Cascade and Chinook Journey History and Future Chinook Gas Export César Palagi Walker Ridge Asset Manager Petrobras America Inc. July 9 th, 2012 Cascade 1
Disclaimer The presentation may contain forecasts about future events. Such forecasts merely reflect the expectations of the Company's management. Such terms as "anticipate", "believe", "expect", "forecast", "intend", "plan", "project", "seek", "should", along with similar or analogous expressions, are used to identify such forecasts. These predictions evidently involve risks and uncertainties, whether foreseen or not by the Company. Therefore, the future results of operations may differ from current expectations, and readers must not base their expectations exclusively on the information presented herein. The Company is not obliged to update the presentation/such forecasts in light of new information or future developments. All projects forecasted herein are subject to approval by the appropriate stakeholders. CAUTIONARY STATEMENT FOR US INVESTORS The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this presentation, such as oil and gas resources, that the SEC s guidelines strictly prohibit us from including in filings with the SEC. 2
Petrobras E&P Portfolio In The US Gulf Of Mexico Petrobras America General Meeting - 2nd Quarter 2009 173 E&P Blocks (9 shelf, 164 deepwater); 127 Operated by Petrobras (June, 2012) (122 Exploration Blocks, with total area close to 3,000 km 2 ) Outstanding 2001-2011 Exploration Results: * Exploration Wells: 33 drilled wells; 22 discoveries (67%) * Wildcat Wells: 19 drilled wells; 11 discoveries (58%) Urca Gila Tiber Hadrian North Hadrian South Lucius Enterprise Ipanema Olympic Logan St.Malo Cascade Chinook Stones Production assets Discoveries under Development or Appraisal Petrobras blocks in the GoM Pliocene Play Miocene Play 3 Lower Tertiary Play Petrobras next Exploration Drilling Wildcat Wells
Petrobras is the Lower Tertiary 3rd Largest Player in the GoM Petrobras America General Meeting - 2nd Quarter 2009 2002 2006 Gotcha Deep Great White West Great White 2004 Tobago Trident 2002 2001 Baha 2009 Buckskin Logan 2011 2009 Tiber 2009 Tucker 2006 Kaskida Jack 2005 2006 2002-5 2011 Stones St. Malo Shenandoah 2003 2009 Lower Tertiary trend 2005 Cascade Chinook 2002 2002 0 100 mi 0 160 km 4
Year Cascade Chinook 2002 1 Discovery Well 2003 1 Discovery Well 2004 2005 2 Appraisal Wells 2006 Petrobras Operator 2007 FID Final Investiment Decision Phase 1 2008 2009 2 Wells 2010 1 Well 2011 Cascade and Chinook Field History (1996 Lease Sale) 2012 1 Well ongoing 5
Cascade and Chinook Phased Development Petrobras America General Meeting - 2nd Quarter 2009 Phase 1 2 Wells from Cascade & 1 from Chinook; Subsea X-Trees, Manifolds, Pumps, Flowlines and Risers; Gas exported by Pipeline and Oil by Shuttle Tanker. Phase 1 Configuration Potential Phases 2 & 3 Up to 6 wells on Cascade & 7 on Chinook; Subsea Trees and Manifolds; Replacement of the FPSO; Oil Export: Shuttle Tanker vs. Pipeline. Option for Phase 3 6
Long History of Technological and Operational Leadership in Deepwater Petrobras America General Meeting - 2nd Quarter 2009 7
Cascade and Chinook Reservoir Challenges 8
Cascade and Chinook Seismic Acquisition Recording Vessels 9
Cascade and Chinook Wave Buoy Installation and Operation Wave Buoy on deck 10
Cascade and Chinook Well Drilling and Completion Rigs 2008 2008 2009 Ocean Endeavor Diamond Offshore Drilling West Sirius Seadrill Limited Discover Deep Seas Transocean Ltd. 11
Petrobras Deepest Well Drilling and Completion 27,500 ft Williams Tower 12
