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Petroleo Brasileiro S.A., Company Intelligence Report - Product Image

Petroleo Brasileiro S.A., Company Intelligence Report

  • ID: 1604089
  • April 2013
  • 127 Pages
  • GlobalData

Petroleo Brasileiro S.A., Company Intelligence Report

Summary

Petroleo Brasileiro S.A. (Petrobras) is an integrated oil and gas company involved in the exploration, production, refining and transportation of crude oil and natural gas and the manufacturing of petroleum products and biofuels. The company is headquartered in Rio de Janeiro, and its major producing assets are located in Brazil. It also produces in North America, Asia, Africa and other South American countries. In South America, the company operates in Argentina, Bolivia, Colombia, Peru, Uruguay and Venezuela. In North America, it operates in the US and Mexico. In Africa, the company operates oil in Angola and Nigeria; and in Asia, it has refining operations in Japan. Petrobras’s business is divided into six segments - upstream, downstream, distribution, biofuels, gas and power. The upstream segment of the company is engaged in Exploration and Production (E&P) and the development of crude oil, Natural Gas Liquids (NGL) and natural gas resources, globally. The Refining, Marketing and Transportation (RTM) segment is engaged in activities related to logistics and the refining, transportation and export READ MORE >

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1.1 List of Tables
1.2 List of Figures
2 Petroleo Brasileiro S.A., Company Overview
3 Petroleo Brasileiro S.A., Key Highlights
3.1 Expanding Upstream Operations: Producing from Pre-salt Reservoirs will Drive Future Investment
3.2 Maintaining an Even Capex for Refineries; Still Sticking to an Integrated Status
3.2.1 Complexo Petroquímico do Rio de Janeiro
3.2.2 Abreu e Lima
3.2.3 Premium 1 Refinery
3.3 Increased Focus on Biofuels in Brazil; Diversifying Operations to Ensure Growth
3.4 Petrobras Cost Optimization Program 2012–2016
4 Petroleo Brasileiro S.A., SWOT Analysis
4.1 Strengths
4.1.1 Oil-Rich and Larger Upstream Portfolio
4.1.2 Holding Expertise in Exploring Offshore Projects Efficiently; Further Improving its Technical Base
4.1.3 Comparatively High Reserve Life Index
4.2 Weaknesses
4.2.1 Relatively High Operational Cost Compared to Peer Group
4.2.2 Consistently Low Exploration Drilling Success Ratio
4.3 Opportunities
4.3.1 Substantial Exploration Potential to Expand Resource Base in Brazil
4.3.2 New Projects to Increase Production
4.3.3 Refining Capacity Expansion
4.4 Threats
4.4.1 Dependence on External Funds
5 Petroleo Brasileiro S.A., Goals and Strategies
5.1 Growing Upstream Portfolio
5.2 Accelerating Production Volumes; New Techniques Playing an Important Role
5.3 Growing Investment in Research and Development
5.4 Expansion of Refining Capacity
6 Petroleo Brasileiro S.A., Production Overview
6.1 Production Profile
6.2 Brazil
6.2.1 Campos Basin
6.2.2 Santos Basin
6.2.3 Espirito Santos Basin
6.3 International
6.3.1 South America
6.3.2 North America
6.3.3 Africa
7 Petroleo Brasileiro S.A., Exploration and Development Overview
7.1 Brazil
7.2 International
7.2.1 South America
7.2.2 Africa
7.2.3 Middle East
7.2.4 Asia
8 Petroleo Brasileiro S.A., Capital Expenditure
8.1 Costs Incurred
