Oil and Gas Resources on the Brazilian Continental Margin Jeferson Luiz Dias Petrobras/E&P November, 2008 Rio de Janeiro, Brazil Seminar on Marine Mineral Resources of the South and Equatorial Atlantic Ocean

Brazil: General Information Area : 8,514,877 km 2 Coastline: 7,370 km Population: 187 million (2007) Gross Domestic Product (2007): US$ 796 billion GDP/capita (2007): US$ 4,420 Domestic Oil/Gas Production (2007): 2 million barrels per day Area : 8,514,877 km 2 Coastline: 7,370 km Population: 187 million (2007) Gross Domestic Product (2007): US$ 796 billion GDP/capita (2007): US$ 4,420 Domestic Oil/Gas Production (2007): 2 million barrels per day Ecuador Colombia Venezuela Guyanas Peru Bolivia Paraguai Chile Uruguai Argentina Brasilia Rio de Janeiro Brazil

Brazil: Energetic Matrix WORLD B R A Z I L Coal Coal Natural Gas Oil Oil NaturalGas Hydraulic Biomass

Energetic Matrix Evolution and Forecast Estamos aquí NAKICENOVIC, GRÜBLER E MACONALD, years % Coal Others Oil Natural Gas Hydraulic Nuclear Solar Modern Biomass Modern Biomass 2008 Fossil - 87%

Brazilian Sedimentary Basins Exploration Concessions Total...: 302,9 M km 2 (4,7%) - Petrobras...: 151,5 M km 2 - Other Companies: 151,8 Mkm 2 Brazilian Sedimentary Area TOTAL: 6.4 MM km 2 Onshore: 4.9 MM km 2 Offshore: 1.5 MM km 2 Offshore (0/400m): 0.78 MM km 2 Offshore (400/3,000m): 0.74 MM km 2

Petrobras: An Integrated Company Income from Operations (%) 2007 Summary Financials (US$ billions) Services InternationalDownstreamUpstream Gas & Energy Finance - Net Income: Investments: 21 - Net Revenue: 87.7  investors in Brazil and abroad  Government w/ 55% voting shares  Total Employees:

Petrobras: International Outlook CORE AREAS Tr.&Tob. USA MEXICO VENEZUELA COLOMBIA PERU ECUADOR BOLIVIA PARAGUAY CHILE ARGENTINA BRASIL HEADQUARTERS E&P Refining Trading Representative Office TURKEY IRAN LYBIA NIGERIA EQUATORIAL GUINEA ANGOLA TANZANIA MOZAMBIQUE New York UK SINGAPORE CHINA JAPAN PORTUGAL INDIA

, Bi bbl (eq.) Onshore Shallow waters Deep waters (> 400m) 11,01 Petrobras: Oil and Gas Reserves

Oil Consumption & Production Forecast in Brazil (thousand bpd) 52 % 91%91%91%91% 95 % Production/ Consumption 11 2 % 70%70%70%70% (*) Petrobras' estimate considering an average growth of 2.6 % per year Self-sufficiency Petrobras’ Production Brazilian Consumption

Petrobras´ Exploration Drilling and Completion/Production evolution OTC1992OTC2001

Recoverable Oil (Eq.) and Exploratory Success Ratio MM bbl 20% 24% 23% 39% 50% 55% 49% 59% Success Ratio

Campos Basin Heavy Oil & Light Oil Santos Basin Light Oil & Natural Gas Espírito Santo Basin Light Oil & Natural Gas Sergipe-Alagoas Basin Light Oil Recent Discoveries /2007  Proved Reserves : 3,80 B boe  Prob + Poss Reserves : 4,50 B boe  Evaluation Areas (2007)..: 4,70 B boe  ~ 13.0 B boer ( )

Domestic E&P Profile

Offshore Oil and Gas Potencial 9% 17% 68%

EXPLORATORY WELLS Potiguar (88) onshore: 70 offshore: 18 SEAL& REC & TUC (90) onshore: 70 offshore: 20 Bahia Sul (26) Esp.Santo (85) onshore: 45 offshore: 40 (74) Campos (74) (80) Santos (80) Ceara & Potiguar AP (8) (2) Pelotas (2) Equatorial Margin (12) Solimões (23) São Francisco (4) Exploration: US$ 13.8 billion Petrobras Other Companies

Domestic Production Targets and Projection: ,5%/year 8,0%/year (Thousand boe/d) 1, Target 2011 Target , Forecast 1, OilGas ,778

Shallow Water Oil/Gas discoveries

Deep Water Oil/Gas discoveries

Deep Water Oil/Gas discoveries

Ultra-deep water Oil/Gas discoveries Cluster Blocks

Ultra-deepwater Exploratory Blocks

Intra rift section SAG Base of Salt Top of Salt Top of Albian K section km0 Basement W E Rift section Pre-Salt: Seismic Section in depth (meters)

Pre-Salt New Frontier

Tupi Extended Well Test FPSO FPSO – 30,000 bopd 1 well Water Depth: m Oil density: 28 – 42º API Flare capacity: 1MM m 3 Reservoir N 1 st oil: March/2009 Well

FPSO Tupi Production Pilot FPSO – 100,000 bopd and 4MMm3/day Water Depth: m 5 production wells, 2 water injectors and 1 gas injector Wells Reservoir N 1 st oil: Dec/2010

UTGCA UGN RPBC TEFRAN TUPI Area URG PMXL PMLZ Km 248 Km 212 Km 145 Km To service the Pilot Planned Existing Under Construction Gas Pipeline for Tupi Pilot System

HIGH REWARD HIGH RISKS HIGHINVESTMENTS HIGHLY HIGHLYTRAINEDPROFESSIONALS TECHNOLOGY Petrobras/E&P

TECHNOLOGICAL INTEGRATION R&D CENTER Types: Contracts and agreements with Universities and Research Centers with internal financial support Contracts with external financial support Networks of excellence Over 120 Brazilian Institutions Types: Joint Industry Projects Cooperating Research Strategic Alliances Technology Interchange Over 70 International Institutions Petrobras Research Center (CENPES)

Thank You ! Seminar on Marine Mineral Resources of the South and Equatorial Atlantic Ocean