1. Press Conference
José Sergio Gabrielli
CEO
July 25th, 2011
1

2. DISCLAIMER
This presentation may contain forward-looking Cautionary statement for U.S. investors:
statements. Such statements reflect only the
expectations of the Company's management The United States Securities and Exchange
regarding the future conditions of the economy, Commission permits oil and gas companies,
the industry, the performance and financial in their filings with the SEC, to disclose
results of the Company, among other factors. proved reserves that a company has
Such terms as "anticipate", "believe", "expect", demonstrated by actual production or
"forecast", "intend", "plan", "project", "seek", conclusive formation tests to be economically
"should", along with similar expressions, are and legally viable under existing economic
used to identify such statements. These and operating conditions. We use certain
predictions evidently involve risks and terms in this presentation, such as
uncertainties, whether foreseen or not by the discoveries, that the SEC’s guidelines strictly
Company. Consequently, these statements do prohibit us from including in filings with the
not represent assurance of future results of the SEC.
Company. Therefore, the Company's future
results of operations may differ from current
expectations, and readers must not base their
expectations solely on the information presented
herein. The Company is not obliged to update
the presentation and forward-looking statements
in light of new information or future
developments. Amounts informed for the year
2011 and upcoming years are either estimates
or targets.
2

3. Business Plan Context
3

4. INVESTMENT REQUIREMENT DUE TO GROWING WORLDWIDE OIL DEMAND
LIQUIDS DEMAND SCENARIO
(Global Liquids Demand in MM bpd)
110
110
Probable and
100 Probable and developing projects,
100
developing projects and new discoveries*
90
90 OPEC
80
Projected 80 Projected
Decline OPEC Decline
70 No n Non-OPEC
-O P 70
EC
60
60
50 50
40 40
30 30
20 20
2000 2005 2010 2015 2020 2000 2005 2010 2015 2020
• Additional capacity required in 2020: 38 MM bpd
• Incorporation of new discoveries
• Alternative energy sources
• Increased energy efficiency
Source: WoodMackenzie
4

5. BRAZIL IS THE SEVENTH LARGEST WORLD OIL CONSUMER
Total Oil Consumption per Country* – 2010 (MM bpd)
Above 3 MM bpd Between 2‐3 MM bpd Under 2 MM bpd
19,15
9.1
4.5 Brazil oil consumption grows
3.3 3.2 2.8 2.6 2.4 2.4 2.3 2.0
2.1% p.y.;
1.8 1.7 1.6
EUA
United Kingdom
India
Russia
Saudi Arabia
Canada
South Corea
Brazil
Japan
Mexico
Iran
China
German
France
Total Oil Consumption
230 (Índex 1999 = 100)
* Including Ethanol + Biodiesel Brazil
210
EUA
190 World
OECD
170 India
OECD oil consumption decreases China
150
0,04% p.y.
130
110
90
1999 2001 2003 2005 2007 2009
Source: BP Statistical Review 2011 55

6. SUPPLIER CHAIN DEVELOPMENT POLICY
Maximize Local Content
Strategic Guidelines
Qualification Industrial Policy Industrial Performance
Technological Industrial
Financeability Regulation Sustainability Competitiveness
Qualification Capacity
Health,
Foment micro
Professional Safety and
Fiscal Policy and small
Qualification the
companies
Environment
Phase I Phase II Phase III
Stimulate Supplier
Increase in Demand Technology
Chain
• Industrial • Consolidation of • Professional
Reactivation Production Chain Qualification
• Consolidation of • Technological
Shipyards Research and
• Establishment of Development
Supplier Chain
International
Local Content > Local Content Competitive Level
6

7. OIL, LNG AND NATURAL GAS PRODUCTION – BRAZIL AND INTERNATIONAL
6,418
142
246
1.120
3,993
4.9% p.Y. 125
180 + 35 Systems
2,575 2,772 618
2,386 2,516
+10 Post‐Salt Projects
93 96
96 141 +8 Pre‐Salt Projects
4,910
99
’000 boe/day
132 144 435
111 317 334
321 +1 Transfer of Rights 845
3,070
Transfer of Rights
Added Capacity 13
1.855 1.971 2.004 2.100
Oil: 2,300,000 bpd Pre-Salt 1,148
543
2008 2009 2010 2011 2015 2020
Oil Production‐ Brazil Natural Gas Production ‐ Brazil Oil Production ‐ International Natural Gas Production ‐ International
• Accomplishment of 30 EWTs from 2011 to 2015: 13 in the Pre‐Salt, 7 in the transfer of rights area and 10 in the
post‐salt;
•Pre‐Salt participation in the total production will enhance from the current 2% to 18% in 2015 and 40.5% in
2020.
Note: Does not include Non‐Consolidated International Production.
7

