Pq. Baleias
Franco 5
Espadarte I
2020
Espadarte III
Florim
2019
Maromba
Bonito
Entorno de Iara
2,022
2,500
4,200
Stable Prod. (± 2%) 4-6% p.y. Growth
6
The image part with relationship ID rId19 was not found in the file.
Project Capacity 1st Oil HullTop Side /Integration
Local Content
Commit. Target
Baleia AzulFPSO Cid. Anchieta
100 kbpd Sep/2012 ExistingSBM
Cingapura0% 44%
Baúna and PiracabaFPSO Cid. Itajaí
80 kbpd Dec/2012Jurong
CingapuraOdebrecht and Teekay
Cingapura60% 81%
Sapinhoá Pilot FPSO Cid. São Paulo
120 kbpd Jan/2013Cosco Shipyard
ChinaSchahin/Modec
Brasfels30% 50%
Lula NE Pilot FPSO Cid. Paraty
120 kbpd May/2013Keppel Shipyard
CingapuraQGOG/SBMBrasfels
30% 30%
Papa-TerraP-63
140 kbpd July/2013Cosco Shipyard
ChinaQuip
Rio Grande0% 65%
Roncador Module III P-55
180 kbpd Sep/2013EASBrasil
QuipRio Grande
0% 65%
Papa-TerraP-61
NaturalGas
Oct/2013FloatecBrasfels
FloatecBrasfels
0% 65%
Parque das BaleiasP-58
180 kbpd Jan/2014Queiróz GalvãoRio Grande
Queiróz GalvãoRio Grande
0% 58%
Roncador Module IV P-62
180 kbpd Mar/2014Camargo Corrêa/IESA
EASCamargo Corrêa/IESA
EAS0% 65%
Sapinhoá Norte FPSO Cid. Ilhabela
150 kbpd Sep/2014QGOG/SBM
ChinaQGOG/SBMSBM/BRASA
30% 47%
Lula - Iracema SulFPSO Cid. Mangaratiba
150 kbpd Nov/2014Cosco Shipyard
ChinaNot define 30% 47%
NEW PRODUCTION UNITS - 2012-2014New platforms built domestically and abroad will contribute to production
* Note: “FPSO Cid. XX” = Leased / “P-XX” = Owned 7
The image part with relationship ID rId24 was not found in the file.
PRE-SALTShaded area represents the defined boundaries
8
• Total area of the Province : 149,000 km2
• Area under concession : 45,615 km2 (30,6%)• Area not under concession : 103,385 km2 (69,4%)• Area with Petrobras interest : 39,615 km2 (26,6%)
Petrobras - Exploration
Petrobras/Partners - Exploration
Petrobras - Production
Evaluation Plan
Transfer of Rights
15 biggest producing fields in Campos Basin: ~5,300 km2
6 blocks in Santos Pre-salt (BR operator): ~9,800 km2
3 biggest producing fields in Campos Basin: 1,539 km2
Lula field in Santos Basin: 1,523 km2
ANP data
8
The image part with relationship ID rId19 was not found in the file.
FPSO Cidade de Anchieta – Baleia Azul
Operating since sep/10/12Production Ramp up(bpd)
Sep/12 29,700
Oct/12 52,185
Nov/12 52,185
Dec/12 72,000
Peak (100 kbpd): Feb/13
Interconnection of Producing Wells
1st Well sep/10/12
2nd Well sep/21/12
3rd Well sep/26/12
4th Well nov/12/12
5th Well nov/13/12
Local Content - Mandatory: 0% / Forecast Accomplishment : 44%
The image part with relationship ID rId24 was not found in the file.
Cópia 001
Confidencial
UO-BSPlatforms: 6Production: 85 mbpd
Other UO’s
UO-BC Assets
Transfer of Rights
PROEF – UO-BC(Program to recover operational efficiency in Campos Basin Op. Unit )
2008 2009 2010 2011 2012 2013 2014 2015 2016
9088
81
7674
7171
80
8889
PROEF Targets
Opperational Efficiency(%
)
UO-SULPlatform: 1Production: 24 mbpd
UO-BCPlatforms: 29Production: 452 mbpd
UO-ESPlatforms: 7Production: 259 mbpd
UO-RIOPlatforms: 13Production: 866 mbpd
The image part with relationship ID rId8 was not found in the file.
