Maria das Graças Silva Foster Petrobras’ CEO September 26th, 2012

1. 4th Itaú BBA LATAM Commodities Conference
Maria das Graças Silva Foster
Petrobras’ CEO
September 26th, 2012

2. DISCLAIMER
FORWARD-LOOKING STATEMENTS
The presentation may contain forward-looking statements about We undertake no obligation to publicly update or revise any
future events within the meaning of Section 27A of the Securities Act forward-looking statements, whether as a result of new
of 1933, as amended, and Section 21E of the Securities Exchange information or future events or for any other reason. Figures
Act of 1934, as amended, that are not based on historical facts and for 2012 on are estimates or targets.
are not assurances of future results. Such forward-looking
statements merely reflect the Company’s current views and
estimates of future economic circumstances, industry conditions, All forward-looking statements are expressly qualified in their
company performance and financial results. Such terms as entirety by this cautionary statement, and you should not
"anticipate", "believe", "expect", "forecast", "intend", "plan", "project", place reliance on any forward-looking statement contained in
"seek", "should", along with similar or analogous expressions, are this presentation.
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
CAUTIONARY STATEMENT FOR US INVESTORS
Company’s most recent Annual Report on Form 20-F, which identify
important risk factors that could cause actual results to differ from We present certain data in this presentation, such as oil and
those contained in the forward-looking statements, including, among gas resources, that we are not permitted to present in
other things, risks relating to general economic and business documents filed with the United States Securities and
conditions, including crude oil and other commodity prices, refining Exchange Commission (SEC) under new Subpart 1200 to
margins and prevailing exchange rates, uncertainties inherent in Regulation S-K because such terms do not qualify as proved,
making estimates of our oil and gas reserves including recently probable or possible reserves under Rule 4-10(a) of
discovered oil and gas reserves, international and Brazilian political, Regulation S-X.
economic and social developments, receipt of governmental
approvals and licenses and our ability to obtain financing.
2

3. Brazil: Economic and Social Development
Consumption Increase
BRAZIL
Unemployment
-5.7 p.p.
UNEMPLOYMENT
Rate
(%)
Jobs generation contributing to increase the wage bill.
2002 2011
Extreme Poverty
-5.5 p.p.
Population in
EXTREME POVERTY LEVEL
(%)
Improvement in income distribution with poverty reduction.
2001 2009
+21.7 p.p.
(% of population)
RISE OF SOCIAL CLASSES
A, B and C
Class
Income level of families is growing leading to social
mobility.
2003 2011
-8.25 p.p.
INTEREST RATE
(% p.y.)
Selic
Reduction in interest rate stimulating productive
investment.
2000 2012
+35%
(Kg / hab. year)
Consumption
CONSUMPTION PER CAPITA OF
Per Capita
THERMOPLASTIC RESINS 31
23
The consumption evolution is a consequence of the
economical growth and a higher power of consumption. 2000 2010
Sources: Banco Central do Brasil, Meta Selic dez/00 e ago/12; Abiquim. http://www.abiquim.org.br/resinastermoplasticas/estatisticas_33.asp - acesso 29/ago/12; Pesquisa Mensal de Emprego, IBGE. Nova série histórica disponível apenas
de março/02 a maio/12; “De Volta ao País do Futuro: Projeções, Crise Européia e a Nova Classe Média”, FGV, março/12.; Comunicados do IPEA nº 63: PNAD 2009 Primeiras Análises: Distribuição de Renda entre 1995 e 2009. Out/10. 3

4. Brazil: Oil Products Market Grows Above World Average
BRAZIL WORLD
Between 2000 and 2011...
+49% +15%
GASOLINE CONSUMPTION
Gasoline
Demand
(kbpd)
WORLD : +1.3% a.a. 469 22,533
315 19,616
BRAZIL: +3.7% a.a.
• Jan-Aug12 x Jan-Aug11: +23%
2000 2011 2000 2011
DIESEL CONSUMPTION +43% +29%
Demand
(kbpd)
Diesel
WORLD : +2.3% a.a.
626 896 20,220 26,072
BRAZIL: +3.3% a.a.
• Jan-Aug12 x Jan-Aug11: +6,7%
2000 2011 2000 2011
JET FUEL CONSUMPTION +53% -2%
Demand
Jet Fuel
WORLD: -0,2% a.a. (kbpd) 121 6,506 6,393
BRAZIL: +4,0% a.a. 79
• Jan-Aug12 x Jan-Aug11: +7,9%
2000 2011 2000 2011
OIL FUEL CONSUMPTION -56% -18%
Demand (kbpd)
WORLD: -1,8% a.a.
Oil Fuel
189 9,675 7,958
BRAZIL: -7,1% a.a. 84
• Jan-Aug12 x Jan-Aug11: -5,4%
2000 2011 2000 2011
Sources: Petrobras for Brazil data and Woodmackenzie for international data. 4