8. INCREASE IN SALES VOLUMES
Sales Volume (thousand boe/day)
6.6% p.y.
8.000 7,142 Fertilizers
79
141
7.000 El ectri c Energy
401
5.6% p.y. 906
6.000 Bi ofuel s
4,958
38 480
5.000 106
3,848 290 Interna ti ona l Sa l es(**)
3,773
3,464 17 17 738
4.000 17 94 97 2,317
94 136 147 436 Na tura l Ga s (***)
125 593 634
3.000 542 997
312 320
231 Exports
699 586
2.000 706 1,739
1,453
1,204 1,315 Other Di s tri bui tors
1,097
1.000
731 899 1,078
652 718 Sa l es to BR
0
*2009 *2010 2011 2015 2020
BP 2011‐15 ‐ Petrobras Total Sales Volume
(*) Accomplished
(**) International area sales and offshore trading operations free from eliminations.
(***) Natural Gas was converted to boe/d.
8

9. Investments Program
2011‐15
9

10. BP 2011‐2015 INVESTMENTS VS. BP 2010‐14
2010‐14 Business Plan 2011‐15 Business Plan
US$224.1 billion US$224.7 billion
2% 1%
2% 1% 2% 1%
2% 1%
8% 6%
53%
31% 57%
33%
(*) US$22.8 billion in Exploration
E&P RTC
RTM
Natural Gas, Energy and Gas
Gás,Energia & Gás Química Petrochemicals
Petroquímica
Chemic
Distribuição
Downstream
Biocombustíveis
Biofuels
Corporativo
Corporate
• 5% of investments will be made overseas, 87%
of which in E&P.
10

11. MAIN CHANGES: BP 2010‐2014 VS. BP 2011‐2015
(US$ billion)
230,0
225,0
1,5
220,0 10.8
10,8 8.6
8,6
215,0
23,7
210,0 213,2 23.7 32.1
213.2 32,1
205,0
224.7
224,7
224,0
224.0
200,0 0,6
195,0 6,4
6.4
change in investments carried
190,0 over
from 2010‐14 BP to 2011‐15 BP 192.6
192,6
185,0
180,0
2010‐14 BP Exclusions Forex rate Change in Change in Change in Change in New 2011‐15 BP
impact Budget Schedule Business Model Scope Projects
• 87% of new projects focused in E&P, highlight to the transfer of rights area (US$12.4 billion).
11

12. MAIN CHANGES: BP 2010‐2014 VS. 2011‐2015
440.0 (R$ billion)
420.0
20.6
400.0
399.1 11.2 5.0
380.0
41.6
360.0 419.7 53.3
6.5
389.0
340.0 9.0
change in investments carried over
from 2010‐14 BP to 2011‐15 BP
335.7
320.0
300.0
2010‐14 BP Exclusions Forex rate Change in Change in Change in Change in New 2011‐15 BP
impact Budget Schedule Business Model Scope Projects
12

13. KEY CHANGES IN PORTFOLIO
Reassignment of E&P investments
Exploration & Production Supply Gas & Energy
(includes Petrochemicals)
+ US$8.7 billion ‐ US$4.3 billion ‐ US$4.6 billion
New Projects New Projects New Projects
• Inclusion of the Transfer of Rights • Lubricants unit (Comperj) • New HPPs
•New Pre‐Salt Units (Lula) • Pipelines
• Operating Infrastructure • Expansion of the monobuoys
system (São Francisco do Sul)
• New Discoveries and R&D • Revap's adequacy
Excluded, Revised and/or Excluded, Revised and/or
Postponed Projects Postponed Projects Excluded, Revised and/or
Postponed Projects
• Projects discontinued after • Fuel oil storage for thermal
power plants • Revision of the construction of gas
unsuccessful exploratory phase
pipeline and compressor station
• Revision of Production • Jet fuel logistics for Brasília
• Exclusion of HPP projects from
Development Projects • Postponement of Premium I 2010 auctions
Refinery
13