9 Petroleo Brasileiro S.A., Acreage
10 Petroleo Brasileiro S.A., M&A Activity
11 Petroleo Brasileiro S.A., Forecast Production and Financial Statements
11.1 Income Statement (2010–2017)
11.2 Balance Sheet (2010–2017)
11.3 Cash Flow Statement (2010–2017)
11.4 Financial Ratios
12 Petroleo Brasileiro S.A., Valuation
12.1 DCF Methodology
13 Petroleo Brasileiro S.A., Peer Comparison
13.1 Share Price Performance
13.2 Operational and Financial Performance
13.3 Key Financial and Operational Ratio
14 Petroleo Brasileiro S.A., Production and Reserves Trends
14.1 Petroleo Brasileiro S.A., Total Oil and Gas, Reserves and Production
14.1.1 Total Crude Oil and Natural Gas Production and Reserves Trend, 2007-2011
14.1.2 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2007-2011
14.1.3 Total Crude Oil and Natural Gas Reserve Changes, 2007-2011
14.2 Petroleo Brasileiro S.A.,Crude Oil/Liquids Production and Reserve
14.2.1 Crude Oil/Liquids Production and Reserve Trend, 2007-2011
14.2.2 Crude Oil Production and Reserves By Country/Region, 2007-2011
14.2.3 Crude Oil/Liquids Reserve Changes, 2007-2011
14.3 Petroleo Brasileiro S.A., Natural Gas Production and Reserve
14.3.1 Natural Gas Production and Reserve Trend, 2007-2011
14.3.2 Natural Gas Production and Reserves, By Country/Region, 2007-2011
14.3.3 Natural Gas Reserve Changes, 2007-2011
14.4 Petroleo Brasileiro S.A., Total Crude Oil and Natural Gas Reserves Life Index
14.4.1 Total Crude Oil and Natural Gas Reserves Life Index, 2007-2011
14.4.2 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2007-2011
14.5 Petroleo Brasileiro S.A., E&P Costs Trends
14.5.1 Upstream Capital Expenditure, 2007-2011
14.5.2 Acquisition Costs By Country/Region, 2007-2011
14.5.3 Exploration and Development Costs, By Country/Region, 2007-2011
14.6 Petroleo Brasileiro S.A., Oil and Gas Cost Per boe, $/boe
14.6.1 Oil and Gas Cost Per boe, $/boe, 2007-2011
14.6.2 Oil and Gas Cost Per boe, $/boe, By Country/Region, 2007-2011
14.7 Petroleo Brasileiro S.A., Oil and Gas Production Replacement Ratio
14.7.1 Oil and Gas Production Replacement Ratio, 2007-2011
14.7.2 Oil and Gas Production Replacement Ratio, By Country/Region, 2007-2011
14.8 Petroleo Brasileiro S.A., Results of Oil & Gas Operations Trend
14.8.1 Oil and Gas Revenue and Expenses, 2007-2011
14.8.2 Oil and Gas Revenue and Expenses, By Country/Region, 2007-2011
14.9 Petroleo Brasileiro S.A., Oil and Gas Revenue and Expenses, Per boe
14.9.1 Oil and Gas Revenue and Expenses, By boe, 2007-2011
14.9.2 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2007-2011
14.10 Petroleo Brasileiro S.A., Oil and Gas Performance Metrics
14.11 Petroleo Brasileiro S.A., Land Holdings and Well Data
14.11.1 Gross and Net Developed and Undeveloped Acreage, 2007-2011
14.11.2 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2007-2011
14.12 Petroleo Brasileiro S.A., Well Statistics
14.12.1 Producible Oil and Gas Well, 2007-2011
14.12.2 Producible Oil and Gas Well, By Country/Region, 2007-2011
14.12.3 Exploration and Development Wells Drilled, 2007-2011
14.12.4 Exploration and Development Wells Drilled, By Country/Region, 2007-2011
15 Appendix
15.1 Abbreviations
15.2 Sources
15.3 Methodology
15.3.1 Coverage
15.3.2 Secondary Research
15.3.3 Primary Research
15.4 Contact Us
15.5 Disclaimer