173 E&P Blocks (9 shelf, 164 deepwater); 127 Operated by Petrobras (March, 2012)
(122 Exploration Blocks , with total area close to 3,000 km2)
Petrobras Exploration in GoM deepwaters
Outstanding 2001-2011 Exploration Results:* Exploration Wells: 33 drilled wells; 22 discoveries (67%)
* Wildcat Wells: 19 drilled wells; 11 discoveries (58%)
Miocene Play
Lower Tertiary Play
Discoveries under Development or Appraisal
Production assets
Petrobras’ blocks in the GoM
Petrobras’ next Exploration Drilling Wildcat Wells
Pliocene Play
Tiber
Cascade
ChinookStones
St.Malo
Logan
Urca
Gila OlympicIpanema
Enterprise
Lucius
Hadrian NorthHadrian South
The image part with relationship ID rId24 was not found in the file.
This image
currently be displayed.
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).
The image part with relationship ID rId19 was not found in the file.
Local Content/Suppliers
The image part with relationship ID rId19 was not found in the file.
BRAZIL LEADERSHIP Offshore discoveries create growing need for local industry
Source:
Industry recognition that Brazil is leading the world in offshore discoveries
14
Cumulative Global Deepwater Reserves Discovered (2P)
The image part with relationship ID rId19 was not found in the file.
PETROBRAS LEADERSHIP IN OFFSHORE PROJECTSPetrobras dominates demand for new offshore equipment
Global Offshore Projects
0 5 10 15 20 25 30 35
Outros
HESS
GAZPROM
STATOIL
EXXONMOBIL
ENI
TOTAL
BP
CHEVRON
SHELL
PETROBRAS
FLNG
FPSO
SEMI
SPAR
TLP
Outros
Petrobras: Dominant position in the global offshore industry
Source: PFC Energy Service Sector team, Jun/2012
Note: Includes offshore projects in conceptual phase, FEED, under bidding or under construction
• An increase in global
offshore capacity is
necessary to meet
Petrobras’ demands
• Constructions in Brazil:
scale gains and
standardizationOTHERS
Others
The image part with relationship ID rId19 was not found in the file.
BrasFels Shipyard - RJ
1
2
3
Cid. São PauloCid. ParatyP-61
View of BrasFels Shipyard, in Angra dos Reis – RJ (08//3112).(1) P-61 (LC:65%): Construction of the HULL of the TLWP and integration of TOPSIDE (deckbox and modules constructed in Singapore). (2) FPSO Cidade de São Paulo (LC:65%): Conversion of the HULL in China and integration of 15 modules, constructed in Brasfels (5 mod), Enaval (1 mod), Thailand (8 mod) and China (2
mod). (3) FPSO Cidade de Paraty (LC:65%): Conversion of the HULL and integration of 15 modules constructed in (5), Nuclep (4), Enaval (2) and Singapore (4).
4.200
2.500
2,022
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Cid. São Paulo
Cid. Paraty
P-61
Current Jobs: 7,000
The image part with relationship ID rId19 was not found in the file.
0
10
20
30
40
50
60
70
80
90
100
Jan-09
Apr-09
Jul-0
9
Oct-09
Jan-10
Apr-10
Jul-1
0
Oct-10
Jan-11
Apr-11
Jul-1
1
Oct-11
Jan-12
Apr-12
Jul-1
2
Oct-12
Jan-13
Apr-13
Jul-1
3
Oct-13
Jan-14
Apr-14
Jul-1
4
Oct-14
Jan-15
Apr-15
Jul-1
5
Oct-15
% Accrued
Baseline Baseline - BP 12-16 Accomplished Forecast
Entrada em Operação
Projetada: Jan/13
Entrada em Operação EVTE: Dez/12
1
2
3
4
FPSO Cidade de São Paulo – Sapinhoá Pilot (1st Oil: Jan/13)
IMPLEMENTATION LANDMARKS:
1 – Beginning of Construction of the 1st Well
2 – Production Unit (PU) in the Site
3 – 1stWell Interconnection Start
4 – Last Well Interconection
Start-Up Forecast:Jan/13
Start-Up EVTE: Dec/12
Source: Petrobras.
PHYSICAL PROGRESS OF THE PROJECT – S CURVE
The image part with relationship ID rId8 was not found in the file.
