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1
Almir G. BarbassaChief Financial OfficerRio de Janeiro, September 2008
Supply Chain for the Pre-Salt Development
2
DISCLAIMER
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.
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
3
2006 2007 LTM Net Revenues 72.3 87.7 108.6 EBITDA 22.9 25.3 31.8 2006 2007 1H08 Capex 14.9 21.0 24.3 Total Debt(1) 21.3 21.9 25,9 Cash & Cash Equivalents 12.7 7.0 6.6 Net Debt 8.7 14.9 19.2 Total Equity 44.3 65.2 83.0 Total Assets 98.7 129.7 156.9
NOTES:
Exploration & Production
Downstream(Supply)
Gas & EnergyDistribution
Petrochemicals
Downstream
16%
Domestic E&P
81%
Distribution
3%
International
CORPORATE ORGANIZATION AND KEY OPERATING RESULTS
Summary Financials (US$ billion)
Income from Operations(2)
1 Includes capital leases2 For tthe year ended December 31, 2007. Excludes losses in gas and energy, corporate results and eliminations
Biofuels
4
13%
87%
Brasil Internacional6%4%
1%
2% 26%
58%
2%
65.1
29.6
6.74.3
2.62.6
E&P RTC G&EPetrochemical Distribution Corporate Biofuel
1.5 97.4
15.0
Note: Includes International
US$ 65.1 billion directed to E&PExploration: US$ 13.8 billionProduction: US$ 51.3 billion
INVESTMENT PLAN BY BUSINESS SEGMENT
2008-12 PeriodUS$ 112.4 billion
5
2007 2006 2005Cash Flow from Operating Activities
Net Income $ 13.138 $ 12.826 $ 10.344Depreciation $ 5.544 $ 3.673 $ 2.926Other (inc.W.C.) $ 3.982 $ 4.578 $ 1.845
CFFO $ 22.664 $ 21.077 $ 15.115Net Cash used in Investing Activities
Capex and other $ (20.768) $(14.470) $ (10.376)Acquisitions $ (1.551) $(416)Puchase Marketable Seceurities $ (1.707) $ 205 $ 169
Total Investments $ (24.026) $(14.681) $ (10.207)Cash Flow From Financing Activities
Amortizations $ (6.670) $(4.167) $ (2.652)Additions to Debt $ 4.542 $ 2.957 $ 2.131Dividends and other $ (3.860) $ (3.144) $ (2.104)
Net from Financing $ (5.988) $ (4.354) $ (2.625)Increase (decrease) in cash andcash equivalents $ (7.350) $ 2.042 $ 2.283
$ 1.649 $ 775 $ 732
YEAR ENDED DECEMBER 31
Effect of exchange rate changes oncash and cash equivalents
CASH FLOW
6
BALANCED VERTICAL INTEGRATION
PetrobrasOther Companies
Dutos existentesRefinariaTerminal aquaviárioTerminal terrestre
Upstream Operations Downstream Operations
Proved Domestic Reserves of 13,92 Billion BOE (SPE)Southeast Basins responsible for more than 80% of Brazil’s oil production2007 domestic oil average daily Production of 1,792 k bpd
11 refineries in Brazil2007 domestic throughput of 1,795 k bpd 2007 oil products domestic consumption of 1,725 k bpd
Áreas de Concessão(outubro/2005)
7
PRE SALT PROVINCE
hinge line
Well Tested HC CampusExploratory blocks Pre-salt Reservoirs
Total area of the Province: 112,000 km2Area under concession: 41,000 km2 (38%)Area not under concession: 71,000 km2 (62%)Area with Petrobras interest: 35,000 km2 (31%)
8
E&P - RAPIDLY GROWING PRODUCTION PROFILE
2 .8 122 .4 2 1
6 4 3
6 3 7
515
2 8 5151
18 3
809 869 1 . 004 1. 132 1 . 271 1. 336 1 . 500 1. 540 1. 493152 163
179197
221 232252 250 265
1 . 684
716
1. 778 1. 792
274
134
277 273142
168161
25 38 47 4560
53 4435 163
12610196
94852324
20161011910
109
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Natur al Gas - Inter national
Oi l and NGL - Inter national
Natur al Gas - Br azi l
Oi l and NGL - Br azi l
Thou
sand
boe
d
2012 Target 2015 Forecast
* Includes non consolidated production
885
3,494
4,153
8.7% p.y.