14. Corporate Challenges
14

15. HUMAN RESOURCES
“To become an international benchmark for people management in the
energy sector, its employees being its greatest asset.”
Human Resources Planning
Human Resources Planning
HR Policies
HR Policies Competency management
Competency management Service provider management
Service provider management
Attraction and
Attraction and
retention
retention
Training and
Training and
• Foment workforce
• Foment workforce
education
development
development
education
• Maintenance of
• Maintenance of Career and
Career and
relations with universities • Managerial
• Managerial
relations with universities movement
movement
and technical colleges development
development
and technical colleges
• Competitive
• Competitive
• Training of new
• Training of new • Internal and external
Knowledge
Knowledge
managers/succession • Internal and external
remuneration managers/succession management
remuneration mobility
mobility management
• Retention program • Rotation of managers
• Rotation of managers • Dissemination of
• Retention program • Allocation of new
• Allocation of new • Dissemination of
and specialists
and specialists knowledge
knowledge
• Sustainable health and employees
employees
• Sustainable health and
pension plan • On‐site training
• On‐site training • Petrobras Mentor
• Petrobras Mentor
pension plan • Career plan
• Career plan
• Lessons learned
• Lessons learned
Environmental Management
Environmental Management
Commitment and
Commitment and
Culture and values
Culture and values Union relations
Union relations HR communications
HR communications
satisfaction
satisfaction
15

16. HUMAN RESOURCES Projeção de Efetivo do Sistema Petrobras
Human Resources Projection
103.030
96.953
92.693
89.201
85.417 28.608
27.985
26.722
25.528
24.347
• PN 2011‐2015 requires extra human resources
•51% of the personnel were admitted less than
10 years ago, while 46% work for Petrobras for 68.968
74.422
61.070 63.673 65.971
over 20 years
2011 2012 2013 2014 2015
35.000 3000 Controladora Outras Empresas do Sistema Petrobras
d
a te
30.000 E stim
E&P Personnel
2500
Production (thous. bbl/d)
25.000
55% 2000
20.000 • Upstream segment will be the main
1500
sponsor of the personnel increase, which
15.000
follows production growth.
1000
10.000
5.000 500
0 0
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
In Jan/11
Personnel Production
16

17. COMMITMENT TO ENERGY EFFICIENCY AND REDUCING GHG EMISSIONS
Objective Maximize energy efficiency and reduce the intensity of greenhouse gas (GHG) emissions
Voluntary • Reduce the energy intensity of RTM and Gas & Power operations by 10% and 5%,
respectively;
Commitments
• Reduce the intensity of natural gas flaring in E&P operations by 65%;
(2009‐2015)
• Reduce the intensity of GHG emissions in E&P, Refining and Thermal Power operations
by 15%, 8% and 5%, respectively.
US$ 1.2 billion will be invested in:
Investments • RTM energy efficiency (US$ 270 million)
(2010‐2015) • Reducing natural gas flaring in E&P operations (US$ 322 million)
• Conversion of thermal power plants into combined cycle plants (US$ 373 million)
• R&D (US$ 200 million)
17

18. TECHNOLOGICAL CHELLENGES
Expanding the limits
Expanding the limits
New Exploratory Maximazing Developing Development of Sediments and Solutions for Operational Middle destillates
Frontiers Recovery Factor production, new generation fluids natural gas optimazation maximization
operations and pre- sea and subsea characterization of logistic in harsh
salt logistics Production the pre-salt and environments
systems other complex
reservoirs
Adding value and Sustainability
diversifying products Water CO2 and other gases
management management Energetic
Fuels, lubricants Efficiency
and special
products Other renewable
innovation Petrochemicals Gas chemic Biofuels energy sources
18

19. PETROBRAS TECNOLOGICAL MANAGEMENT
International Research
Institutions
Other operators
Suppliers
Universities and
Brazilian Research
Institutions
Expenses (investments and costs): US$ 1.3 bi / year
• 4 Petrobras suppliers’ R&D centers in construction;
• To meet local content requirements several companies intend to develop technological centers in
Brazil.
19

20. STRATEGIC PARTNERS
50 thematic network with 80 institutions
ANP
CENPES Scientific
Institution Institution
(manager) Committee
partner 1 partner 5
Institution Institution
partner 2 Institution partner 4
MCT partner 3
FINEP
CNPq
Research Centers
- Physical and Human infrastructure UNIVERSITIES
- RH training
- R & D Projects
SUPPLIERS - Technological Services INCUBATOR
20

