Barclay's Oil and Gas Conference Cristina Pinho Exploration & Production September, 2014 • OVERVIEW/BUSINESS AND MANAGEMENT PLAN 2014-2018 • PRODUCTION UPDATE - RAMPING UP NEW SYSTEMS - MAINTAINING EXISTING SYSTEMS • PER BOE ANALYSIS • PRE-SALT UPDATE • NEW UNITS • CONCLUSION

1. Barclay's Oil and Gas
Conference
Cristina Pinho
Exploration & Production
September, 2014

2. DISCLAIMER
FORWARD-LOOKING STATEMENTS:
DISCLAIMER
The presentation may contain forward-looking statements about future events
within the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended, that are
not based on historical facts and are not assurances of future results. Such
forward-looking statements merely reflect the Company’s current views and
estimates of future economic circumstances, industry conditions, company
performance and financial results. Such terms as "anticipate", "believe",
"expect", "forecast", "intend", "plan", "project", "seek", "should", along with
similar or analogous expressions, are used to identify such forward-looking
statements. Readers are cautioned that these statements are only projections
and may differ materially from actual future results or events. Readers are
referred to the documents filed by the Company with the SEC, specifically the
Company’s most recent Annual Report on Form 20-F, which identify important
risk factors that could cause actual results to differ from those contained in the
forward-looking statements, including, among other things, risks relating to
general economic and business conditions, including crude oil and other
commodity prices, refining margins and prevailing exchange rates,
uncertainties inherent in making estimates of our oil and gas reserves including
recently discovered oil and gas reserves, international and Brazilian political,
economic and social developments, receipt of governmental approvals and
licenses and our ability to obtain financing.
We undertake no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information or future events or for any
other reason. Figures for 2014 on are estimates or targets.
All forward-looking statements are expressly qualified in their entirety by this
cautionary statement, and you should not place reliance on any forward-looking
statement contained in this presentation.
NON-SEC COMPLIANT OIL AND GAS RESERVES:
CAUTIONARY STATEMENT FOR US INVESTORS
We present certain data in this presentation, such as oil and gas resources,
that we are not permitted to present in documents filed with the United States
Securities and Exchange Commission (SEC) under new Subpart
1200 to Regulation S-K because such terms do not qualify as
proved, probable or possible reserves under Rule 4-10(a)
of Regulation S-X.

3. AGENDA
• OVERVIEW/BUSINESS AND MANAGEMENT PLAN 2014-2018
• PRODUCTION UPDATE
- RAMPING UP NEW SYSTEMS
- MAINTAINING EXISTING SYSTEMS
• PER BOE ANALYSIS
• PRE-SALT UPDATE
• NEW UNITS
• CONCLUSION

4. 4
PETROBRAS TODAY
Fully integrated across the hydrocarbon chain
Exploration and
Production
• 2.6 mm boed production
• 293 production fields
• 92% of Brazilian production
• 34% of global DW and UDW
production
Downstream
• 12 refineries (Brazil)
• 2.2 mm bpd refining capacity
• Oil products sales in Brazil: 2,443
Kbpd
• Oil products output in Brazil: ,2,180
Kbpd
Distribution
• 7,710 service stations
• 37,7% of market share
• 21% share of service stations
Gas and Power
• 9,190 km of gas pipelines in Brazil
• NG Supply: 96.3 million m³/d
• 3 LNG Regasification terminals with
41 MMm³/d capacity
• 6,885 MW of generation capacity
International
• 17 countries
• 0.7 Bn boe of 1P (SPE)
• 217 th. boed production
• 231 th. bpd refining capacity
Biofuels
• 3 Biodiesel Plants and interest in 2
addiotional plants: 14,1 kbbld
• Ethanol: opening new markets
• Largest domestic producer of
biodiesel: 20% of internal market
• 3rd producer of ethanol in Brazil
Adjusted EBITDA per Segment (US$ bn) (1) 2013 Proven Reserves (SPE Criteria) ‐ Brazil
3.0 3.2 3.5
1.3 1.6 1.5 2.1
4.1
2010 2011 2012 2013
(1) Adjusted according average exchange rate. Excludes Corporate and Elimination.
OnShore
8%
Shallow
Water (0-
300m)
6%
Deep Water
(300-1,500m)
45%
Ultra-Deep
Water
(> 1,500m)
41%
15.97 Billion boe
30.6 43.4 42.0 37.4
-6.9 -15.6 -9.8
1.4
3.6 2.0 1.6 1.3
E&P RTM G&P Distribution International