1.1 List of Tables
Table 1: Petroleo Brasileiro S.A., Prospects in the Santos Basin, Brazil, 2012–2016
Table 2: Petroleo Brasileiro S.A., PROCOP, Brazil, 2012–2016
Table 3: Petroleo Brasileiro S.A., Major Discoveries, Brazil, 2012
Table 4: Petroleo Brasileiro S.A., Upcoming Oil Projects, Brazil, 2013
Table 5: Petroleo Brasileiro S.A., Upcoming Refineries, Brazil, 2012
Table 6: Petroleo Brasileiro S.A., Total Production by Geography, MMboe, 2009–2017
Table 7: Petroleo Brasileiro S.A., Exploration Projects, 2011
Table 8: Petroleo Brasileiro S.A., Capital Expenditure Classification ($m), 2010–2012
Table 9: Petroleo Brasileiro S.A., Costs Incurred ($m), 2009–2011
Table 10: Petroleo Brasileiro S.A., Recent Transactions as a Buyer, 2011–2012
Table 11: Petroleo Brasileiro S.A., Recent Transactions as a Seller, 2011–2012
Table 12: Petroleo Brasileiro S.A., Historic and Forecast Production, 20010–2017
Table 13: GlobalData, Price Forecasts, 2013–2017
Table 14: Petroleo Brasileiro S.A., Income Statement ($m), 2010–2017
Table 15: Petroleo Brasileiro S.A., Balance Sheet ($m), 2010–2017
Table 16: Petroleo Brasileiro S.A., Cash Flow Statement ($m), 2010–2017
Table 17: Petroleo Brasileiro S.A., Profitability Ratios, 2010–2017
Table 18: Petroleo Brasileiro S.A., Other Financial Ratios, 2010–2017
Table 19: Petroleo Brasileiro S.A., Capital Market Ratios, 2009–2011
Table 20: Petroleo Brasileiro S.A, Free Cash Flow Calculation ($m), 2012
Table 21 : Petroleo Brasileiro S.A., DCF Calculation, 2012
Table 22: Petroleo Brasileiro S.A. Vs. Peer Group, Operational and Financial Performance, 2011
Table 23: Petroleo Brasileiro S.A., and its Peers, Total Reserves and Production, mmboe, 2011
Table 24: Petroleo Brasileiro S.A. and its Peer Group Comparison, Financial Ratios, 2011
Table 25: Petroleo Brasileiro S.A., Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2007-2011
Table 26: Petroleo Brasileiro S.A., Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, MMboe, 2007-2011
Table 27: Petroleo Brasileiro S.A., Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2007-2011
Table 28: Petroleo Brasileiro S.A., Crude Oil Production and Reserves Metrics, MMbbl, 2007-2011
Table 29: Petroleo Brasileiro S.A., Crude Oil Production and Reserves, By Country/Region, MMbbl, 2007-2011
Table 30: Petroleo Brasileiro S.A., Crude Oil Reserve Changes, MMbbl, 2007-2011
Table 31: Petroleo Brasileiro S.A., Natural Gas Production and Reserves Metrics, Bcf, 2007-2011
Table 32: Petroleo Brasileiro S.A., Natural Gas Production and Reserves, By Country/Region, Bcf, 2007-2011
Table 33: Petroleo Brasileiro S.A., Natural Gas Reserve Changes, Bcf, 2007-2011
Table 34: Petroleo Brasileiro S.A., Oil and Gas Reserves Life Index, Years, 2007-2011
Table 35: Petroleo Brasileiro S.A., Oil and Gas Reserves Life Index, By Country/Region, Years, 2007-2011
Table 36: Petroleo Brasileiro S.A., Upstream Capital Expenditure, $m, 2007-2011
Table 37: Petroleo Brasileiro S.A., Proved and Unproved Acquisition Costs, By Country/Region, $m, 2007-2011
Table 38: Petroleo Brasileiro S.A., Exploration and Development Costs, By Country/Region, $m, 2007-2011
Table 39: Petroleo Brasileiro S.A., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2007-2011
Table 40: Petroleo Brasileiro S.A., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, By Country/Region, 2007-2011
Table 41: Petroleo Brasileiro S.A., Oil and Gas Production Replacement Ratio, %, 2007-2011
Table 42: Petroleo Brasileiro S.A., 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2007-2011
Table 43: Petroleo Brasileiro S.A., Revenue and Expenses, $m, 2007-2011
Table 44: Petroleo Brasileiro S.A., Revenue and Expenses, By Country/Region, $m, 2007-2011
Table 45: Petroleo Brasileiro S.A., Oil and Gas Revenue and Expenses, $/boe, 2007-2011
Table 46: Petroleo Brasileiro S.A., Oil and Gas Revenue and Expenses, $/boe, By Country/Region, 2007-2011
Table 47: Petroleo Brasileiro S.A., Oil and Gas Performance Metrics, 2007-2011
Table 48: Petroleo Brasileiro S.A., Land Holdings (Developed and Undeveloped Acreage), Acres, 2007-2011
Table 49: Petroleo Brasileiro S.A., Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2007-2011
Table 50: Petroleo Brasileiro S.A., Producible Oil and Gas Wells, 2007-2011
Table 51: Petroleo Brasileiro S.A., Producible Oil and Gas Wells, By Country/Region, 2007-2011
Table 52: Petroleo Brasileiro S.A., Exploratory and Developed Wells, 2007-2011
Table 53: Petroleo Brasileiro S.A., Exploratory and Developed Wells, By Country/Region, 2007-2011

