Petrobras America General Meeting - 2nd Quarter 2009 Cascade and Chinook Journey History and Future Chinook Gas Export César Palagi Walker Ridge Asset Manager Petrobras America Inc. July 9 th , 2012 1 Cascade
Petrobras America General Meeting - 2nd Quarter 2009 D iscl aimer 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. 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. 2
Petrobras E&P Portfolio In Petrobras America General Meeting - 2nd Quarter 2009 The US Gulf Of Mexico 173 E&P Blocks (9 shelf, 164 deepwater); 127 Operated by Petrobras (June, 2012) (122 Exploration Blocks , with total area close to 3,000 km 2 ) Outstanding 2001-2011 Exploration Results: * Exploration Wells: 33 drilled wells; 22 discoveries (67%) * Wildcat Wells: 19 drilled wells; 11 discoveries (58%) Urca Enterprise Tiber Ipanema Gila Olympic Cascade Chinook Lucius Stones Hadrian North St.Malo Hadrian South Logan Production assets Pliocene Play Petrobras’ next Exploration Drilling Discoveries under Development or Appraisal Miocene Play Wildcat Wells Petrobras’ blocks in the GoM 3 Lower Tertiary Play
Petrobras is the Lower Tertiary Petrobras America General Meeting - 2nd Quarter 2009 3rd Largest Player in the GoM 2009 2004 2006 2009 2006 2001 Kaskida Tobago Tiber Shenandoah Gotcha Deep Baha Lower Tertiary trend 2009 2002-5 2011 Cascade 2002 Great 2009 White Buckskin West Chinook 2002 Stones Logan Great 2005 2002 White 2011 Jack St. Malo Trident 2005 2003 Tucker 0 100 mi 2002 2006 0 160 km 4
Cascade and Chinook Petrobras America General Meeting - 2nd Quarter 2009 Field History (1996 Lease Sale) Year Cascade Chinook 2002 1 Discovery Well 2003 1 Discovery Well 2004 2005 2 Appraisal Wells 2006 Petrobras Operator FID – Final Investiment Decision – Phase 1 2007 2008 2009 2 Wells 2010 1 Well 2011 2012 1 Well ongoing 5
Cascade and Chinook Phased Petrobras America General Meeting - 2nd Quarter 2009 Development Phase 1 • 2 Wells from Cascade & 1 from Chinook; • Subsea X-Trees, Manifolds, Pumps, Flowlines and Risers; • Gas exported by Pipeline and Oil by Shuttle – Tanker. Phase 1 Configuration Potential Phases 2 & 3 • Up to 6 wells on Cascade & 7 on Chinook; • Subsea Trees and Manifolds; • Replacement of the FPSO; • Oil Export: Shuttle Tanker vs. Pipeline. 6 Option for Phase 3
Petrobras America General Meeting - 2nd Quarter 2009 Long History of Technological and Operational Leadership in Deepwater 7
Petrobras America General Meeting - 2nd Quarter 2009 Cascade and Chinook Reservoir Challenges 8
Petrobras America General Meeting - 2nd Quarter 2009 Cascade and Chinook Seismic Acquisition Recording Vessels 9
Petrobras America General Meeting - 2nd Quarter 2009 Cascade and Chinook Wave Buoy Installation and Operation Wave Buoy on deck 10
Petrobras America General Meeting - 2nd Quarter 2009 Cascade and Chinook Well Drilling and Completion Rigs 2008 2008 2009 Discover Deep Seas Ocean Endeavor West Sirius Transocean Ltd. Diamond Offshore Drilling Seadrill Limited 11
Petrobras America General Meeting - 2nd Quarter 2009 Petrobras ’ Deepest Well Drilling and Completion 27,500 ft Williams Tower 12