7.7% p.y.
*
*
1,008 1,0901,238
1,505 1,5651,636
1,810 2,036 2,0202,217
8.3% p.y.
2,298 2,300
9
2.421
1.792
1.950*2.191
2.2962.374
1.600
1.800
2.000
2.200
2.400
2.600
2007 2008 2009 2010 2011 2012
Obs.: This curve does not include Tupi’s Pilot System Production
MAIN PROJECTS IN BRAZIL – 2007-2012
Rio de JaneiroEspadarte Mód II100.000 bpd6/jan/07
RoncadorP-52180.000 bpdNovember 2007
RoncadorP-54180.000 bpdNovember 2007
Piranema30.000 bpd10/oct/07
Cidade de VitóriaGolfinho Mód. 2100.000 bpdNovember 2007
Marlim LesteP-53180.000 bpd2008
Marlim Sul Módulo 2P-51180.000 bpd2008
Cidade NiteróiJabuti (FPSO)100.000 bpd2008
Parque das Conchas100.000 bpd2009
Frade100.000 bpd2009
Cachalote & BaleiaFranca FPSO Capixaba100,000 bpd2010
Marlim SulMódulo 3 –P-56
100.000 bpd2011
EspadarteMódulo 3100.000 bpd2012
JubarteP-57180.000 bpd2011
TupiEWTUp to 30.000 bpd2009
TupiPilot SystemUp to 100.000 bpd2010
RoncadorModule 4 P-62100.000 bpd2012
* Target may vary +/- 2.5%
10
Mauá-JurongNiterói/RJ2012ContractedOil:100.000 bpd
Gas: 6MM m3/diaRoncadorP-62
Mauá-JurongNiterói/RJ2009Under constructionGas: 15MM m3/diaMexilhãoPMXL-1
Atlântico SulSuape/PE - Rio Grande/RS2013Hull contracted. Basic
project under revision.Oil: 180.000 bpdGas: 6MM m3/diaRoncadorP-55
ProsafeKeppels - Cingapura2S08Under constructionOil: 35.000 bpd
Gas: 10 MM m3/diaCamarupimCidade São Mateus*
2011
2011
2S08
2S08
2S08
START-UP
Oil: 180.000 bpdGas: 2MM m3/dia
Oil:100.000 bpdGas: 6MM m3/dia
Oil: 180.000 bpdGas: 6MM m3/dia
Oil: 180.000 bpdGas: 6MM m3/dia
Oil: 100.000 bpdGas: 3,5 MM m3/dia
CAPACITY
Brasfels -FSTP Keppel & Technip - Angra/RJ
Under construction(P-51 Clone)Marlim SulP-56
SBMShipyard N/AContractedJubarteP-57
QuipRio Grande/RSUnder construction Marlim LesteP-53
Nuclep/BrasfelsAngra/RJUnder constructionMarlim SulP-51
ModecSipem - DubaiUnder constructionJabutiFPSO Cidade
de Niterói*
SHIPYARDSTATUSFIELDUNITS
* Leased
E&P: UPCOMING UNITS
11
The Pre-Salt Supply Chain Challenge
12
CHALLENGESEquipments Human ResourcesCost Inflation
CRITICAL RESOURCES
HOW PETROBRAS IS DEALING
Aggressive bidding program for rigs, support vessels and anchor handlers, mainly new built unitsLong-term contract with service providersAnticipating the renew of current contractsSupporting the expansion of the suppliers installed capacityTraining programs for its own employees and for the supply chain workforce
13
2812269628Total per year
63352321156Cumulative
+ 28 new units to be leased
• Delba V• Delba VI• Scorpion• Delba VII• Delba VIII• Norbe IX• Schahin 1• Schahin 2• Norbe VIII• Petroserv• Etesco 8• Sevan Brasil
•Delba IV
• Gold Star• Schahin I• Norbe VI• Delba III• SSV Victoria• West Orion
• Lone Star• Schahin III• Petrorig II• Sevan Driller• West Taurus• West Eminence• Dave Beard
5≥ 2000m
From 2013 to 2017
1000-1999m
0-999m
Water Depth
18
5
Operating 2007
• Pride South Atlantic
• O. Yorktown• Pride Mexico • Borgny Dolphin• Ocean Concord• Falcon-100
Start Up 2008
Olinda StarOcean Worker
Start Up 2009
•Petrobras XIV
Start Up 2011
Start Up 2010