1.2 List of Figures
Figure 1: Petroleo Brasileiro S.A., Operational Overview, 2012
Figure 2: Petroleo Brasileiro S.A., Performance Charts, 2009–2012
Figure 3: Petroleo Brasileiro S.A., Share Price Performance, December 2011 – December 2012
Figure 4: Petroleo Brasileiro S.A., Operational Map, Santos Basin, Brazil, 2012
Figure 5: Petroleo Brasileiro S.A., Refining Capacity, mmboe/d, 2011
Figure 6: Petroleo Brasileiro S.A., Oil Products Demand and Refining Capacity, Brazil (mbd), 2009–2020
Figure 7: Petroleo Brasileiro S.A., Biofuels, Capex, Brazil (mbd), 2012–2016
Figure 8: Petroleo Brasileiro S.A, Reserves, Production and Share of Oil in Reserves/Production, 2009–2011
Figure 9: Petroleo Brasileiro S.A., Onshore and Offshore Production Mix, Brazil (mmboe), 2009–2011
Figure 10: Petroleo Brasileiro S.A., Reserve Life Index In Comparison with Peer Group (Years), 2008–2011
Figure 11: Petroleo Brasileiro S.A., Finding and Development Cost per boe and Exploration Cost per boe, Three-Year Average ($/boe), 2008–2011
Figure 12: Petroleo Brasileiro S.A., Exploration Drilling Success Ratio (%), 2008–2011
Figure 13: Petroleo Brasileiro S.A., Refining Capacity
Figure 14: Petroleo Brasileiro S.A., Comparison of Capital Expenditure with Cash Flow from Operations ($m), 2008–2011
Figure 15: Petroleo Brasileiro S.A., Proportion of R&D Investments, 2011
Figure 16: Petroleo Brasileiro S.A., Total Production Classification by Geography (mmboe), 2009–2017
Figure 17: Petroleo Brasileiro S.A., Total Production Mix (mmboe), 2009–2017
Figure 18: Petroleo Brasileiro S.A., Brazil Operational Map, 2012
Figure 19: Petroleo Brasileiro S.A., Deepwater Discoveries,1978–2011
Figure 20: Petroleo Brasileiro S.A., Comparison of Exploration Cost and Reserve Addition, 2008–2011
Figure 21: Petroleo Brasileiro S.A., Major Fields, Brazil, Operational map, 2011
Figure 22: Petroleo Brasileiro S.A., Capital Expenditure Classification ($m), 2010–2012
Figure 23: Petroleo Brasileiro S.A., Costs Incurred ($m), 2009–2011
Figure 24: Petroleo Brasileiro S.A., Reserve Replacement Ratio and Finding & Development Cost ($m), 2009–2011
Figure 25: Petroleo Brasileiro S.A. Versus Peers Total Net Acreage Comparison, (Million Acres), 2011
Figure 26: Petroleo Brasileiro S.A., Net Developed and Undeveloped Acreages, 2008–2011
Figure 27: Petroleo Brasileiro S.A. and its Peers, Relative Share Price Performance Index, December 2011–December 2012
Figure 28: Petroleo Brasileiro S.A., Operational and Financial Parameters in $/boe, 2011
Figure 29: Petroleo Brasileiro S.A and its Peers, Reserve Life Index, Years, 2011
Figure 30: Petroleo Brasileiro S.A., Total Reserves and Production, MMboe, 2011
Figure 31: Petroleo Brasileiro S.A. and its Peers, Valuation Ratios, 2011
Figure 32: Petroleo Brasileiro S.A., Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2007-2011
Figure 33: Petroleo Brasileiro S.A., Total Oil & Gas Reserves, End of Period, By Country/Region, MMboe, 2007-2011
Figure 34: Petroleo Brasileiro S.A., Total Oil & Gas Production, By Country/Region, MMboe, 2007-2011
Figure 35: Petroleo Brasileiro S.A., Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2011
Figure 36: Petroleo Brasileiro S.A., Oil Production, By Country/Region, MMbbl, 2007-2011
Figure 37: Petroleo Brasileiro S.A., Crude Oil Reserve Changes, MMbbl, 2011
Figure 38: Petroleo Brasileiro S.A., Gas Production, By Country/Region, Bcf, 2007-2011
Figure 39: Petroleo Brasileiro S.A., Natural Gas Reserve Changes, Bcf, 2011
Figure 40: Petroleo Brasileiro S.A., Oil and Gas Reserves Life Index, Years, 2007-2011
Figure 41: Petroleo Brasileiro S.A., Gas Reserve Life Index, By Country/Region, Years, 2007-2011
Figure 42: Petroleo Brasileiro S.A., Oil & Gas Reserve Life Index, By Country/Region, Years, 2007-2011
Figure 43: Petroleo Brasileiro S.A., Oil Reserve Life Index, By Country/Region, Years, 2007-2011
Figure 44: Petroleo Brasileiro S.A., Upstream Capital Expenditure, $m, 2007-2011
Figure 45: Petroleo Brasileiro S.A., Proved Acquisition Costs, By Country/Region, $m, 2007-2011
Figure 46: Petroleo Brasileiro S.A., Unproved Acquisition Costs, By Country/Region, $m, 2007-2011
Figure 47: Petroleo Brasileiro S.A., Development Costs, By Country/Region, $m, 2007-2011
Figure 48: Petroleo Brasileiro S.A., Exploration Costs, By Country/Region, $m, 2007-2011