Petrobras America General Meeting - 2nd Quarter 2009 116.24 min 116.24 min Well 25200 25200 25200 25200 Fractured Area lb/ft^2 lb/ft^2 t Coverage lb/ft^2 Proppant Coverage lb/ft^2 t Coverage lb/ft^2 t Coverage lb/ft^2 t Coverage lb/ft^2 Proppant Coverage lb/ft^2 1000 ft x 400 ft 25400 25400 25400 25400 25400 25400 25400 25400 Equivalent to 2 FPSOs 25600 25600 25600 25600 25600 25600 25800 25800 26000 26000 400 200 200 400 13 13 Fracture Penetration (ft) Fracture Penetration (ft)
Petrobras America General Meeting - 2nd Quarter 2009 Subsea Challenges • Deepest Free Standing Hybrid Riser (8200 ft/ 2500 m) • Deepest Pipe-in-pipe (8845 ft/ 2696 m) • Deepest Subsea Boosting System (8857 ft/ 2700 m) • Deepest Export Pipeline (8200 ft/ 2500 m) • First Umbilical Riser Pull-in Using a Subsea Winch 14
Petrobras America General Meeting - 2nd Quarter 2009 Subsea Installation Vessels Technip - Olympic Challenger Technip - Deep Blue Subsea 7 Seven Seas Hereema Balder Veolia – Viking Poseidon 15
Petrobras America General Meeting - 2nd Quarter 2009 Subsea System 16
Petrobras America General Meeting - 2nd Quarter 2009 FPSO BW Pioneer Artistic View FPSO on Production Vessel & Disconnectable Turret • First FPSO to Operate in the US Gulf • Deepest mooring of a Floating Production Facility (8200 ft/ 2500 m) 17
Petrobras America General Meeting - 2nd Quarter 2009 FPSO Construction in Singapore Module Lift onto FPSO Aboard the FPSO at Keppel Shipyard, Singapore 18
Petrobras America General Meeting - 2nd Quarter 2009 FPSO Buoy Construction in Indonesia and Transportation thru Panama Canal 19 1
Petrobras America General Meeting - 2nd Quarter 2009 Shuttle Tanker Construction in Philadelphia Shuttle Launching 20
Petrobras America General Meeting - 2nd Quarter 2009 Shuttle Tanker Overseas Cascade Part of BP’s Macondo Operation Shipping in the Gulf of Mexico 21
Petrobras America General Meeting - 2nd Quarter 2009 Gas Export Discovery Pipeline System 22
Petrobras America General Meeting - 2nd Quarter 2009 Project Schedule – Phase I 2006 2007 2008 2009 2010 2011 2012 Petrobras Operator Regulatory Compliance Open&Close Open Open Cascade Cascade Chinook Design Facilities&Wells Execute Facilities Drill&Complete Wells 23
Cascade and Chinook Phased Petrobras America General Meeting - 2nd Quarter 2009 Development Phase 1 • 2 Wells from Cascade & 1 from Chinook; • Subsea X-Trees, Manifolds, Pumps, Flowlines and Risers; • Gas exported by Pipeline and Oil by Shuttle – Tanker. Phase 1 Configuration Potential Phases 2 & 3 • Up to 6 wells on Cascade & 7 on Chinook; • Subsea Trees and Manifolds; • Replacement of the FPSO; • Oil Export: Shuttle Tanker vs. Pipeline. 24 Option for Phase 3
Petrobras America General Meeting - 2nd Quarter 2009 Drilling and Completion of new Wells 2012 2011 1st Quater 2011 VANTAGE - Titanium Explorer ENSCO – Mendocino Drill Ship Drill Ship 25
Petrobras America General Meeting - 2nd Quarter 2009 Starting the Design of a Platform to Replace the FPSO 26
Petrobras America General Meeting - 2nd Quarter 2009 Cascade and Chinook Journey Present and Future • Production is ongoing – good well and facilities performance. Chinook • Pos-Production journey is just beginning. Gas Export Cascade 27
Petrobras America General Meeting - 2nd Quarter 2009 In 1996… 28
Petrobras America General Meeting - 2nd Quarter 2009 In 2012… 29
Petrobras America General Meeting - 2nd Quarter 2009 Thank you. Chinook Gas Export César Palagi Walker Ridge Asset Manager Petrobras America Inc. July 9 th , 2012 30 Cascade
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