5. 5
Exploration & Production
• Leader in deep-water production, with
access to abundant oil reserves
• New exploratory frontier, adjacent to
existing operations
Downstream
• Dominant position in growing market, far
from other refining centers
• Balance and integration between
production, refining and demand
Gas & Power/ Biofuels/Petrochemicals
• Fully developed infrastructure for
processing and transfporting gas
• Integration accross full energy and
hydrocarbon chain in Brazil
Abundant reserves 300
km away from the
market
5
COMPETITIVE ADVANTAGES
Uniquely positioned to integrate upstream and downstream operations

6. Business and
Management
Plan
2014-2018

7. 7
Investments in Exploration & Production: US$ 153.9 billion
Downstream 38.7 (17.5%)
Gas & Energy 10.1 (4.6%)
International 9.7 (4.4%)
Distribution 2.7 (1.2%)
Biofuels 2.3 (1.0%)
Engineering, Technology
& Materials 2.2 (1.0%)
Other Areas 1.0 (0.5%)
2014-18 BMP
Total Investment
US$ 220.6
billion
Production Development
112.5 (73%)
Exploration & Production
153.9 (69.8%)
Pre-salt Exploration: 23.4 (15%)
Concession
Infrastructure: 18.0 (12%)
Transfer of Rights
Production Sharing
Post-salt
82.0
(60%)
53.9
(40%)
Exp + R&D

8. 8
Projects Under Implementation, Bidding Process and Evaluation
2014-18 BMP
Total Investment
US$ 220.6
billion
Exploration & Production 153.9 (69.8%)
Downstream 38.7 (17.5%)
Gas & Energy 10.1 (4.6%)
International 9.7 (4.4%)
Distribution 2.7 (1.2%)
Biofuels 2.3 (1.0%)
Engineering, Technology
& Materials 2.2 (1.0%)
Other Areas 1.0 (0.5%)
Under Implementation
(US$ 175.9 billion)
• Projects being executed
(construction)
• Projects already bid
• Resources required for studies
of Projects Under Evaluation
Under Bidding Process¹
(US$ 30.9 billion)
• E&P projects in Brazil
Represent around 200 th. bpd of
production in 2018 and 900 th.
bpd in 2020.
Projects under Studies in
Phase I, II or III
(except E&P in Brazil)
Portfolio of Projects
Under Implementation + Under Bidding Process
US$ 206.8 Billion
Portfolio of Projects Under Evaluation
US$ 13.8 Billion
Oil Production 2020:
4.2 million bpd
¹ Includes E&P projects in Brazil which will stil go through bidding process of their units, as well as Premium I and Premium II refineries, which will have the bidding process carried out throughout 2014
² Source: IHS CERA Regional Downstream Capital Costs Indexes - 2011
No impact in Oil
Production 2020

9. 9
2014-2018 BMP: Investment and Operating Costs Management
2014-2018 BMP
US$ 220.6 Billion
PRC-Poço
Program to Reduce
Well Costs
PRC-Sub
Program to Reduce
Subsea Facilities Costs
PROEF
Program to Increase
Operational Efficiency
UO-BC
UO-RIO
PROCOP
Operating Costs
Optimization Program
INFRALOG – Logistic Infrastructure Optimization Program
Local Content Management– Take advantage of the industry´s capacity to maximize gains to Petrobras
Health, Safety, Environment and Energy Efficiency
PROCOP: Focus on OPEX, operating costs of the Company activities – Manageable Operating Costs..
PRC-Poço: Focus on CAPEX dedicated to Wells construction – Investments in Drilling and Completion.
PRC Sub: Focus on CAPEX dedicated to subsea systems construction.