Figure 49: Petroleo Brasileiro S.A., 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2007-2011
Figure 50: Figure 51: Petroleo Brasileiro S.A., Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, $/boe, 2007-2011
Figure 52: Petroleo Brasileiro S.A., Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, $/boe, 2007-2011
Figure 53: Petroleo Brasileiro S.A., Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, $/boe, 2007-2011
Figure 54: Petroleo Brasileiro S.A., 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2007-2011
Figure 55: Petroleo Brasileiro S.A., 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2007-2011
Figure 56: Petroleo Brasileiro S.A., 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2007-2011
Figure 57: Petroleo Brasileiro S.A., 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2007-2011
Figure 58: Petroleo Brasileiro S.A., 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2007-2011
Figure 59: Petroleo Brasileiro S.A., 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2007-2011
Figure 60: Petroleo Brasileiro S.A., 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2007-2011
Figure 61: Petroleo Brasileiro S.A., Revenue and Expenses, $m, 2007-2011
Figure 62: Petroleo Brasileiro S.A., Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, $m, 2007-2011
Figure 63: Petroleo Brasileiro S.A., Exploration Expenses, By Country/Region, $m, 2007-2011
Figure 64: Petroleo Brasileiro S.A., Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, $m, 2007-2011
Figure 65: Petroleo Brasileiro S.A., Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, $m, 2007-2011
Figure 66: Petroleo Brasileiro S.A., Oil & Gas Revenue, By Country/Region, $m, 2007-2011
Figure 67: Petroleo Brasileiro S.A., Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, $m, 2007-2011
Figure 68: Petroleo Brasileiro S.A., Production Costs, By Country/Region, $m, 2007-2011
Figure 69: Petroleo Brasileiro S.A., Total Expenses From Upstream Oil & Gas Operations, By Country/Region, $m, 2007-2011
Figure 70: Petroleo Brasileiro S.A., Oil and Gas Revenue and Expenses, $/boe, 2007-2011
Figure 71: Petroleo Brasileiro S.A., Exploration Expenses per boe, By Country/Region, $/boe, 2007-2011
Figure 72: Petroleo Brasileiro S.A., Income Tax/(Benefit) per boe, By Country/Region, $/boe, 2007-2011
Figure 73: Petroleo Brasileiro S.A., Lifting Cost per boe, By Country/Region, $/boe, 2007-2011
Figure 74: Petroleo Brasileiro S.A., Annual Net Income per boe, By Country/Region, $/boe, 2007-2011
Figure 75: Petroleo Brasileiro S.A., Oil & Gas Revenue per boe, By Country/Region, $/boe, 2007-2011
Figure 76: Petroleo Brasileiro S.A., Total DD&A per boe, By Country/Region, $/boe, 2007-2011
Figure 77: Petroleo Brasileiro S.A., Total Revenue per boe, By Country/Region, $/boe, 2007-2011
Figure 78: Petroleo Brasileiro S.A., Oil and Gas Performance Metrics, 2007-2011
Figure 79: Petroleo Brasileiro S.A., Land Holdings (Developed and Undeveloped Acreage), Acres, 2007-2011
Figure 80: Petroleo Brasileiro S.A., Total Gross Undeveloped Acreage, By Country/Region, Acres, 2007-2011
Figure 81: Petroleo Brasileiro S.A., Total Net Undeveloped Acreage, By Country/Region, Acres, 2007-2011
Figure 82: Petroleo Brasileiro S.A., Total Gross Developed Acreage, By Country/Region, Acres, 2007-2011
Figure 83: Petroleo Brasileiro S.A., Total Net Developed Acreage, By Country/Region, Acres, 2007-2011
Figure 84: Petroleo Brasileiro S.A., Producible Oil and Gas Wells, 2007-2011
Figure 85: Petroleo Brasileiro S.A., Gross Productive Gas Wells, By Country/Region, Number, 2007-2011
Figure 86: Petroleo Brasileiro S.A., Gross Productive Oil & Gas Wells, By Country/Region, Number, 2007-2011
Figure 87: Petroleo Brasileiro S.A., Gross Productive Oil Wells, By Country/Region, Number, 2007-2011
Figure 88: Petroleo Brasileiro S.A., Net/Gross Oil & Gas Ratio, By Country/Region, %, 2007-2011
Figure 89: Petroleo Brasileiro S.A., Net Productive Gas Wells, By Country/Region, Number, 2007-2011
Figure 90: Petroleo Brasileiro S.A., Net Productive Oil & Gas Wells, By Country/Region, Number, 2007-2011
Figure 91: Petroleo Brasileiro S.A., Net Productive Oil Wells, By Country/Region, Number, 2007-2011
Figure 92: Petroleo Brasileiro S.A., Exploratory and Developed Wells, 2007-2011