5. Petrobras Today:
Proved Reserves + Potential Recoverable Volumes: 31.5 bi boe
Petrobras’ Proved Reserves : 15.7 bi boe
Potential Growth: + 15.8 bi boe
Million boe
35,000
35.000
Potential
Growth
Concession – Potential 10.8 bi
30,000
30.000 • 2005-2010: more than 50% of new discoveries around the world were in deep Recoverable Volumes boe
water, with Brazil representing 63% of these discoveries. (PFC Energy, jun/11)
19%
25,000
25.000 • From 2005 to 2012 Petrobras declared 63 discoveries in pre-salt area and
49%
189 in other areas to ANP. (Petrobras, aug/12)
32%
20,000
20.000 Brasil Transfer of Rights 5.0 bi
• 2030: Brazil should present the highest growth production among the countries
Brasil boe
that are not members of OPEC. (PFC Energy, jun/11)
15.71
15,000
15.000
Ultra-Deep Water 5.3 bi boe
(>1,500m)
10.000
10,000
7.9 bi boe
Deep Water (300-1,500m)
5,000
5.000
Shallow-Water (0-300m) 1.2 bi boe
Onshore 1.3 bi boe
0
1965
1970
1975
1980
1985
1990
1995
2000
2005
2010
2011
• Added Reserves in 2011 = 1.24 billion boe. • Pre-Salt Added Reserves: 1 billion boe. • Reserve/Production Ratio  19.2 year.
5

6. Production Increase and Breakdown of Oil and Gas Reserves
of Major Companies: 2002 to 2011
PETROBRAS
Oil and Natural Gas
5
(million boe/d)
4
Production
+45% 2.6
3
2 1.8 0.5
0.3 Overseas
1 1.5 2.1
Brazil
0
2002 2011
Reserves 84% 16%
Breakdown (2010)
Oil Gas
Oil and Natural Gas Production (million boe/d)
EXXON MOBIL BP SHELL CHEVRON
+6%
-19%
-2%
+2%
2002 2011 2002 2011 2002 2011 2002 2011
Breakdown (2010)
Reserves
47% 53% 60% 40% 44% 56% 62% 38%
Oil Gas Oil Gas Oil Gas Oil Gas
Fonte: Evaluate Energy e WoodMackenzie, set/12. 6

7. Our Advantage:
The Value of Our Reserves and the Pre-Salt Reality
Oil and NGL Production (jan-jul/12):
 Total Brazil: 2.007 kbpd
 Onshore: 210 kbpd
 Offshore
• Post-Salt: 1.681 kbpd
• Pre-Salt: 116 kbpd*
* Including partners: 148,3 kbpd
Record (incl. partners): 174,2 kbpd (jul/12)
7
7

8. Fundamentals of Business and Management Plan 2012-2016
PRIORITY
CAPITAL
PERFORMANCE DISCIPLINE
Financiability
Assumptions • Priority given
• Management
• Maintenance of Investment to exploration
focused in
Grade • To ensure and production
accomplishing
• There is no issuance of new expansion with projects of oil
physical and
shares solid financial and natural gas
financial targets
• Oil Products Import Price indicators in Brazil
of each project
Parity
• Divestment of existing
assets abroad
2012 2016
8

9. Projects Under Implementation and Projects Under Evaluation
Under Implementation Under Evaluation
2012-2016 BP = Projects with construction
already started
+ Projects in Phase I, II and III
US$ 236.5 Billion US$ 208.7 Billion US$ 27.8 Billion
980 projects 833 projects 147 projects
CONSTRUCTION
27.7% 24.8% 17% (**)
(US$ 65.5 Billion) US$ 51.7 Billion (US$ 4.6 Billion)
28% 7%
(US$ 1.9 Billion)
0%
65.8% (US$ 0.1 Billion)
60.0% 3.7% 50%
(US$ 141.8 Billion) (US$ 137.2 Billion) (US$ 7.8 Billion) 5% (US$ 13.9 Billion)
5.8% (US$ 1.3 Billion)
1.8%
(US$ 13.8 Billion
(US$ 3.7 Billion)
2.1%
1.7%
(US$ 5.0 Billion)
(US$ 3.5 Billion) 21%
1.5%
(US$ 3.6 Billion) 0.9% (US$ 6.0 Billion)
1.6% (US$ 1.9 Billion)
1.4%
1.3% (US$ 3.8 Billion)
(US$ 3.0 Billion)
(US$ 3.0 Billion) ** E&P abroad
E&P RTM G&E Petrochemical Distribution Biofuel Corporate
9

