PETROBRAS A BRAZILIAN ENERGY COMPANY - Luciana Rachid Executive Manager, G&E - Portal da Indústria
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PETROBRAS
A BRAZILIAN ENERGY COMPANY
Luciana Rachid
Executive Manager, G&E
31st of August of 2009DISCLAIMER
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.
CAUTIONARY STATEMENT FOR US INVESTORS
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.COMPANY OVERVIEW
Exploration Proven Reserves: 11,2 billion boe (SEC 2008)
and Production Oil and Gas Production: 2,400 thousand boed (2008)
Refining, 15 Refineries • Capacity: 2,167 thousand bpd
Transport Pipelines: 23.142 Km • Terminals:46 • Vessels: 54
and Marketing
5,973 Service Stations in Brazil (35% Market Share)
Retailing 991 Service Stations Abroad
Sales of Natural Gas: 49 million m3/d
Natural Gas
Thermoelectrics: 24 units –> 6 GW, which is 5,7% of brasilian
installed generation capacity
Shareholder in all Petrochemical centers in Brazil
Petrochemicals Fertilizers: 1.85 million MT of ammonia and 1.59 million MT of
urea per year.
Ethylene production: 2.4 million MT/year
Biofuels Biodiesel: 840,000 m³UPSTREAM
PURSUING NEW PROJECTS WHILE MAXIMIZING PRODUCTION FROM
EXISTING ASSETS
Petrobras Total Production (1,951 thou b/d)
5,729
223
409
7.5% p.y.
1,177
3,655
5.6% p.y.
131
2,758 210
2,400 8.8% p.y. 634
2,297 2,301 103
2,217
2,037 2,020 100 142
1,810 96 101 110
1,635 85 94 124 463
23 163 142 126 321
24 35 161 168 277 273 3,920
44 274
252 251 265
232 2,680
1,855 2,050*
1,684 1,778 1,792
1,335 1,500 1,540 1,493
2001 2002 2003 2004 2005 2006 2007 2008 2009 2013 2020
Oil Producti on - Bra zi l Ga s Producti on - Bra zi l Oi l Production - Interna tiona l Ga s Producti on - Interna ti ona l
* Plus or minus 2,5%
Source: PetrobrasFOCUSED & DISCIPLINED INVESTMENT
Total Investments of US$ 104.6 billion in E&P through 2013, of
which US$ 92 will be spent in Brazil
12% 13%
Exploration
17% Santos Pre-salt
Development
International
58%
Source: PetrobrasPRE-SALT OVERVIEW
PRE-SALT JOINT VENTURES
• Total area of the Province: 114,000 km2
• Area under concession: 29,000 km2 (25%)
• Area not under concession: 85,000 km2 (75%)
• Area with Petrobras interest: 26,000 km2 (23%)
JUBARTE
ESS-103 CHL-4
BFR-1
1-2
Bi boer
BAZ-1
Blocks Consortium
BC-60 BR (100%)
Jubarte
Cachalote
Shore Distance = 60 km Balia Franca
Total Area = 3.000 km2 Baleia Azul
Baleia Anã
3-4
Bi boer
Blocks Consortium
BMS-8 BR (66%), SH (20%) e PTG (14%)
5-8
bi boer BMS-9 BR (45%), BG (30%) e RPS (25%)
BMS-10 BR (65%), BG (25%) e PAX (10%)
Shore Distance = 300 km BMS-11 BR (65%), BG (25%) e PTG (10%)
Total Area = 15.000 km2 BMS-21 BR (80%), PTG (20%)
BMS-22 EXX (40%), HES (40%) e BR (20%)
BMS-24 BR (80%), PTG (20%)
Source: PetrobrasDEVELOPMENT STRATEGY (example: TUPI)
1st Oil – EWT 1st Oil – Tupi Pilot Significant
Tupi (Mar/09) (Dec/10)) production level
..... ..... t
2007 2009 2010 2012 2017
Information Acquisition Definitive Development
Phases
Phase 0 Phase 1A Phase 1B
EWT (Mar/2009), Tupi Pilot Implementation of “X” production units Implementation of “Y”
Focus
and appraisal wells (Replicated FPSOs) production units
• Analyze water and gas/CO2 injection behavior