21. Analysis of
the Plan’s
Financeability
21

22. OIL PRICE 2010‐2015
US$/bbl
95
Petrobras’s
Outlook
80
Based on 2011‐2012 forecasts: Banks (Source: Bloomberg)
Based on 2013‐2015 forecasts: PIRA, DOE, CERA, WoodMackenzie, IEA
22

23. KEY VARIABLES THAT IMPACT THE CASH FLOW AND FINANCEABILITY
Key variables for Cash Generation and Investment Level
• Oil price
• Foreign Exchange Rate
• Growth of the Brazilian Market
• Average Realization Price (ARP) – Brazil
»International Parity
»International margins per product
• Oil and products exports and imports
• Investment Program
• Disinvestment and business restructuring
• Raising of third‐party funds
Propositions
Not carry out new Capitalization
Keep the investment grade
23

24. CASH GENERATION AND INVESTMENTS
Disinvestment and traditional funding sources that suit the Plan
Scenario A Scenario B
US$ 256.1 US$ 256.1 US$ 255.6 US$ 255.6 Key assumptions
13,6 13,6
31,4 30,9 Scenario A
26,1 26,1 (Basis) Scenario B
Exchange rate
1.73 1,73
67,0 (R$/US$)
91,4
2011 – 110 2011 – 110
2012 – 80 2012 – 95
224,7 224,7 Brent (US$/bbl) 2013 – 80 2013 – 95
2014 – 80 2014 – 95
148,9
125,0 2015 – 80 2015 – 95
Leveraging
29% 26%
(Average)
Net Debt/EBITDA
1.9 1.5
Sources Use Sources Use (Average)
ARP (R$/bbl) 158 177
Disinvestment and Restructuring Debt Amortization
Cash Investments
Third‐Party Resources (Debt)
Operating Cash Flow (After Dividends)
24

25. Exploration & Production
US$127.5 billion
25

26. TOTAL E&P INVESTMENTS IN BRAZIL– 2011‐15 BUSINESS PLAN
Exploration
E&P investments in Brazil: US$117.7 bn
Pre‐Salt Post‐Salt 26%
Pre‐salt
US$ 53.4 billion US$ 64.3 billion
Infrastructure
68%
Other areas 6%
Assignment
17% Agreement
18%
Exploration
65%
Production Development
Production
Development
Pre‐salt
Other areas 37%
48%
• Annual investments of more than US$ 4 billion in
exploration; 15%
• Investments of US$ 12.4 billion in the assignment agreement Assignment
Agreement
areas in 2011‐15
• In the BP 2010‐2014, the forcasted investment for the Pre‐
Salt was of US$33 billion
Note: Pre‐salt includes Basins in Santos, Campos and Espírito Santo
26

27. LARGE PROJECTS SUSTAIN THE INCREASE IN PRODUCTION
NG Projects
Pre‐Salt Projects
Uruguá Juruá NG
FPSO Cidade de
Lula NE
Post‐Salt Projects
Santos
Marlim Sul FPSO Cid. de
Module 2
35,000 bpd
Paraty Assignment Agreement
SS P‐51 Lula Piloto 120,000 bpd Projects
180,000 bpd FPSO Cidade de Guará Piloto 2
24‐Jan‐09 Angra dos Reis Guará (North)
FPSO Cid. São
Marlim Leste 100,000 bpd Paulo FPSO 150,000
FPSO Cidade de 120,000 bpd bpd
Niterói Cachalote and Franco 1 FPSO
’000 Baleia Franca Mexilhão Cernambi 150,000 bpd
100,000 bpd Jaqueta Parque das
bpd 26‐Feb‐09 FPSO Capixaba Baleia Azul Baleias FPSO 150,000
100,000 bpd NG bpd
FPSO Cid. de FPSO P‐58
LulaTLD
Tambaú Anchieta 180,000 bpd 3.070
FPSO BW Cidade Guará TLD 100,000 bpd
3000 FPSO Cidade
de S. Vicente FPSO Dynamic
de Santos
30,000 bpd Producer Lula 3 Central
NG
01‐May‐09 30,000 bpd BALEIA AZUL FPSO
2500
Post‐Salt 150,000 bpd
2.100 Papa‐Terra
FPSO
1.971 2.004 TLWP P‐61 &
60,000 bpd Lula 4 Alto
2000 Roncador FPSO P‐63
SS P‐55 FPSO
Marlim Sul 150,000 bpd SIRI
FPSO Frade Jubarte 150,000 bpd
Module 3
100,000 bpd FPSO P‐57 SS P‐56 Roncador 2 Jaquetas e
1500 180,000 bpd Maromba
20‐Jun‐09 180,000 bpd Module 3 FPSO P‐62 FPSO
100,000 bpd 100,000 bpd FPSO
FPSO Cid. de Module 4
Parque das Tiro Piloto 100,000 bpd
1000 Itajaí 180,000 bpd
Conchas SS‐11 80,000 bpd
FPSO E. Santo ESP/MARIMBÁ
30,000 bpd ARUANÃ
100,000 bpd FPSO
FPSO
500 40,000 bpd
29‐Sept‐09 100,000 bpd
0
2009 2010 2011 2012 2013 2014 2015
27