10. Business and Management Plan 2012-2016: US$ 236.5 Billion
INVESTMENTS UNDER IMPLEMENTATION
US$ 131.6 billion US$ 55.8 billion US$ 7.7 billion US$ 6 billion US$ 3.2 billion US$ 1.2 billion
E&P Downstream Gas & Power International Distribution Biofuels
4% 1% 1% 1% 3%
5% (2,4) (0,5) 1% (0,03)
4% (0,1) (0,1) (0,01)
(2,9) 6%
6% 10% (0,2) 7% 13%
2% (0,07)
19% (0,5) (0,7) (0,4) (0,42)
9% (0,1)
(25,4) 20%
(4,8) (1,5) 43%
US$
+ + + + + =
45% 24% 21%
12% (1,9) (1,39)
(24,9) (0,70)
17%
208.7 bi
(16,3)
(9,4)
68%
(89,9) 7%
1%
20% 32% (0,6) 85%
21% (0,01) 90%
(2,5) (5,1)
(11,0) (0,67) (1,05)
+
E&P R&M Distribuição
G&E Petroquímica Corporativo
3% 3%
7%
(0,5) (US$ 0,1 Bi)
5% (1,1)
(0,8) 15%
21% 21%
(0,9) 1% (0,3) (0,3)
(0,01)
US$
41% 8%
+ + + + + =
(6,4) (0,5) 100%
54% (0,10)
37%
(3,2)
22%
27.8 bi
(5,8) (1,3)
8% 97% 57%
(1,2) (US$ 4,6 Bi) (0,8)
E&P Downstream Gas & Power International
E&P
Distribution Biofuels
US$ - US$ 15.8 billion US$ 5.9 billion US$ 4.7 billion
G&E US$ 0.1 billion US$ 1.4 billion
INVESTMENTS UNDER EVALUATION
10

11. Systematic Approval of Projects and Organizational Learning
Projects under Evaluation Projects under Implamentation Projects under Operation
PROJECTS INITIATION AND PLANNING Appproval of Platform P-57
the Basic Phase IV Phase V
PHASE I PHASE II EVTE¹ and
Work Start up &
PHASE III clearance for
Opportunity Conceptual Execution Operation
Basic Project execution
Identification Project (work start)
RNEST
GASTAU
Included at Approval of Approval of
Petrobras EVTE¹ Phase EVTE¹
Portfolio I Concptual
¹EVTE: Technical and Economic Feasibility Study
UTE Baixada Fluminense
EXPERTISE ACQUIRED: GATHER KNOWLEDGES IN EACH PHASE OF PROJECTS DEVELOPMENT
Normative
Procedures
Documents
Validation and
Changes and improvements included in the next project EXPERTISE Approval of
ACQUIRED Knowledge’s
NORTEC MAGES SINAPSE Register, Items
Petrobras Technical Petrobras
Normalization Management Guide. Consultation and
SINAPSE: Integrated environment that allows the record learning of workforce. Suports the record process, interaction
analyses, consolidation, recovery and, mainly, implementation of learned lessons. 11

12. REVAP – São José dos Campos (SP) Site of RNEST – Ago/12
 Inaugurated in 1980: Project by Snamprogetti.  First refinery constructed by Petrobras since 1980.
Expertise
Acquired
Premium I and II – International Metrics
Typical Chinese Projects
 The experience acquired enable the conception of
new refineries in MA, CE and RJ, within the
international metrics of price, term and standardized
technologies.
 Capacity: 230 kbpd
 Production of Diesel: 161 kbpd (70%)
 Current Situation: in construction, 62% physical
progress
Place: Qinzhou, China Place: Huizhou, China Start up: November/2014
Capacity (Mbpd): 200 Capacity (Mbpd): 240  CAPEX: US$ 17 billions.
Construction time: 52 months Construction time: 46 months
Jobs Generated: 43,500 jobs
Start up: Sep/2010 Start up: May/2009
 Local Content: 91% 12

