Renato T Bertani World Petroleum Council – President Barra Energia - CEO Renato T Bertani World Petroleum Council – President Barra Energia - CEO World Petroleum Council The Global Forum for Oil and Gas Science, Technology, Economics and Management Presentation to Accelerate Oil & Gas 2012 Barra Energia do Brasil Striving to be a reference on competency, ethics and credibility

100 km LIBRA Acumulações JUPITER LULA CERNAMBI IARA FRANCO GUARA CARIOCA CARAMBA ABARÉ IGUAÇU LIBRA AZULÃO BEM-TE-VI MACUNAÍMA PARATI GATO DO MATO CORCOVADO source: IHS,ANP, WoodMac Rio de Janeiro BM-S-8 66 % Petrobras (operator) 10% Barra Energia 10 % Queiroz Galvão 14 % Galp BS-4 30 % Queiroz Galvão (operator) 40 % Petrobras 30 % Barra Energia 2 ATLANTA OLIVA BIGUÁ BE is positioned in highly prospective pre-salt acreage BMS-8 BS-4

Algeria Angola Argentina Australia Austria Azerbaijan Bahrain Belgium Brazil Canada China Colombia Croatia Cuba Czech Denmark Egypt Finland France Gabon Germany Hungary India Indonesia Iran Israel Japan Kazakhstan Kenya Korea Kuwait Libya Macedonia Mexico Morocco Mozambique Netherlands Nigeria Norway Oman Pakistan Panama Peru Poland Portugal Qatar Romania Russia Saudi Arabia Serbia Sierra Leone Slovakia Slovenia South Africa Spain Suriname Sweden Thailand Trinidad & Tobago Turkey UK Uruguay USA Venezuela Vietnam MISSION The mission of the World Petroleum Council is to promote the sustainable development, production and consumption of oil, gas and other energy resources for the benefit of mankind WPC Member Countries and Mission WPC Member Countries

4 Source: EIA World Energy Demand Growth Energy consumption will grow by approximately 40% until 2030 The largest growth will be in developing countries Source: EIA Source: EIA, International Energy Outlook Issue: October 2011

5 World Energy Demand Growth Fossil fuels (oil, natural gas and coal) will continue to be the main sources of energy Supply of renewable sources of energy will grow significantly, but still remain a complementary source of energy Liquids: Conventional (oil, condensate, natural gas plant liquids, refinery gains) Non-Conventional (oil sands, extra heavy oil, biofuels, GTL, CTL) Source: EIA Outlook Issue: October 2011

World Oil Reserves World resource base is expanding in view of new technologies and price deck Total Reserves: trillion bo R/P = 46 yrs (*) Including extra heavy and oil sands Source: EIA, International Energy Outlook Issue: October 2011

7 World Liquid Fuel Consumption Liquid fuels will continue as the largest component of the energy matrix Growth of oil production, in both Opec and non Opec countries will meet most of the demand Non-conventional liquid fuels also growing significantly Liquids: Conventional (oil, condensate, natural gas plant liquids, refinery gains) Non-Conventional (oil sands, extra heavy oil, biofuels, GTL, CTL) Source: EIA Outlook Issue: October

Source: EIA, International Energy Outlook Issue: October 2011 Liquids: Conventional (oil, condensate, natural gas plant liquids, refinery gains) Non-Conventional (oil sands, extra heavy oil, biofuels, GTL, CTL) Key Drivers and Constraints Liquid Production Changes Liquid Production Changes Key Drivers and Constraints Liquid Production Changes Liquid Production Changes

9 MONEY $20 trillion until 2030 Finance takes good projects and good management IEA Energy Outlook MONEY $20 trillion until 2030 Finance takes good projects and good management IEA Energy Outlook MILLS Increasing demand for steel, rigs, supplies Secure strategic long term alliances MILLS Increasing demand for steel, rigs, supplies Secure strategic long term alliances MINDS Rapidly aging HR base, attract and keep new talent MINDS Rapidly aging HR base, attract and keep new talent Challenges = Opportunities