• Area Delimitation
• Test adjustments on FPU related to CO2
• Analyze reservoir flow
• Test improvements in well projects
Objective • Fractured well performance
• Complete sampled core • Apply previous dominated concepts and technologies with necessary
adjustments to reach significant production by 2017
• Material analysis vs. CO2
• Aggregate innovative technical solutions to optimize project performance10 NEW FPSOs
Phase 1A - Projects
First 2 FPSOs to be chartered (2013-2014)
– Oil Production: 120,000 bpd
– Gas Compression: 5 M m³/d
Additional 8 FPSOs (2015-2016)
– Construction of the hulls at Rio Grande Shipyard
– All identical units, manufactured in series
– Process plant under study:
• Oil Production: 150,000 bpd
• Gas Compression: 5.5 M m³/d
• Water-Alternating-Gas injection capability
Phase 1B - Projects
– 2nd phase of definitive development
– Significant production increase
– Innovation acceleration
– Massive use of new technologies specially tailored
for Pre-Salt conditions
Source: PetrobrasESPÍRITO SANTO PRE SALT
nto
UTG Cacimbas
• Infrastructure in-place: diversified and flexible portfolio;
Sa Linhares
Rio Doce Cangoá
MG UPGN Lagoa Parda
Peroá
• P-34 at Jubarte field, first pre-salt production (Sep/08):
o
excellent results/light oil (30ºAPI);
írit
24” – 66 km
Aracruz 25 MM m3/d
Esp
Terminal Barra do Riacho
Camarupim
• FPSO Seillean started in dec/08 as pilot system of
Canapu
Cachalote (CHT) field;
Golfinho
VITÓRIA
• 2 wells were reallocated from FPSO Capixaba to FPSO
Carapó
Vila Velha Cidade de Vitória;
Sul-Norte Capixaba • Developing new discoveries in the Ring Fence of
UTG Sul Capixaba Sul Capixaba Gas pipeline
Guarapari 12 a 24” – 160 km
Gas pipeline
12” – 83 km 7 a 15 MM m3/d Golfinho using FPSO Cidade de Vitória;
Anchieta 4,5 MM m3/d
Presidente Marataizes • FPSO Capixaba (100 Mb/d) moved from Golfinho field
Kennedy
ARG
CHT Baleia Franca and is being adapted to produce in Cachalote
JUB OST
RJ Baleia Azul
NAU (CHT)/Baleia Franca (BFR) in 1H10;
ABA
CXR
PRB
• Baleia Azul first definitive production unit by 4Q12;
Catuá
Whales Park* • Natural gas production transported via pipeline.
*Whales Park comprehends the fields: Jubarte, Cachalote, Baleia Franca, Baleia Azul and Baleia AnãDOWNSTREAM
VERTICALLY INTEGRATED SYSTEM TO CAPTURE SYNERGIES
WITHIN THE VALUE CHAIN
Upstream Operations Downstream Operations
Existing Pipelines
Refineries
Petrobras Marine Terminal
Other Companies In Land Terminal
Source: PetrobrasDOMESTIC CRUDE THROUGHPUT
Downstream Investments
• Adding values to domestic crude and producing diesel and
US$ 47.8 billion gasoline in-line with international standards
12%
Refining • Investment targets Fuel Quality, Conversion and Expansion
7%
Pipelines & Terminal Premium I
Transport 8% (600 th bpd)
and
Ship Transport Premium II
(300 th bpd) 3,012
Petrochemicals 73% 1st Fase:
2013
2nd Fase:
2015
UPB
Clara 150 tho. bpd 2,270
Camarão Dez/2012
2010
RNE
1,779 1,791 REVAP 230 tho.
(Thousand bpd))
10 tho.bpd bpd
2010 2011
REPLAN REPAR
Revamp Revamp
33 tho. bpd 25 tho. bpd
2010 2011
2008 2009 2010 2011 2012 2013 2020FAST GROWING DOMESTIC DEMAND
(000 b/d)
2,876
3.3% p.y.