Start Up 2012
NEW RIGS
Stena Drillmax e Dep Water Millennium are not being considered since they are being negotiated in the Spot Market
14
Forecasted investments meet Petrobras’ needs regarding exploratory and production development portfolio
LEASED/ BEING LEASED
NEW VESSELS TO BE CONTRACTED
TO BE LEASED
26246359
Large Vessels (VLCC/Tankers)Supply VesselsFPSO/SSOthers (jack-ups, TLWP)Total
4412281
175
TOTAL
70146144
234
15
PETROBRAS EMPLOYEES
Number of employees
HUMAN RESOURCES
46.723 48.798 52.037 53.90462.266
68.931
80.931
2002 2003 2004 2005 2006 2007 2012
Participants in the Training Programs
2002 2003 2004 2005 2006 2007
774989 1.043
1.213
2.468
2.101
22,000 new employees since 2002 and 12,000 more up to 2012 The superior level professionals, who were recently admitted, without the required previous experience, spend up to a year in classrooms before starting to effectively work at the company
Forecasted demand for workers at Petrobras supply chain in Brazil
The Brazilian Government, with Petrobras support has a specific training program to meet this demand
ENGENEERING CONSTRUCTION &PROCUREMENT
CIVILCONSTRUCTION MAINTENANCE
112.625 workers
5.967 84.57615.020 7.062
16
Brasfels Shipyard at Angra dos Reis. P-51 and P-56 construction sites.
Rio Grande Shipyard under construction. Designed for platforms construction.
BRAZILIAN OIL INDUSTRY MAIN CHALLENGES
• Infrastructure Enhancement• Critical Items Supply (imports)• Drilling Equipment• Dynamic Positioning and
Propulsion Systems• Steel Manufacturing Process and
Supply• Skilled Work Force for
Construction and Operation• Financiability
17
As per 2007As per 2007
US$ 5.2 Bi
US$ 23.6 Bi
US$11.0 Bi
• Service providers
• EPC
•Shipyards
•Constructors
• Manufacturers
• Distributors
• Retailers
•Equipment
•Chemicals
•Spare parts
•Etc.
• Seismic
•Drilling
•Transport
•Etc.
• Platform
•Refinery
•Revamps
•Etc.
SUPPLY STRATEGIES FOR GOODS AND SERVICES
18
Items Units ofMeasurement
Total Amount( 2008 ~ 2015 )
Structural Steel t 1.252.000Air Coolers un 721Mooring Cables km 2.726Christmas Trees un 3.930Safety boats un 344Pumps un 10.264Lifeboats un 1.978Well Heads un 3.657Compressors un 969Fan Coils un 2.818Heat Furnaces un 252Heat Reformers Furnace un 8Eletric Generator un 439Crane un 220Flexible Pipes m 7.200Diesel Engines un 717Eletric Motors un 17.035Reactors un 317Storage Tanks un 2.824Process Towers un 732Eletric Transformers un 1.236Heat Exchangers un 5.913Pipe lines t 1.542.266Turbines un 441Production Rigs un 36Pressure Vessels un 4.829
RELEVANT EQUIPMENT DEMAND FOR THE PERIOD 2008 - 2015
19
Technological Development• Submarine sensor for measuring oil and grease degree in water;• Signal optical cable for well temperature and pressure monitoring;• Submarine optical connectors;• Intelligent sensor network for natural gas flow measurement;• Internal for piping in the radiation zone of industrial furnaces;• Co-generation system using biomass as fuel;• Submarine sphere valves;• Monitored Cathodic protection system for pipelines.