13. P-57 – Jubarte Field: Capacity of 180 kbpd
Local Content (LC): 69%
Platform P-57 started operation in
December 2010, 3 months before
contractual term, with 69% of local
content and currently is producing
138 kbpd (1Q12) at Jubarte Field.
Expertise
Acquired
The Challenge is Huge! P-62 – Roncador Module IV
Start up in Mar/14 - LC 65%
Franco 4
Lula Alto Lula Ext.
P-66 Sul P-70 Sul de
Guará
Lula Central Iara Horst
Piloto Baúna
P-67 P-71 Júpiter
e Piracaba
(SS-11) NE Tupi Carcará Maromba Espadarte III
Norte Pq. Lula Sul
P-68 P-76 P-73 Bonito Florim
Cachalote e Baleias (P-58)
Baleia Franca Piloto Sapinhoá Carimbé Sul Pq. Entorno de
Franco 1
(Capixaba) (Cid. São Paulo) Roncador IV Baleias Iara
(P-62) P-74 Aruanã
Uruguá / Piloto Lula NE Franco 5
Sapinhoá Norte Carioca Z2 Iara NW
Tambaú (Cid. Paraty)
(Cid. Ilhabela) P-72 Espadarte I 4.200
(Cid. Santos) Lula Norte
Baleia Azul Papa-Terra
Iracema Sul P-69 Franco 3
Piloto Lula Mexilhão (Cid. Anchieta) (P-61 e P-63) Iracema
(Cid. Franco 2 P-77
(Cid. Angra (PMXL-1) Baúna e Roncador III Norte Z1
Mangaratiba) P-75
dos Reis) (P-55)
Marlim Sul Piracaba
Jubarte
Jubarte (P-56) (Cid. Itajaí)
24 btwn 2012 and 2016
Drilling Rigs
(P-57)
(P-57)
LDA > 2.000 m 49 btwn 2012 and 2020
2.500
2.004 2.022 19 btwn 2012 and 2016
UEPs
38 btwn 2012 and 2020
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Construction of P-62
180 kbpd of capacity – Ago/12 13

14. Oil and NGL Production Curve in Brazil: 2011 and 2012
Target 2012: 2,022 kbpd (+/- 2%)
kbpd 2011 2012
2.200 2Q11 1Q12 2Q12
average: 2,018 average: 2,066 average: 1,970
2.150
2,110
2,084 2,098
2.100
2,069 2,061
2,040 2,047
2.050
2,020 2,002 2,001 1,989
2,003 2,003
2.000 1,993 1,960
1,968 1,963 1,961 1,940
1.950
50 Jan/11 Feb/11 Mar/11 Apr/11 May/11 Jun/11 Jul/11 Aug/11 Sep11 Oct/11 Nov/11 Dec/11 jan/12 fev/12 mar/12 abr/12 mai/12 jun/12 jul/12
jan/11 fev/11 mar/11 abr/11 mai/11 jun/11 jul/11 ago/11 set/11 out/11 nov/11 dez/11 Jan/12 Feb/12 Mar/12 Apr/12 May/12 Jun/12 Jul/12
 5% decrease in production 2Q12/1Q12 (- 96 kbpd) as a result of:
• Operational stoppages(-54 kbpd), lower operational efficiency (-18 kbpd) and interruption of Frade (-15 kbpd).
• Decline of old systems´potential as expected, around 11% p.y. The average rate worldwide for big and giant fields in
deepwater is between 10% and 15% p.y.
 Start-up of 2 new systems in 2H12:
• FPSO Cidade de Anchieta (Baleia Azul), 100 kbpd capacity, started on 09/10/12, peak in Feb/13
• FPSO Cidade de Itajaí (Baúna e Piracaba), 80 kbpd capacity, built in Singapore, postponed from October to
December.
• Authorization to operate production unit SS-11 untill 28/Feb/2013 requested to ANP.
 Maintenance of 2012 oil production target (flat when compared to 2011, +/-2%):
• Production recovery only in 4Q12 (scheduled stoppages will continue on 3Q12).
14