400
Others
2,257 150
FO
1,906 1,944 3.0% p.y. 274
Diesel
112
182 208 QAV
119 109 1224
Naphta
901
Gasoline
738 771
LPG
179
118
84 89 246
250 220 255
367 419
326 332
208 215 230 257
2007 2008 2013E 2020E
Source: PetrobrasGAS AND ENERGY
STRATEGIES TO GAS & ENERGY SEGMENT
1- Monetize
Petrobras gas
reserves and add
value 2- Ensure flexibility
6- Invest in in gas supply to
electricity both power
generation from generation and non-
renewable sources Natural Gas
thermal markets
and LNG
Purchase and Sales
Transportation and
als
Powe
Distribution
min
Power Generation 3- Price gas
5- Consolidate the r Purchase and
Ter
Pla Sales competitively with
energy business, nts competing energy
competitively and LNG
sources while
profitably, optimizing
maintaining
the power plants
profitability
portfolio 4- Participate
globally in the full
LNG chain
Source: PetrobrasNATURAL GAS: SUPPLY AND DEMAND
HIGHLIGHTS:
HIGHLIGHTS
2008 - 2017
• GNL Supply (Pecém, Guanabara Terminals and a third
terminal planned)
• Thermoelectric demand growth (seasonable demand)
Million m3/d @ 9.400 kcal/m3
180 p.y. 166
10 % 157
Natural Gas Supply and Demand
160 146
139
Power Generation
135 Addicional
140 123 LGN
112 74
120 96 LNG 56 67
49 50
100 44 Bolivia
68 42
Other uses
Supply
80 58 36
45 47 47 46 48
60 19 34Nacional 39
14 27
40 19 Supply
17
Industrial
20 33 36 40 41 41 42 43 44
27 30
0 Pre-Salt
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Nacional Supply Bolivia Supply LNG Addicional LGN
Industrial Demand Other uses Thermoelectric Demand
Source: PetrobrasGAS & ENERGY INVESTMENTS
G&E Investments
US$ 10.6 billion 2009-2013
1,477
926
4.528
3.692
US$ million
Natural Gas
US$ 8.2 billion Projects in Portfolio New Investments Proposed
Energy
Projects in Portfolio New Investments Proposed
US$ 2.4 billion
Source: PetrobrasPecém LNG Terminal
Guanabara LNG Terminal
Brazilian Energy Mix Evolution
Primary Energy Supply (10³ tep)
Biomass Oil and Oil
31,1% Products 54% FOSSIL
100.000 37,4%
46% RENEWABLE
90.000 2007
NATURAL
80.000 GAS
9,3%
70.000 Hydraulic Oil and Oil Products
14,9% Uranium Coal
60.000 1,4% 6,0%
10³ tep
50.000 Natural
Gas
40.000
Hydraulic
30.000
Wood and Charcoal
20.000 Coal
Sugar Cane Products Other
10.000 Renewables
0 Uranium
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
(*) Other Renewables: Wind, Solar, Industrial and Vegetal Byproducts, Paper and Cellulose Industry.
Source: MME – BEN 2008BIOFUELS
BRAZILIAN ETHANOL: MANY YEARS OF EXPERIENCE
Fuel Ethanol Program Timeline
Beginning Gasohol and Brazilian Government
of Ethanol Ethanol Cars Program of Emission Gasohol and Flex
Hydrogen
Program (2nd oil shock) Control fuel Cars
(BLENDS) (PROCONVE)
Program for oil imports
Environmental Benefits
reduction
70’s 80´S 90´S 00´S FutureBRAZILIAN SUGAR CANE PRODUCING AREAS
Inappropriate Climate
for Sugar Cane Growing
Pantanal Reserve
Sugar Cane
Atlantic Forest Reserve
Source: IBGE (Brazilian Institute of Geography and Statistics - 2007)LEADER IN ETHANOL EFFICIENT PRODUCTION
RAW MATERIAL ENERGY OUTPUT / ENERGY INPUT
Wheat 1.2
Corn 1.3 – 1.8
Sugar Beet 1.9
Sugar Cane (under Brazilian
8.3
Production Condictions)
TOMORROW
Potential ethanol production would grow by more than 100% based on Lignocelluloses Biomass technology
Molasses yields
85 l of ethanol,
1 metric ton of
sugar cane But
Cane bagasse
yields 185 L of
ethanol
Base calculationGROWING OPTIONS IN BIOFUELS AND LOW-CARBON TECHNOLOGIES
INVESTMENTS IN BIOFUELS Petrobras’ Biodiesel Plants
US$ 2.8 BILLION
16%
Quixadá
CE
84%
Ethanol Biodiesel
BA
STRATEGY: To establish a global presence in the biofuels
segment, with a particular focus on biodiesel and ethanol
Candeias
Participate in Brazilian ethanol chain and develop global MG
markets for Brazilian ethanol Montes Claros
Participate sustainably in the biodiesel business in Brazil
and with selective international investments
Develop competitive technologies to produce biofuels
from residual biomassThere was a time when Petrobras was only an oil company
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