157.53 min 116.24 0.000 0.000 0.250 0.250 0.500 0.500 0.750 0.750 1.000 1.250 1.500 1.750 2.000 2.250 2.500 Coverage Proppant lb/ft^2 Coverage Proppant Coverage lb/ft^2 lb/ft^2 Proppant Coverage lb/ft^2 Proppant 19000 20000 19500 19000 20000 19500 19500 20000 19000 0 10. 00 5. 00 0 10. 00 5. 00 00 5. 00 10. 0 150 75. 00 0 150 75. 00 00 75. 150 New Net Pay md New Net Pay md md Pay Net New App Stati c_e' MMpsi App Stati c_e' MMpsi MMpsi c_e' Stati App GR_EDTC_ED gapi GR_EDTC_ED gapi gapi GR_EDTC_ED Petrobras America General Meeting - 2nd Quarter 2009 0.884 m/sec 85.16 min 1.000 1.250 1.500 1.750 2.000 2.250 2.500 75. 00 150 0 0 75. 75. 00 00 150 150 GR_EDTC_ED gapi GR_EDTC_ED GR_EDTC_ED gapi gapi 5. 00 10. 00 0 0 5. 00 5. 00 10. 10. 00 00 App Stati c_e' MMpsi App App Stati Stati c_e' c_e' MMpsi MMpsi 19000 19500 20000 19000 19000 19500 19500 20000 20000 Proppant Coverage lb/ft^2 New Net Pay md New New Net Net Pay Pay md md Proppant Coverage lb/ft^2 25400 25200 25800 25600 0.884 m/s ft TVD TVD ft 25200 25400 25600 25800 25400 25200 25800 25600 ft TVD TVD ft 25200 25400 25600 25800 116.24 157.53 min 85.16 min 0.000 0.000 Fractured 0.250 0.250 Area 1000 0.500ft x 0.500 400 ft 0.750 0.750 Equivalent 1.000 1.000 1.250 1.250 1.500 Well to 2 FPSOs 1.500 1.750 1.750 2.000 2.000 2.250 2.250 26000 26000 26000 26000 2.500 2.500 0.884 m/sec 0.884 m/sec MM DT DT DT Pressure 0.10 0.10 0.10 100 100 100 200 400 200 400 19500 19500 200 400 200 400 13 100 0.10 100 0.10 100 0.10 DT M DT M DT Pressure
Subsea Challenges Deepest Free Standing Hybrid Riser (8200 ft/ 2500 m) Deepest Pipe-in-pipe (8845 ft/ 2696 m) Deepest Subsea Boosting System (8857 ft/ 2700 m) Deepest Export Pipeline (8200 ft/ 2500 m) First Umbilical Riser Pull-in Using a Subsea Winch 14
Subsea Installation Vessels Technip - Deep Blue Subsea 7 Seven Seas Technip - Olympic Challenger Hereema Balder Veolia Viking Poseidon 15
Subsea System 16
FPSO BW Pioneer Artistic View Vessel & Disconnectable Turret FPSO on Production First FPSO to Operate in the US Gulf Deepest mooring of a Floating Production Facility (8200 ft/ 2500 m) 17
FPSO Construction in Singapore Module Lift onto FPSO 18 Aboard the FPSO at Keppel Shipyard, Singapore
FPSO Buoy Construction in Indonesia and Transportation thru Panama Canal 19
Shuttle Tanker Construction in Philadelphia Petrobras America General Meeting - 2nd Quarter 2009 Shuttle Launching 20
Shuttle Tanker Overseas Cascade Shipping in the Gulf of Mexico Part of BP s Macondo Operation 21
Gas Export Discovery Pipeline System 22
Project Schedule Phase I 2006 2007 2008 2009 2010 2011 2012 Petrobras Operator Regulatory Compliance Design Facilities&Wells Open&Close Cascade Open Cascade Open Chinook Execute Facilities Drill&Complete Wells 23
Phase 1 Cascade and Chinook Phased Development Petrobras America General Meeting - 2nd Quarter 2009 2 Wells from Cascade & 1 from Chinook; Subsea X-Trees, Manifolds, Pumps, Flowlines and Risers; Gas exported by Pipeline and Oil by Shuttle Tanker. Phase 1 Configuration Potential Phases 2 & 3 Up to 6 wells on Cascade & 7 on Chinook; Subsea Trees and Manifolds; Replacement of the FPSO; Oil Export: Shuttle Tanker vs. Pipeline. Option for Phase 3 24
Drilling and Completion of new Wells 2011 1st Quater 2012 2011 ENSCO Mendocino Drill Ship VANTAGE - Titanium Explorer Drill Ship 25
Starting the Design of a Platform to Replace the FPSO 26
Cascade and Chinook Journey Present and Future Chinook Production is ongoing good well and facilities performance. Pos-Production journey is just beginning. Gas Export Cascade 27
In 1996 28
In 2012 29
Thank you. Chinook Gas Export César Palagi Walker Ridge Asset Manager Petrobras America Inc. July 9 th, 2012 Cascade 30