15. PROEF: Initiatives to Recover Operational Efficiency – UO-BC
Improve Campos Basin Increase the oil curve delivery
PROEF Improve production
Operational Unit reliability, provided
Objectives systems integrity
efficiency levels in 2012-2016 BP
Campos Basin Operational Efficiency – UO-BC
89 90
88 88
PROEF Targets
Operational Executed
80 81
efficiency
(%)
targets for 76
74 PROEF Disbursements:
Campos 71 • Well workovers, subsea systems and
Basin Unit platforms intervention through
maintenance units: US$ 5.1 Bi (2012-
16)
PROEF Estimated NPV:
• US$ 1.6 Bn - US$ 3.3 Bn
2008 2009 2010 2011 2012 2013 2014 2015 2016
Operational Efficiency
HC / PAD Fields
• Without UO-BC: 94% 95% 94%
UO-BC Assets
• E&P Total: 90% 87% 86% 15

16. 38 Production Units: 2012 – 2020
Production Units: 2012-2013
Oil Production, Brazil: 2,022 – 4,200 kbpd
P-66 P-70 CO5
(Lula (Lula Ext. (Franco 4)
High) South) CO6
P-67 P-71 (South of
(Lula (Iara Horst) Guará)
Central)
P-76 Júpiter
Oil and NGL Production Curve (kbpd)
P-58 P-68 (NE Tupi) Maromba
P-73 Espadarte III
 Cid. São (Whales Park (Lula
Afretada (Carcará) Bonito
Paulo North) South) CO9
(Piloto de (Carimbé) Whales CO8 (Florim)
P-62 P-74
Sapinhoá) Aruanã Parq South (Iara
(Roncador (Franco 1)
 Cid. Paraty mod. IV) P-72 CO7 Surround)
Z2
(Piloto de Lula Cid. Ilhabela (Iara NW) (Franco 5)
(Carioca)
NE) (Sapinhoá Espadarte I
P-69 P-77
 P-61 North) (Lula (Franco 3)
 Cid.
 P-63 (Papa- North)
Anchieta Cid. Z1
Terra) Mangaratiba
(Baleia Azul) Iracema P-75
 P-55 (Iracema North (Franco 2)
 Cid. Itajaí
(Roncador South)
(Baúna e
mod. III)
Piracaba)
23 Already Contracted
Production Units 19 up to 2016
15 to Contract
Construction 38 up to 2020 (from nov/12 to apr/17)
16

17. FPSO Cidade de Anchieta – Baleia Azul Operating since sep/10/12
Production Ramp up Interconnection of
(bpd) Producing Wells
Sep/12 29,700 1st Well sep/10/12
Oct/12 52,185 2nd Well sep/21/12
Nov/12 52,185 3rd Well sep/26/12
Dec/12 72,000 4th Well nov/12/12
Peak (100 kbpd): Feb/13 5th Well nov/13/12
Local Content - Mandatory: 0% / Forecast Accomplishment : 44%
17

18. Baleia Azul Project – FPSO Cidade de Anchieta (1st Oil: Sep/12)
Meeting of Critical Analysis (RAC) Monthly: CEO + E&P Director + Engineering, Technology and Materials Director
PHYSICAL PROGRESS OF THE PROJECT – S CURVE
IMPLEMENTATION LANDMARKS
1 - Issuance of Preliminary License (LP) (P:Sep-08 / R:Sep-08)
2 – Conclusion of the Opportunity Evaluation Phase (Gate 1) (P:Dec-08 / R:Dec-08) (P: 100% / R: 100%)
3 – Conclusion of the Conceptual Project Phase (Gate 2) (P:Jul-09 / R:Jul-09) (P: 100% / R: 100%)
4 – Conclusion of the Basic Project Phase (Gate 3) (P:Dez-09 / R:Dez-09) (P: 100% / R: 100%)
st
5 – Beginning of the Construction of the 1 Well (P:Jan-11 / R:Feb-11)
6 – Issuance of the Instalation License (LI) (P:Dec-11 / R:Dec-11)
7 – Arrival of the Unit in the Local (P:Ago-12 / R:Aug-12)
st
8 – Beginning of Interconnection of the 1 Well (P:Aug-12 / R:Aug-12)
9 – Issuance of the Operating License (LO) (P:Aug-12 / R:Sep-12)
10 – Interconnection of the Last Well (P:Mar-13 / Proj:Mar-13)
Baseline Baseline 2012-2016 BP Accomplished Forecast
Fonte :SAP/PNG 12-16: 30/06/12. Data de Medição pela Diretoria de Exploração & Produção: 13/09/12.
Linha de Base: EVTE da Fase III, aprovado em 03/12/2009, Ata DE 4.787. / Projetado: Replanejamento realizado em Julho/12.
18