MATERIALS AND EQUIPMENT TO BE DEVELOPED IN NEXT YEARS
20
Attendance by Specific Demand
ACTION
• Drilling;
• Wokover services;
• Flexible lines and umbilical's laying services;
• Support to diving;
• Support to ROV vehicles;
• Support to mooring activities;
• Special vessels;
• Submarine interconnection services.
Services
E&P
Area
Petrobras Vision
CRITICAL SERVICES - OTHERS
21
COMPETITIVE NATIONAL SUPPLY OF GOODS AND SERVICES
imports
imports
Current Demand Future Demand
1. Increase productivity capacity of highly competitive sectors
2. Develop competition among medium competitive sectors
3. Incentive for new national entrants
4. Incentive for association between national and international companies
5. Incentive for settling down international companies in Brazil
National Industry
PATH
Increase in National Supply
Capacity of G&S
Suitability of National Supplier Park
GOOD AND SERVICES SUPPLY
22Sources: UFRJ – Economy Institute and Petrobras
ACTIONSExpansion of
Production CapacityEncourage domestic components production
Stimulate R&D in Brazil (not a priority)
12
34
5
6
CRITICAL EQUIPMENTS (Non Exhaustive)
Special Steel (for boilers) and forged steel
Pipelines in the range of 14-42 inches diameter with longitudinal welding
Polished connecting rod with guided centralizer (ongoing action)
Polyester Mooring cables;
Drilling pipelines and Fiber glass pipelines;
Electrical cables for CSP;
Control Systems for well control, oil and gas metering systems, drilling activities;
Offshore drilling rigs
Gravel Packing
Drilling bits
Production pipelines alloy coatings(13 Cr, Super13 Cr);
Pumps API standard
Dry Transformers
1
2
5
3
4
6
High Level Competitiveness Sectors
NATIONAL INDUSTRY COMPETITIVENESS DIAGNOSIS
23
ACTIONSExpansion of
Production Capacity
Encourage domestic components production
Stimulate R&D in Brazil (not a priority)
12
345
6
IMPORTED COMPONENTS(Non Exhaustive)
Christmas Trees: Forged Steel and electronics
Umbilical: Nylon 11, flexible inox tubes and kevlar
Flexibles Pipes: External Polymers and some steels
Package ImportBearings and automation
Steel plate and copper
A
B
A
B
Sources: UFRJ – Economy Institute and Petrobras
High Level Competitiveness Sectors
NATIONAL INDUSTRY COMPETITIVENESS DIAGNOSIS
24
ACTIONSExpansion of
Production CapacityTechnology update /
Association with foreign companies
EQUIPAMENTOS CRÍTICOS (Não exaustivo)
HCC Reactors (250-300 mm wall width, 40 Kgf/cm2);Boiler works with special alloys (reactors, towers, pressure vessels);Boilers (steam generators);Heat exchangers working with H2S traces (ASTM A 387 degree11);Structural packing for refining process towers;
Moto Compressor and bare compressor
Large Engines
Offshore crains
Special sphere submarine valves
Forged Valves
Basic projects and thermal projects
8
7
9
10
11
12
7
8
9
10
11
12
Sources: UFRJ – Economy Institute and Petrobras
Medium Level Competitiveness Sectors
NATIONAL INDUSTRY COMPETITIVENESS DIAGNOSIS
25
BetterGood
Similar10 – 15% more expensive
Electrical• Panels• Cables
Good20% more expensiveInstrumentation
Good30 – 40% more expensiveHeat Exchanger
Good30 – 50% more expensivePressure Vessels
Better30 – 50% more expensivePipes Accessories
Similar20 – 40% more expensivePipes
Better10 – 30% more expensiveValves
BetterSimilarPumps
Delivery Time(Brazilian market)
Price (Brazilian market )
Products Families
Source: ABEMI
Brazilian Market x International Market
COMPARATIVE TABLE OF PRICES AND DELIVERY TIME
26
For more information, visit our website: http://www.petrobras.com.br/ri/english