18
Atlântico Sul Shipyard – PE
Atântico Sul Shipyard (Ipojuca-PE): Construction of Zumbi dos Palmares ship in drydock and integration of the P-62 on the dock of the shipyard (08.29.12).(1) P-62: Integration of the FPSO to 15 modules, including 3 built in EAS, 7 in the UTC and 5 in the Nuclep construction sites.(2) SHIP Zumbi dos Palmares of Suezmax (2nd ship of PROMEF 1) in drydock, (3) Panel manufacturing workshops and pre-assembly of blocks; (4) Future area for construction of 6 Setebrasil drilling rigs; (5) Future area for Promar Shipyard, responsible for the construction of 8 gas tankers for Promef Phase 2.
1
2
3
4
5
The image part with relationship ID rId19 was not found in the file.
Rio Grande Shipyard – ERG1 - RS
View of Rio Grande Shipyard ERG1 – RS (09/03/12).(1) Steel plates of Ecovix; (2) Sub-blocks of the Hulls of the replicants of Ecovix; (3) QUIP modules for Topside and integration of P-55; (4) Modules of the IESA; (5) Pre edification area , with details for the yellow blocks of the Goliath crane type of the Konecranes (biggest crane in the world: 210m high and capacity of 2 thousand ton) delivered in Aug/12; (6)Work integration of P-55; (7)Work construction of Rio Grande Shipyard ERG 2, where will be constructed 3 Drilling Rigs of Setebrasil (NS Cassino, NS Curumim e NS Salinas)
1
2
3
3
4
5
6
7
P-55
P-69
P-66
P-67
P-68
P-70
P-71
P-72
P-73
Empregos Atuais: 3.500
4.200
2.500
2,022
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
P-66
P-67
P-68
P-69
P-55
P-70
P-71
P-73
Current Jobs: 3,500
The image part with relationship ID rId19 was not found in the file.
ATTRACTING TECHNOLOGICAL CENTERS TO BRAZIL Goods and Services Suppliers
50 Thematic Networks, 120 Universities and Research Centers
At the UFRJ technological complex, 9 R&D centers are already in construction/operation:
Other Companies with development plans fortechnological centers in Brazil:
• Weatherford
• Wellstream
• FMC Technologies
• Usiminas
• TenarisConfab
• Siemens
• Schlumberger
• Baker Hughes
• General Electric
• Halliburton
• Vallourec & Mannesman
• Cameron
• IBM
Source: Petrobras
CENPES Expansion (Mar/2012)
• Technip
Goods and Services Suppliers: Offshore Companies instaling in Brazil
� NKT Flexibles, Grupo Technip, Wellstream, Prysmian and Butting (Submarines Pipes); Duco and Nexans, Oceaneering (MSD) and MFX (Umbilicals); Aker, FMC, GE e Cameron (Submarines Equipments); Rolls-Royce and Dresser-Rand (Tturbomachinery); MEP Pellegrini (Offshore Cranes); V&M do Brasil (Pipes to drill and Tubing CRA); USIMINAS and Confab (Steel Plates and Wider Diameter Pipelines); Metasa (Offhore Steel Structures); e Emerson (Automação).
The image part with relationship ID rId19 was not found in the file.
DRILLING RIGS AVAILABILITYNecessity met with imported and domestic units
Num
ber o
f Drilling Rigs
(Water Dep
th > 2.000
m)
33 new domestic drilling rigs from 2016 on: Local Content between 55% and 65%
Drilling Rigs: Imported vs. Domestic
42 42 42 42 42
• Mid-term needs for drilling rigs are now largely satisfied. Future intermediate demand will be limited to specific situations and needs.
• Starting in 2016, Brazilian built rigs expected to begin replacing internationally built fleet as their contracts expire (and subject to total fleet needs).
• If for any reason the domestic rigs are not completed as scheduled, Petrobras has the possibilty of renewing some or all of expiring leases.
The image part with relationship ID rId19 was not found in the file.
Downstream
The image part with relationship ID rId19 was not found in the file.
1980 2000 9M12 2016 2020
Oil and NGL Production Refinery Output Products Demand (2 scenarios)
COMPERJ(1st phase)
165,000 bpd
Abreu e LimaRefinery (RNE)230,000 bpd
INTEGRATION AND BALANCEConstruction of new refineries intended to meet Brazilian demand
PREMIUM I(1st phase)300,000 bpd
PREMIUM I(2nd phase)300,000 bpd
PREMIUM II300,000 bpd
COMPERJ(2nd phase)300,000 bpd
Thous bpd
2,788
3,380
1,641
2,200
3,350
181
1,980
2,500
4,200
1,393
1,992
1,036
2,274
1,814
1,323
... ... ... ...