19. Baúna e Piracaba Project – FPSO Cidade de Itajaí (1st Oil: Dec/12)
Meeting of Critical Analysis (RAC) Monthly: CEO + E&P Director + Engineering, Technology and Materials Director
PHYSICAL PROGRESS OF THE PROJECT – S CURVE
IMPLEMENTATION LANDMARKS
1 - Conclusion of the Opportunity Evaluation Phase (Gate 1) (P:Mar-10 / R:Mar-10) (P: 100% / R: 100%)
2 - Conclusion of the Conceptual Project Phase (Gate 2) (P:May-11 / R:May-11) (P: 100% / R: 100%)
st
3- Beginning of Construction of the 1 Well (P:Aug-11 / R:Jul-11)
4 - Conclusion of the Basic Project Phase (Gate 3) (P:Sep-11 / R:Sep-11) (P: 100% / R: 100%)
5 -- Issuance of Preliminary License (PL) (P:Jul-12 / Proj:Sep-12)
6 - Issuance of the Instalation License (LI) (P:Aug-12 / Proj:Sep-12)
7 - Issuance of the Operating License (OL) (P:Sep-12 / Proj:Nov-12)
8 - Arrival of the Unit in the Local (P:Sep-12 / R:Dec-12)
st
9 - Beginning of Interconnection of the 1 Well Baúna (P:Sep-12 / Proj:Dec-12)
st
10 – Beginning of Construction of the 1 Well Piracaba (P:Mar-13 / Proj:Jan-13)
st
11 – Beginning of Interconnection of the 1 Well Piracaba (P:Jun-13 / Proj:May-13)
12 - Interconnection of the Last Well (P:Aug-14 / Proj:Aug-14)
apr
oct
apr
oct
oct
apr
apr
oct
apr
oct
apr
oct
apr
oct
Baseline Baseline 2012-2016 BP Accomplished Forecast
Fonte :SAP/PNG 12-16: 30/06/12. Data de Medição pela Diretoria de Exploração & Produção: 13/09/12.
Linha de Base: EVTE da Fase III, aprovado em 03/12/2009, Ata DE 4.787. / Projetado: Replanejamento realizado em Julho/12.
Local Content: Mandatory: 60% / Forecast Accomplishment : 81% 19

20. FPSO Cidade de São Paulo - Sapinhoá Pilot (1st Oil: Jan/13)
Local Content - Mandatory :30% / Forecast Accomplishment :50% Hull Conversion - Cosco (China)
Modules Construction: AIBEL (Thailand)
1. Main Gas Compression A
2. Main Gas Compression B
3. Gas Treatment - CO2 Removal
4. Gas Reinjection
5. CO2 Injection
6. Oil Processing – High Pressure
7. Oil Processing – Low Pressure
8. Utilities and Water Injection
Modules Construction: BOOMESC (China)
9. Energy Generation
10. E-House MCC – Panels Room
11. Piperack
Modules Construction: ENAVAL/VEOLIA – Niterói (RJ)
12. Salt Water Treatment
Modules Construction: BrasFels Shipyards– Angra dos Reis (RJ)
13. Arrival Risers Manifolds Enaval - Niteroi (RJ)
14. Operation Cargo Area - 1S Brasfels Shipyard – Angra (RJ)
15. Operation Cargo Area - 5S
16. Flare Chimney
Integration: BrasFels Shipyards – Angra dos Reis (RJ)
Modules Integration from hull 1 to 16
20

21. FPSO - Cidade de São Paulo: Modules Construction and Integration at BrasFels Shipyard
FPSO Cidade de São Paulo
View of BrasFels Shipyard, in Angra dos Reis – RJ (08//31/12).
21

