LIBRA FIELD Leveraging Brazilian Pre-Salt Development and Technological Innovation from Petrobras ultra-deep water projects — China-Brazil Forum for Subsea Technology MAY 16 th , 2016 RIO DE JANEIRO, RJ, BRAZIL Orlando Ribeiro Subsea, Wells & Facilities General Manager E&P-LIBRA
Disclaimer — FORWARD-LOOKING STATEMENTS: DISCLAIMER We undertake no obligation to publicly update or revise any The presentation may contain forward-looking statements about future forward-looking statements, whether as a result of new events within the meaning of Section 27A of the Securities Act of 1933, as information or future events or for any other reason. Figures for amended, and Section 21E of the Securities Exchange Act of 1934, as 2014 on are estimates or targets. amended, that are not based on historical facts and are not assurances of future results. Such forward-looking statements merely reflect the Company’s current views and estimates of future economic All forward-looking statements are expressly qualified in their circumstances, industry conditions, company performance and financial entirety by this cautionary statement, and you should not place results. Such terms as "anticipate", "believe", "expect", "forecast", "intend", reliance on any forward-looking statement contained in this "plan", "project", "seek", "should", along with similar or analogous presentation. expressions, are used to identify such forward-looking statements. Readers are cautioned that these statements are only projections and may differ materially from actual future results or events. Readers are referred NON-SEC COMPLIANT OIL AND GAS RESERVES: to the documents filed by the Company with the SEC, specifically the Company’s most recent Annual Report on Form 20-F, which identify CAUTIONARY STATEMENT FOR US INVESTORS important risk factors that could cause actual results to differ from those We present certain data in this presentation, such as oil and gas contained in the forward-looking statements, including, among other resources, that we are not permitted to present in documents filed things, risks relating to general economic and business conditions, with the United States Securities and Exchange Commission including crude oil and other commodity prices, refining margins and (SEC) under new Subpart 1200 to Regulation S-K because such prevailing exchange rates, uncertainties inherent in making estimates of terms do not qualify as proved, probable or possible reserves our oil and gas reserves including recently discovered oil and gas under Rule 4-10(a) of Regulation S-X. reserves, international and Brazilian political, economic and social developments, receipt of governmental approvals and licenses and our ability to obtain financing. 2
Pre-Salt — CAMPOS BASIN CAMPOS BASIN CONCESSION CONCESSION 6 blocks on stream Other Operators 3 blocks in exploration SANTOS BASIN CONCESSION 2 blocks on stream SANTOS BASIN PRODUCTION SHARING 3 blocks in exploration CONTRACT 1 block in exploration Concession blocks SANTOS BASIN Transfer of rights area TRANSFER OF RIGHTS Production sharing contract (100%) 3
Libra: Characteristics — Key information Discovery: • Petrobras, in 2010 • Well 2-ANP-2A-RJS Location • Santos basin • 170 km of the coast of RJ • 2.000m below sea level • 6.000m depth Area LIBRA • 1500km2 of area Consortium (under PSC) 40% 20% 20% 10% 10% (Operator) PPSA (PSC manager) Source: PSC; Libra; Portal Brasil Good reservoir quality Light Oil ~27 API (porosity / permeability) Low H 2 S High GOR (~400 m 3 /m 3 ) High CO 2 content (~40%)
Libra: Characteristics — • Libra has some unique characteristics - Technical Challenges : deep, fluid characteristics (GOR, CO 2 ). - Production Sharing Contract - Management : Integrated project team with secondees - Actual Cooperation - active participation between Operator and partners with technical expertise • Innovation Opportunities - New ideas and local market practices “new rules” and encourage “out side the box thinking” -
EWT — EWTs: Reduction of uncertainty by understanding dynamic behavior is crucial to optimize final production systems. Production Unit Oil Capacity: 50 mil bbl/d Gas Compression: 4,0 MM m 3 /d Wells 01 Production 01 Gas Injection Reservoir 27 o API GOR 410 to 450 m 3 /m 3 CO 2 ~45% EWT with gas reinjection for one year to: • Test different zones in each well (production / injection perforation and completion strategies) • Evaluate a large drainage area • Be able to do more interference tests • Test high production and injection rates for longer periods
EWT - FPSO under construction (Jan-Apr/2016) — Turret FPU modules construction area - 300 ton gantry crane E-house
EWT - FPSO under construction (Apr/2016) — Turret arm
EWT - FPSO under construction (Apr/2016) — Dry dock
EWT - 8” Flexible Lines —
PILOT - Production System — PRODUCTION UNIT Subsea Equipment • 180.000 bopd and 12MM m 3 /d gas • Standard Pre Salt Trees 2.100m WD • 8” Prod Flowlines • • Leased Unit • 4” Service • 6” Injection Loop STANDARDIZED EQUIPMENT WELLS MAIN DRIVERS 8 Producers • • Anticipation of production and cost recovery • 9 Injetcors (WAG) • Dynamic data acquisition – uncertainties • Inteligent Completion up to 3 intervals reduction for the remaining production STANDARDIZED systems EQUIPMENT • Possibility to test water injection and WAG
Libra Field: Pilot FPSO — System Description GTD requirements • Hydraulic Power Unit (HPU) • Allows Intelligent Subsea Interface and chemical injection Completion Wells • Producer well slots • 8 Riser Balcony • WAG injection well slots • 9 • Producer-WAG well slots • 3 • Oil • 26.8 Mm³/d (~180 kbpd) Processing • Liquids • 26.8 Mm³/d (~180 kbpd) Capacities • Produced Water • 24 Mm³/d (~150 kbpd) • Gas • 12 MM Sm 3 /d • Water injection • 225 kbpd • H 2 S • 170 ppmv Produced Gas • CO 2 • 30% - 60% Contaminants
Subsea Alternatives Under Evaluation — Drivers for Subsea Studies Accelerate Ramp-up • Possible Risers pre-installation Reduce CAPEX • Number of Flowlines • Flexible x Rigid • Dedicated Umbilicals x Distribution System • Maximize installation resources High Flowrates • Larger flowline diameters to handle high capacity wells
Subsea Alternatives Under Evaluation — Rigid Risers FSHR SLWR
Subsea Alternatives Under Evaluation — Gathering Ring
Hi-SepTM – High Pressure Dense CO2 Separation Typical high CO2 content fluid phase envelop — Key concepts Rich-CO 2 phase envelope Traditional Phase Envelope The mixture of CO 2 and heavy hydrocarbons generates instabilities in the traditional phase equilibrium, creating an unusual envelope, which looks like Liquid-Liquid equilibrium.
Hi-SepTM – High Pressure Dense CO2 Separation Hi-SepTM + supported advanced subsea technologies — Technology development and qualification Subsea deployable HiSep TM – multiple units will be needed Subsea single-phase pumping for dense CO 2 Subsea power requirements - transmission and distribution HiSep TM subsea system design Subsea system conceptual design, including P&ID and layout Subsea controls and instrumentation
Libra Field: Conclusion — • Opportunity for vendors and operators to find new ways to work together towards creating value • Several potential alternatives to choose from involving rigid and flexibles • Competition: Rigid x Flexibles Risers Systems • “Clean sheet of paper” competition • Cost, Revenues and Industry Capacity to be taken in consideration in the analysis • A careful, detailed analysis to select the best option is being carried out by JPT
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