INTEGRATION BETWEEN OIL PRODUCTION, REFINING CAPACITY AND DOMESTIC MARKET
Projects Under Implementation Projects Under Evaluation
23
2,7413,159
2,200
24
The image part with relationship ID rId20 was not found in the file.
DOWNSTREAM2012-2016 Investments
201620152012 20142013
2012-2016 Investment Profile
US$ billion
� High utilization factor on the current assets, combining
flexibility to increase margins
� End of the first investment cycle in Quality
� RNEST and 1st Phase of COMPERJ coming online
� New refineries under evaluation (Phase I)
2012-2016 INVESTMENT HIGHLIGHTS Projects Under Evaluation
Implementation of projects depends mainly on:
a. Alignment of new refineries costs to
international standards;
b. Regulatory requirements;
c. Resources Availability (Financiability);
d. Competition for financial capacity;
Petrochemical
Fleet Expansion
Logistics for Oil
Quality and Conversion
Operational Improvement
Refining Capacity Expansion
Biofuels
Projects Under Evaluation
R$
/bb
lIm
po
rted
Vo
lum
ns kb
bl / d
Gasoline ImportsARP USGC (with volumes sold in Brazil)
R$
/bb
l
PRICING POLICYLong Term Oil Products Price Parity in Brazil
Jan-Apr/12
ARP BRAZIL* x ARP USGC **
Diesel ImportsARP Brazil
(*) Comprises Diesel, Gasoline, LPG, Jet Fuel and Fuel Oil
(**) USGC price weighted with volumes sold in the Brazilian market
2012: temporary gap between domestic and international prices combined with higher imports.
2009 and 2010: domestic prices were above international.
0
100
200
300
400
500
600
700
800
900
40
60
80
100
120
140
160
180
200
220
240
2602008 2009 2010 2011
Losses
200720062005200420032002
Gains
jan
-12
jan
-11
jan
-10
jan
-09
jan
-08
jan
-07
jan
-06
jan
-05
jan
-04
jan
-02
jan
-03
ARP: Average Realization Price
USGC: US Golf Coast 25
The image part with relationship ID rId18 was not found in the file.
Business and Management
Plan
The image part with relationship ID rId18 was not found in the file.
2012-2016 CAPEXApproved by Petrobras Board of Directors in June 13, 2012
2012-2016 PeriodUS$ 236.5 Billion
*4.5% of investments abroad, 90% in E&P
• Parity with Imported Oil Products Prices
• Maintenance of Investment Grade:
- Leverage lower than 35%
- Net Debt/EBITDA lower than 2.5x
• There is no issuance of new shares
• Divestments of US$ 14.8 Billion, focusing on assets outside Brazil
Financing Assumptions
28%
Distribution BiofuelRTM G&E PetrochemicalE&P Corporate
60.0%(US$ 141.8 Billion)
27.7%(US$ 65.5 Billion)
1.3%(US$ 3.0 Billion)
1.6%(US$ 3.8 Billion)
1.5%(US$ 3.6 Billion)
2.1%(US$ 5.0 Billion)
5.8%(US$ 13.8 Billion)
E&P
The image part with relationship ID rId18 was not found in the file.2012-2016 CAPEXUnder Evaluation: 147 Projects (RTM, G&E, Petrochemical, Distribution and Biofuels)
2012-2016 Period
US$ 27.8 Billion
* E&P abroad
17% (*)(US$ 4.6 Billion)
50%(US$ 13.9 Billion)
21%(US$ 6.0 Billion)
5%(US$ 1.3 Billion)
7%(US$ 1.9 Billion)
Corporate
Biofuel
Distribution
G&E
Petrochemical
RTM
International E&P
0%(US$ 0.1 Billion)
Progression to next phase dependent on:
a. Results of the viability studies;
b. Availability of financial resources;
c. Competiveness vis a vis other projects;
d. Costs of new refineries competitive with
international standards;
e. Availability of domestic NG for fertilizer plants
and new thermoelectrical units; and
f. Others.
Creativity � Simplicity � Cost ReductionCreativity � Simplicity � Cost Reduction
The image part with relationship ID rId8 was not found in the file.
CHALLENGES
• Critical Resources (goods and services, human resources)
• Infrastructure and logistics
• Developing industry to meet local content requirements
• Cost pressures
OPPORTUNITIES
• Abundant oil reserves
• A Growing domestic market
• Maximizing scale, standardization, and integration
• Developing new technologies
• Monetizing natural gas
CONCLUSIONA Portfolio of opportunities and challenges
29