22. FPSO Cidade de São Paulo – Sapinhoá Pilot (1st Oil: Jan/13)
Monthly Meeting of Critical Analysis (RAC) : CEO + E&P Director + Engineering, Technology and Materials Director
PHYSICAL PROJECT MONITORING – ‘S’ CURVE
IMPLEMENTATION LANDMARKS:
1 – Beginning of Construction of the 1st Well (P:mar-12 / R:feb-12) Start-Up Forecast:
2 – Issuance of Preliminary License (LP) (P:may-12/ R:sep-12) Jan/13
3 – Issuance of the Instalation License (LI) (P:may-12 /Proj:sep-12)
4 – Basic Design Conclusion (Gate 3) (P:july-12 /Proj:oct-12) (P: 89% / R: 90%)
5 – Production Unit (PU) in the Site (P:nov-12 /Proj:nov-12)
Start-Up
6 – Operation License Issue (LO) (P:dec-12 /Proj:dec-12)
BP 12-16: Jan/13
st
7 – 1 Well Interconnection Start (P:dez-12 /Proj:dez-12)
8 - Exports Gas Pipeline Interconnection (P:aug-13 /Proj:aug-13)
9 – Last Well Interconection (P:oct-15 /Proj:oct-15)
Start-Up EVTE:
Dec/12
Fonte :SAP/PNG 12-16: 30/06/12. Data de Medição pela Diretoria de Exploração & Produção: 13/09/12.
Linha de Base: EVTE da Fase III, aprovado em 03/12/2009, Ata DE 4.787. / Projetado: Replanejamento realizado em Julho/12.
22

23. FPSO Cidade de Paraty – Lula NE Pilot (1st Oil: May/13)
Local Content - Mandatory: 30% / Forecast Accomplishment 30%
Hull Conversion: Keppel Shipyard - Singapore
Modules Construction: Keppel Shipyard - Singapore
1. Energy Generation BB
2. Energy Generation BE
3. Local Equipment Room
4. Maintenance and conversion areas, and moorings
5. Helipad
6. Burners
Modules Construction: Nuclep Site Construction (EBSE) –
Itaguaí (RJ)
7. Manifold
8. Cargo Operation and Chemical Storage Modules Construction: ENAVAL/VEOLIA – Niterói (RJ)
9. Gas Injection and Compression 16. Salt Water Treatment
10. Gas A Treatment 17. Utilities and Water Injection
Modules Construction: BrasFels Shipyard – Angra dos Reis (RJ) Enaval - Niteroi (RJ)
11. Oil A Processing Nuclep - Itaguaí (RJ)
12. Oil B Processing BrasFels Shipyard - Angra (RJ)
13. Gas A Compression
14. Gas B Compression
15. Gas B Treatment
Integração: Estaleiro BrasFels – Angra dos Reis (RJ)
Modules Integration from hull 1 to 17
23

24. FPSO - Cidade de Paraty: Modules Construction and Integration at BrasFels Shipyard
FPSO
Cid. de Paraty
FPSO Cid. de
Paraty Modules
6
5
4
3
2
1
View of BrasFels Shipyard, in Angra dos Reis – RJ (08/31/12).
FPSO Cidade de Paraty Modules: (1) TS072 – Main Gas B Compressor; (2) TS062 – Oil A Treatment; (3) TS063 – Oil B Treatment; (4) TS071 – Main Gas A Compressor; (5) TS075 – Gas B
Treatment; (6) TS073 –CO2 Compressor; (LC: Full modules package contracted attending 65% of Local Content). 24

25. FPSO - Cidade de Paraty: Modules Construction at Nuclep Construction
Canteiro Nuclep - RJ
FPSO Cid. de
Paraty Modules
2
1
11
View of Nuclep Construction Site, in Angra dos Reis – RJ (08/31/12).
FPSO Cidade de Paraty (Hull – Singapore and Integration BrasFels): (1) Gas Injection and Compression (LC:65%); (2) Manifold (LC:65%). 25