28. VARREDURA PROJECT: TECHNOLOGICAL DEVELOPMENT AND EXPLORATORY OPTIMIZATION
Operation Sweep
Descobertas in Campos
Discoveries do Pré-sal
Pre-salt basin 2009/10
na Bacia de Campos • Additional recoverable volume from discoveries:
(Varredura)
2009/10 (VARREDURA)
• Post‐salt: Marimbá, Marlim Sul and Pampo: 1,105 MM
boe;
• Pre‐salt: Barracuda, Caratinga, Marlim, Marlim Leste,
Albacora and Albacora Leste: 1,130 MM boe*.
• Well productivity exceeds 20,000 bpd
67 exploratory wells will be drilled between
2011 and 2015
New technologies generate E&P efficiency gains and lead to production growth between 2011
and 2015
Underwater Electric Sea Water Capture Underwater Multi‐stage
Pump in Skid and Injection VASPS Fractured Wells TLWP
Oil/Water Separation
*No volumes have been announced regarding the Marlim Leste and Albacora Leste discoveries. 28

29. DEVELOPMENT OF THE TRANSFER OF RIGHTS UNDER IMPLEMENTATION
Commerciality Statement
Exploration Stage Production Stage
Development Stage
Duration: 4 years Variable, according to
Extendable for 2 more years Development Plan
Total Duration: 40 years, extendable for 5 more years according to specific criteria
Area 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Franco
Resources already
lara surroundings available for: First 4
• 8 Exploratory wells
production New technologies
Florim
• 2 contingent Exploratory units and resource
NE of Tupi wells undergoing allocation
• 1 EWT contracting determination
South of Guará • 3 contingent EWTs (*)
• 3D Seismic
South of Tupi
* Conversion at the Inhaúma shipyard
29

30. Refining, Transportation &
Commercialization (RTC),
and Petrochemicals
US$74.4 billion
30

31. NEW REFINERIES, FUEL QUALITY AND MODERNIZATION SUM UPTO 74% OF RTM
INVESTMENTS
US$70.6 billion
• Expansion of the downstream segment:
4.5%
4.9%
1.0%
1.1% Refinery in the NE, Premium I and II, and
0.8% Comperj;
15.2%
13.9% • Serving the local market: Modernization,
conversion, and hydrodesulfurization;
• Operating improvement: maintenance and
26.4%
23.9% optimization of the industry, SMES, and R&D;
• Fleet Increase
• Allocation of the national oil: oil supply for
Expansion of the downstream segment
Serving the local market refineries and infrastructure for oil exports.
Operating improvement
Fleet Expansion
Investments in Petrochemicals amount to US$3.8
Allocation of the national oil
International
billion
31

32. PRODUCTION, DOWNSTREAM AND DEMAND IN BRAZIL
PREMIUM I
Thous bpd (2ª phase)
COMPERJ 300 mil bpd
(1º phase)
5,000 165 mil bpd
(2019)
(2013)
COMPERJ
Refinaria (2º phase)
165 mil bpd
4,000 Abreu e Lima
(2018)
(RNE)
230 mil bpd 3,327
(2012) PREMIUM II
3,000 2,643
300 mil bpd 3,095
(2017)
4,910
2,536
PREMIUM I
2,000 (1ª phase)
3,070
3,217
300 mil bpd
(2016)
2,147
2,205
2,208
2,100
2,004
1,971
1,933
1,811
1,798
1,792
1,000
0
2009 2010 2011 2015 2020
OIL and LNG Production ‐ Brazil Processed Feedstock ‐ Brazil Oil Product Market Scenario A
• Investments in refining capacity expansion to support the Brazilian market growth
32