Expanding Upstream Operations: Producing from Pre-salt Reservoirs will Drive Future Investment

Petrobras has been a key contributor in developing oil and gas resources in Brazil for the last five decades. In 2012, the percentage of company’s total production and reserves from Brazil was approximately 91% and 95% respectively. In the last five years, discoveries in Brazil represented 63% of the worldwide deepwater discoveries. Thus, the major focus of the company is towards the development of deepwater and ultra-deepwater regions, especially in the major pre-salt discoveries stretching from Campos to Santos Basin with approximately 36.8 million acres. In 2011, the total increase in the reserves in Brazil was 1.24 billion boe, of which 79% was from the pre-salt areas located in the deepwater discoveries. On September 2010, the company entered into an assignment agreement for the exploration and production of oil and natural gas and other fluid hydrocarbons in specified pre-salt areas, subject to a maximum production of five billion barrels of oil equivalent. These pre-salt areas include six blocks and one contingent block in the Santos Basin. However, the company’s existing contracts in Brazil cover 26.6% of the pre-salt areas, including the areas assigned under the assignment agreement.

Petrobras is aggressively involved in developing Santos Basin, in order to capitalize on the huge growth opportunities in the pre-salt areas located in this region. The first productive field in the Santos Basin pre-salt was Lula (formerly Tupi), which began producing oil in May 2009, following an 18-month Extended Well Test (EWT). In 2011, the company drilled its first exploratory well under the assignment agreement in the Franco area and an Extended Well Test (EWT) was planned for that area in 2012. The Franco oil field is the large ultradeep oil prospect located in the Santos Basin. This field is the second largest pre-salt area found in the basin after Lula field. Among the blocks targeted under the agreement with the Brazilian government, approximately 61% of the total reserves are from the Franco area. The company is targeting the production of oil in the Franco area in 2016.

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