1. 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

2. 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

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

4. Energetic Matrix Evolution and Forecast Estamos aquí NAKICENOVIC, GRÜBLER E MACONALD, 1998. 0 10 20 30 40 50 60 70 80 90 100 18501900195020002050 2100 years % Coal Others Oil Natural Gas Hydraulic Nuclear Solar Modern Biomass Modern Biomass 2008 Fossil - 87%

5. 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

6. Petrobras: An Integrated Company Income from Operations (%) 2007 Summary Financials (US$ billions) Services InternationalDownstreamUpstream Gas & Energy Finance - Net Income: 13.1 - Investments: 21 - Net Revenue: 87.7  500.000 investors in Brazil and abroad  Government w/ 55% voting shares  Total Employees: 68.931

7. 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

8. 14121086420 13,75 6062646668707274767880828486889092949698 00020604 Bi bbl (eq.) Onshore Shallow waters Deep waters (> 400m) 11,01 Petrobras: Oil and Gas Reserves

9. 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 1783 1684 2006 Self-sufficiency Petrobras’ Production Brazilian Consumption

10. Petrobras´ Exploration Drilling and Completion/Production evolution OTC1992OTC2001

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

12. 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 - 2002/2007  Proved Reserves...............: 3,80 B boe  Prob + Poss Reserves.......: 4,50 B boe  Evaluation Areas (2007)..: 4,70 B boe  ~ 13.0 B boer (2002-2007)

13. Domestic E&P Profile

14. Offshore Oil and Gas Potencial 9% 17% 68%

15. EXPLORATORY WELLS 2008-2012 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

16. Domestic Production Targets and Projection: 2007-2011-2015 8,5%/year 8,0%/year (Thousand boe/d) 1,004 179 1.180 2.054 1.812 2011 Target 2011 Target 2.925 2,374 551 2015 Forecast 1,500 252 276 551 724 2.812 3.536 OilGas 2.374 1,778

17. Shallow Water Oil/Gas discoveries 1974-1984

18. Deep Water Oil/Gas discoveries 1984-2002

19. Deep Water Oil/Gas discoveries 2003-2006

20. Ultra-deep water Oil/Gas discoveries 2006-2008 Cluster Blocks

21. Ultra-deepwater Exploratory Blocks

22. Intra rift section SAG Base of Salt Top of Salt Top of Albian K section. 51015 20 km0 Basement W E Rift section Pre-Salt: Seismic Section in depth (meters)

23. Pre-Salt New Frontier

24. Tupi Extended Well Test FPSO FPSO – 30,000 bopd 1 well Water Depth: 2.170 m Oil density: 28 – 42º API Flare capacity: 1MM m 3 Reservoir N 1 st oil: March/2009 Well

25. FPSO Tupi Production Pilot FPSO – 100,000 bopd and 4MMm3/day Water Depth: 2.145 m 5 production wells, 2 water injectors and 1 gas injector Wells Reservoir N 1 st oil: Dec/2010

26. UTGCA UGN RPBC TEFRAN TUPI Area URG PMXL PMLZ-1 170 Km 248 Km 212 Km 145 Km To service the Pilot Planned Existing Under Construction Gas Pipeline for Tupi Pilot System

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

28. 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)

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