33. INVESTMENTS IN DOWNSTREAM EXPANSION – 2011‐15 BP
REPRE I Nordeste Refinery Comperj
REPRE II
Capacity: 230,000 bpd Capacity: 330,000 bpd
Stage: Implementation Stage: Implementation
Startup: 2012 Startups: 2013 and 2018
RNE
Premium I Refinery Premium II Refinery
Capacity: 600,000 bpd Capacity: 300,000 bpd
Comperj
Stage: Earthworks Stage: Preliminary License issued
Startup: 2016 and 2019 Startup: 2017
Launch of Petrobras’ Refineries
PREMIUM II
PREMIUM I
COMPERJ
REPLAN
REMAN
REDUC
REGAP
REVAP
REPAR
RECAP
RNEST
REFAP
RLAM
RPBC
32 years
50’s 60’s 70’s 80’s 90’s 00’s 10’s
• Learning curve from the two new refineries (RNEST and Comperj) to reduce the CAPEX at the Premium
refineries
33

34. INVESTMENTS IN OIL PRODUCT QUALITY AND CONVERSION PROGRAMS TOTAL
APPROXIMATELY US$ 16 BILLION* IN 2011‐15 BUSINESS PLAN
GASOLINE QUALITY DIESEL QUALITY
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
Regular Transition Regular Gasoline Diesel S-1800
Gasoline 0.005% S
Diesel S-500
REDUC RECAP REPLAN
Gasoline Diesel and Gasoline
Gasoline Diesel S-50
REFAP REPAR
Gasoline Gasoline
Diesel S-10
REVAP
Gasoline RECAP REGAP REFAP REDUC
REPAR
Diesel Diesel and Diesel Diesel Diesel
REGAP Gasoline
Gasoline
RLAM REPLAN RPBC
RPBC Diesel Diesel Diesel
Gasoline
REGAP
Revamp
RLAM HDT
Gasoline
• Investments in oil product quality meet environmental and emission reduction regulations;
• Higher quality oil products lead to better margins.
*Includes investments in coking units
34

35. Natural Gas, Electric Energy
and Fertilizers
US$13.2 billion
35

36. INVESTMENTS IN GAS, ENERGY, AND GAS‐CHEMICALS 2011‐2015
2011‐15 Investments
US$13.2 billion
2% 6% • Cycle of investments in the expansion of the
transportation network to be completed in
0,8 2011;
26% 0,3
21%
• Consolidated investment in thermal power
3,4 2,8 generation;
• Operating in the LNG chain, and serving the
thermal power market;
5,9
• Increased portion of investments allocated to
the conversion of natural gas into urea,
ammonia, methanol, and other fertilizers, and
gas‐chemicals.
45%
LNG Electric Energy
Gas‐chemicals plants Network
(Nitrogenized)
International
36

37. 2ND INVESTMENT CYCLE: MONETIZATION OF THE PRE‐SALT RESERVES
1st Investment Cycle 2nd Investment Cycle
COMPLETED 2011‐2015 BP
2011‐
100%
LNG LNG BGUA
Acquisition TPPs Pecém UFN III (Sept/14)
90% Cubatão UFN V (Dec/14)
Conversion of Biofuel TPP Ammonium Sulfate (May/13)
Termoaçu
80%
ARLA 32
(October/11)
70%
% of Total Investment
UFN IV (Dec/17)
60%
Gasduc III
50% Gasbel II
Gasene Regás Bahia Gas FSO
40% (Sept/13) (Dec/15)
Pilar‐Ipojuca
New NG HPPs
30%
Japeri‐Reduc
20% Cacimbas‐Vitória
Gastau
Catu‐Pilar Gascav
Gaspal II
Gascar
10% Atalaia‐Itaporanga Gasan II
UPGN Cabiúnas –
Route 2 Pre‐Salt
Urucu‐Manaus (Aug/14)
Ecomps + Delivery Spots + Network Maintenance
0%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Adaptation of the Gas Pipelines Network (US$3.3 billion) TPP Commitments (US$0.9 billion)
Adequação da Malha de Gasodutos
New TPPs run on Natural Gas (US$1.7 billion) UTEs Compromissos Novas UTEs a Gás Natural
Renewable Energy: Wind Power and Biomass (US$0.02 billion)
Energia Renovável: Eólica e Biomassa
LNG regasification (US$0.8 billion) Regaseificação de GNL Natural Gas Liquefaction (US$1.8 billion) Gás Natural
Liquefação de
Transformação Química do GN
Chemical Transformation of NG (US$5.5 billion)
37