26. FPSO Cidade de Paraty – Lula NE Pilot (1st Oil: May/13)
Monthly Meeting of Critical Analysis (RAC) : CEO + E&P Director + Engineering, Technology and Materials Director
PHYSICAL PROJECT MONITORING – ‘S’ CURVE
100
IMPLEMENTATION LANDMARKS:
Operational
Entrada em Operação
90 1 – Conclusion of Opportunity Evaluation Phase(Gate 1) (P:may-10/R:may-10) (P:100%/R:100%)
Start-Up Forecast
Prevista (EVTE): 10
(EVTE): May/13
28/05/13
2 – Conclusion of Conceptual Project Phase (Gate 2) (P:jul-11/R:jun-11) (P:100%/R:100%)
80
3 - Beginning of Construction of the 1st Well (P:feb-12 / R:feb-12)
4 - Issuance of Preliminary License (LP) (P:aug-12 / R: sep-12)
70
5 - Basic Design Conclusion (Gate 3) (P:may-12/R:oct-12) (P:100%/R:95%)
Operational
Entrada em
60 6 - Issuance of the Instalation License (LI) (P:aug-12 /Proj: oct-12)
8 Operação Forecast:
Start-Up Projetada:
% % Acumulado
7 - Production Unit (PU) in the Site (P:mar-13 /Proj:mar-13) May/13
28/05/2013
9
Accrued
50 8 - Operation License Issue (LO) (P:mar-13 / Proj:mar-13) 7
st
9 - 1 Well Interconnection Start (P:apr-13 / Proj:apr-13) 6
40 10 - Last Well Interconection (P:apr-16 / Proj:apr-16) Operational
Entrada em Operação
Justif.2 (A) Start-Up Forecast:
Prevista (PNG 12-16):
5 BP 12-16: May/2013
30 Justif.2 (B) 28/05/2013
4 Reference: Aug/12
20 2 Referência: agosto/12
MTD Accrued
Forecast BP: No mês Acumulado
1.1% 29.1%
10 1 3 Accomplished: 1,1%
Previsto PNG: 1.1% 29,1%
31.8%
Realizado: 1,1% 31,8%
0
set-09
set-10
set-11
set-12
set-13
set-14
set-15
mar-09
mai-09
mar-10
mai-10
mar-11
mai-11
mar-12
mai-12
mar-13
mai-13
mar-14
mai-14
mar-15
mai-15
mar-16
mai-16
jul-09
jul-10
jul-11
jul-12
jul-13
jul-14
jul-15
jan-09
jan-10
jan-11
jan-12
jan-13
jan-14
jan-15
jan-16
nov-09
nov-10
nov-11
nov-12
nov-13
nov-14
nov-15
Baseline
Linha de Base Baseline BP 12-16
Linha Base - PNG 12-16 Realizado
Accomplished Forecast
Projetado
Fonte :SAP/PNG 12-16: 30/06/12. Data de Medição pela Diretoria de Exploração & Produção: 13/09/12.
Linha de Base: EVTE da Fase III, aprovado em 03/12/2009, Ata DE 4.787. / Projetado: Replanejamento realizado em Julho/12.
26

27. FPSO P-63 – Papa-Terra (1st Oil: Jul/13)
Local Content - Mandatory: 0% / Accomplished Forecast: 65% Hull: Conversion - Cosco (China)
Modules: Construction COSCO Shipyard (China)
1. M01 Offices, Accommodations and Helideck
2. M21/M22 Manifolds
3. M81 Utilities System
4. M82 Heaters
5. M32/42 Load and Unload Area
6. M41 Laboratory and Workshop
7. M90 Electric Panels
8. M91/92/93 Electricity Generation Systems
Modules: Construction QUIP Construction Site–Rio Grande Port Modules: Construction Tekfen (Turkey)
(RS) 9. Z90 Piperack
10. EBSE – M11 High Separation System
11. EBSE – M12 Low Separation System
12. NATCO – M13 Oil Treatment
13. SULZER/TSL – M51 – Water Treatment and Injection Systems
14. VEOLIA – M52 – Sulphate Reduction Unit
15. QUIP – M-31 Flare Vases
16. QUIP – Flare Spare
17. SULZER/TSL – M83 Chemical Injection System
18. M60 Natural Gas Compression System
Integration: Rio Grande Port (RS)
Integration of Modules 1 to 18 to the hull
Rio Grande Port - Rio Grande (RS)
27

28. P-63 – Modules Construction at Rio Grande Port
6
5
1
4
2
3
7
View of the Honório Bicalho Shipyard (QUIP Construction site), in Rio Grande Port – RS (03/sep/12).
P-63 Modules (Hull converted in China will arrive in Brazil in Dec/12): (1) M60 – Compression; (2) M52 – Sulphate removal; (3) M12 – Low pressure separator; (4) M11 – High pressure separator;
(5) M13 – Electrostatic treatment; (6) M51- Water injection and treatment; (7) F30 - P-63 Flare. (LC: Full package contracted with 65% LC). 28

29. FPSO P-61 – Papa-Terra (1st Oil: Dec/13)
Local Content - Mandatory: 0% / Accomplished: 65%
Hull Construction: BrasFels Shipyard – Angra dos Reis (RJ)
Modules Construction: SIEMENS – Indonesia
1. Electric Modules
Modules Construction: KeppelFELS - Singapore
2. Topside Integration
Integration: BrasFels Shipyard – Angra dos Reis (RJ) BrasFels Shipyard - Angra (RJ)
Topside / Hull Integration
29