LIBRA PROJECT Production Development Projects: NW Region Osmond - PowerPoint PPT Presentation

LIBRA PROJECT Production Development Projects: NW Region Osmond Coelho Jr., Libra Project, Petrobras Joint Venture Operator

LIBRA FULL FIELD OPTIMIZATION MANAGEMENT Main objective:  Optimize Libra development by maximizing HSE Best Practices and improving economical results DEVELOPMENT INTEGRATED FIELD TECHNICAL PORTFOLIO PLANNING AND MANAGEMENT STUDIES RISK MANAGEMENT PROJECTS LIBRA FULL FIELD INTEGRATED DEVELOPMENT APPLIED TECHNOLOGIES LIBRA 35 PROGRAM FULL FIELD INTEGRATED DEVELOPMENT PRODUCTION DEVELOMPMENT PROJECTS Reservoir Topside Subsea Full Field Concept Concept Concept Scenarios Scenarios Scenarios Concepts prioritization Selection Detailing

LIBRA NW AREA - INTEGRATED DEVELOPMENT PLAN Libra 4 NW10 RESERVOIR DATA Libra 1 NW5 Pre-Salt Microbial NW4 2-ANP-2A NW11 NW1 NW6 NW13 Aptian Carbonates Libra 2 NW3 27 API Oil NW7 Reservoir Depth 5,300 m NW2 NW12 Appraisal (not drilled) GOR 415 scm/scm NW8 Drilled Wells Libra 3 Completed Wells CO 2 content ~ 40%  Current base case  4 FPUs (WD = 2,100m);  Objective  anticipation, with an acceptable level of risk;  Sequence based on availability of reservoir information;

LIBRA EWT DE-RISKING CAMPAIGN (NW AREA) 2017 2018 2019 2020 2021 2022 2023 EWT / EPS PROGRAM OPERATION OPERATION OPERATION 1 ST OIL JUL/17 DP WELLS CAMPAIGN LIBRA 1 1 ST OIL FPSO LOI LIBRA 2 DP WELLS CAMPAIGN Libra 4 FPSO FPSO 1 ST OIL Libra 1 ITT LOI NW5 SPA 2 NW4 LIBRA 3 DP WELLS CAMPAIGN NW1 SPA 1 FPSO FPSO 1 ST OIL Libra 2 NW3 ITT LOI EWT DP WELLS LIBRA 4 NW2 CAMPAIGN FPSO Production Line FPSO 1 ST OIL ITT LOI Injection Line Libra 3 Drilled Wells Completed Wells Ref: Forecast Apr/17, Petrobras Business Plan 17-21 and Libra Business Plan 2017

LIBRA-1  ACCELERATING PRODUCTION AND GATHERING INFORMATION MILESTONES OBJECTIVES Libra 1 NW10 NW5 Conceptual  Schedule driven project, Jul, 2015 2-ANP-2A Definition NW4  Early production to anticipate NW11 NW1 NW6 cost recovery (NPV), NW13  1 st test for water injection and NW3 Project Set, 2017 WAG on the field, NW7 Sanction  Information to optimize NW2 development of NW area, NW12 Appraisal (not drilled)  Information to accelerate the NW8 Drilled Wells 1 st Oil 2020 incorporation of reserves. Completed Wells Ref: Forecast Apr/17 and Petrobras Business Plan 17-21

LIBRA 1 – PILOT PROJECT: TECHNICAL ASPECTS (STANDARD PRE-SALT PROJECTS SOLUTION) SUBSEA & FPU FLOW ASSURANCE • Oil Capacity: 180 k bbl/d 2 nd generation of std. • • Gas Comp.: 12 MM m3/d pre-salt X-Trees Water Injection: 225 k bpd • • Full Gas reinjection Water Depth: 2.100 m • Water Alternating Gas • injection wells (WAG) • Chartered Unit • Rigid or Flexible lines WELLS 8 production and 9 injectors. • • Incorporation of 4 appraisal wells • Intelligent Completion (2/3 zones)