38. NEW ASSETS USING HIGHER NATURAL GAS PRODUCTION
Fertilizer Production Generation Intalled Capacity
UFN IV (Jun/2017)
4.000 UFN V (Sep/2015) 30 11.000 70
9,475
UFN III (Sep/2014) 2,936 25 9.000 581 60
Million cm/d
Thous.ton /year
3.000
7,114
Million cm/day
2,271 20
6,518 44 50
7.000 420
13 420
2.000 15 34 40
MW
5.000 30
1,109 6 30
10
1.000 813 813 3.000
3 8.894
5 20
291 6.098 6.694
1.000 10
0 -
2011 2015 2020
-1.000 2011 2015 2020 0
Ammonia Urea Natural Gas Consumption
UTE Renewable Natural Gas Consumption
• Brazil currently imports 53% of the total ammonia consumption in the country. Will be self‐sufficient in 2015;
• We currently import 53% of the total urea consumed. This amount will reduce to 28% in 2015, 16% in 2017 and 22%
in 2020.
38

39. NATURAL GAS SUPPLY & DEMAND BALANCE (MILLION M3/D)
PCS 9.400 kcal/m³ SUPPLY DEMAND
National NG Supply to the Market Demand from Thermal Power Plants: Petrobras + Third parties
102
78 9 Northern Region 76
(15.1 GW)
55 9 59
(10.7 GW) To be contracted (5.5 GW
6 93 38
Other Regions (6.7 GW)
69
49 37 40 Flexible
25
13 Inflexible
2011 2015 2020 2011 2015 2020
Supply via LNG Regasification Terminals Demand from NG Distributors
41 41
14 14 Bahia Non‐thermal power
21 Pecém
14 20 20 Guanabara Bay
2011 2015 2020 2011 2015 2020
Bolivian Supply Petrobras’ Demand: Downstream + Fertilizers
61
Fertilizers
39
30 30 30 16 UPGN
Flexible 17
24 24 24 25 32 Downstream
Firm
2011 2015 2020 2011 2015 2020
Total Total
106 149 173 96 151 200
Supply Demand
39

40. Distribution
US$ 3,1 billion
40

41. INVESTMENTS IN DISTRIBUTION
2011‐2015 BP
US$3.1 billion
Automotive Market
Mercado Automotivo
Mercado Consumidor
Consumer Market 21%
42%
Operações e Logística
Operations & Logistics
Liquigás
18%
Internacional 6%
International
13%
Share in the automotive and global markets
50 40.6
38.6 38.8 38.5
40
30
20
30.6 30.9 31.3 33.7
10
0
2009 2010 2011 2015
Automotive Market (%) Global Market (%)
41

42. Biofuels
US$ 4.1 billion
42

43. INVESTMENTS IN BIOFUELS
2011‐2015 INVESTMENTS
US$4.1 billion
7%
14% 0,3 Etanol
0,6
Logística para Etanol
1,9 47%
Biodiesel
1,3
R&D
32%
Ethanol supply (million m³) Biodiesel supply (’000 m³)
Market‐share Pbio+Partners: Market Share Pbio+Partners:
• 2011: 5.3% • 2011: 28%
5.6
• 2015: 12% • 2015: 26%
273%
2.5 16% 855
735
1.5 143
143
3.1
0.6 592 712
0.9
2011 2015 2011 2015
Pbio Partners Pbio Partners
43

44. International
US$ 11 billion
44

45. INVESTMENTS: INTERNATIONAL AREA
Activities in 27 countries in the E&P, RTCP, Distribution, and G&E segments
US$11 billion Gulf of Mexico
7%
1% Key Projects:
3% 2%
• Cascade / Chinook
E&P
G&E • Saint‐Malo
RTCP • Tiber
Distribution
87%
Corporate
Africa’s West Coast Latin America
Key Projects: Key Projects:
• Nigéria • Bolivia
Akpo San Alberto / San Antonio
Agbami Serving the Brazilian market
Egina
• Peru
• Angola Integrated Gas Project – Lots 57 and 58
Block 26 Oil Production – Lot X
45

46. 46