LIBRA-2  STARTING DEFINITIVE DEVELOMPENT MILESTONES OBJECTIVES Libra 2 NW10 Conceptual Jun, 2017 NW5 Definition Production development for NW 2-ANP-2A region optimizing Libra 1: NW4 Project • FPU separation pressure Feb, 2018 NW11 NW1 NW6 NW13 Sanction • CO 2 separation technology NW3 • Reduced FPU weight NW7 1 st Oil 2021 NW2 NW12 Ref: Forecast Apr/17 and Petrobras Business Plan 17-21 Appraisal (not drilled) NW8 Drilled Wells Completed Wells

LIBRA 2: ALTERNATIVES STUDIES RESERVOIR FPU SURF WELL Gas FPU Sep. Riser configuration for Injection wells Optimization Umbilical Mgmt Capacity Pressure production and injection design 180 kbpd Flexible in lazy wave • # of wells (spacing); Full gas 12MM m 3 /d 25 bar Thermoplastics 12 ¼” Reinjection • Wells schedule; 120 kbpd SLWR 8MM m 3 /d Steel Lazy Wave Riser • EOR; STU - Steel Tube Gas export 65 bar 8 ½” 225 kbpd Flexible FHC Umbilicals • Completion strategy. 15MMm 3 /d Free-Hanging Catenary SELECTION BASED ON HIGHER IMPACT ON NPV ALTERNATIVES TO BE ANALYZED ONLY FOR SELECTED CASE 1 st Petrobras Partners Gas Generation OPTIMIZATIONS 1 4 approach Probab. technical technical Technical of Reinjection 34 9 3 7 1 selection Workshop Workshop Studies approach alternatives Gas 2 3 Exportation

LIBRA 2: TECHNICAL ASPECTS (PILOT CONCEPT WITH OPTIMIZATIONS) SUBSEA AND FLOW FPU ASSURANCE • Oil Capacity: 180 k bbl/d 2 nd generation of std. • Gas Comp.: 12 MM m 3 /d • pre-salt X-Trees • Water Injection: 225 k bpd • Full Gas reinjection • Water Depth: 2.100 m • Water Alternating Gas Chartered Unit • injection wells (WAG) • Rigid or Flexible lines OPTIMIZATION WELLS 8 production and 9 • injectors • Psep: 65 bar (25 in Pilot) • Incorporation of 3 wells CO 2 separation: TEG • from EWT (Molecular Sieve in Pilot) Intelligent Completion • • Reduced FPSO weigh (2/3 zones)

LIBRA-3 AND LIBRA-4  REDUCING BREAK EVEN AND INCREASING NPV MILESTONES OBJECTIVES Libra 4 NW10 Conceptual May, 2018 NW5 Production development Definition LIBRA 3 2-ANP-2A for NW region including Project NW4 May, 2019 new concepts: Sanction NW11 NW1 NW6 NW13 • Subsea technologies; 1 st oil 2022 NW3 • O&G transport; NW7 • Accelerated ramp up; Conceptual Mar, 2019 Definition NW2 • LC solutions; NW12 LIBRA 4 Project • Production Optimization; Appraisal (not drilled) Mar, 2020 Sanction NW8 • Well design; Drilled Wells Completed Wells • Gas destination. 1 st oil Libra 3 2023 Ref: Libra Business Plan 2017

PROJECTS RISKS AND OPPORTUNITIES  Reservoir Uncertainties:  Volume of Oil in Place  Gas Breakthrough  Recovery Factor  Local Content:  Level required not always feasible  Local Content waiver negotiation is a key issue to allow projects implementation.  Gas Use and Destination:  Increase in the number of production systems  Economic feasibility for gas exportation  Technology improvement for gas management

LIBRA NW GAS HUB MAY BE AN OPTION FOR GAS EXPORT, MAINTAINING FLEXIBILITY FOR EACH PROJECT Main objectives: PIPELINE (ROTA 3) Be a potential option for feasible gas export;  CO 2 DISPOSAL Maintain flexibility for project implementation.  Value Proposition Field gas management   Gas export or end-of-life reservoir blowdown Costs and Constraints Local build with minimum functional specifications   CO 2 disposal: aquifer/selling/ EOR in other fields Key Uncertainties  Aquifer gas injectivity and storage capacity Gas market and regulatory rules 

“The farther backward you can look, the farther forward you can see.” Sir. Winston Churchill Libra Structure FPSO Pioneiro de Libra (EWT Program)

Slide 14 Thank You FPSO Sail Away (03.28.2017) Joint Venture Operator