10. 10
New systems ensure future growth
Piloto Sapinhoá
(Cid. São Paulo)
Baúna
(Cid. Itajaí)
Piloto Lula NE
(Cid. Paraty)
Papa-Terra
(P-63)
Roncador III
(P-55)
1.9
3 MM bbl
Lula Ext. Sul
e CO Sul de Lula
(P-68)
Lula Oeste
(P-69)
Búzios III
(P-76)
NE de Tupi
(P-72)
ES Águas
Profundas
Iara NW
(P-71)
Revitalização
Marlim I
SE Águas
Profundas I
Lula Alto
Lula Central
Sul Pq. Baleias
Lula Sul Júpiter
(P-66)
Maromba I
Búzios I
Carcará
(P-74)
Entorno de Iara
Lapa
(P-73)
Lula Norte
(P-67)
3,2
Búzios II
(P-75)
Espadarte III
SE Águas
Profundas II
Revitalização
Marlim II
Libra
Florim
4.2
Norte Pq. Baleias
(P-58)
Roncador IV
(P-62)
Papa-Terra
(P-61+TAD)
Sapinhoá Norte
(Cid. Ilhabela)
Iracema Sul
(C. Mangaratiba)
Growth in 2014:
7.5% ± 1p.p.
Iara Horst
(P-70)
Tartaruga Verde
e Mestiça
Búzios IV
(P-77)
Búzios V
Iracema Norte
(Cid. Itaguaí)
On Stream
Built
Ordered
Under Bidding
2013 2014 2015 2016 2017 2018 2019 2020
+640kbpd +660kbpd +150kbpd +1000kbpd +900kbpd +1050kbpd Capacity added per year

11. Ramping Up
New Systems

12. 12
Cid. São Paulo
Jan 6
1965
2013 average: 1,931 kbpd
1Q13: 1,910 2Q13: 1,931 3Q13: 1,924 4Q13: 1,960 1Q14: 1,922 2Q14: 1,972
Cid. Itajaí
Feb 16
1920
1846
1924
1892
Cid. Paraty
Jun 6
1979
1888 1908
P-63
Nov 12
P-55
Dec 31
1979 1960 1957 1964
1917 1923 1926 1933
1975
2008
1996
1957
1893
1977
1925
2024
1932 1954
2025
1997 2012 2029
1990 2012 2017 2019
2078
2120
2600
2500
2400
2300
2200
2100
2000
1900
1800
1700
jan/13
feb/13
mar/13
apr/13
may/13
jun/13
jul/13
aug/13
sep/13
oct/13
nov/13
dec/13
jan/14
feb/14
mar/14
apr/14
may/14
jun/14
Main factors influencing 2Q14 oil production, as compared to 1Q14
 Start-up of production for P-62 (Roncador)
 Contribution from new wells for P-55 (Roncador), P-58 (Parque das Baleias) and FPSO Cidade de São Paulo (Sapinhoá).
 Sustainable production growth (from 1,926 th. bpd in March to 2008 th. bpd in July), i.e., +82 th. bpd production throughout 2Q14.
P-58
Mar 17
P-62
May 12
PETROBRAS: OIL AND NGL PRODUCTION IN BRAZIL
New units are now contributing to an accelerating ramp up - especially total operated production

13. 13
OIL AND NGL PRODUCTION IN BRAZIL - 2014 PROJECTION
Production target of 7.5 (± 1 p.p.) maintained, as year end production offsets lower first half production
2013 average: 1,931 kbpd 2014 average: 2,075 kbpd ± 1%
1Q13: 1,910 2Q13: 1,931 3Q13: 1,924 4Q13: 1,960 1Q14: 1,922 2Q14: 1,972
1965
1920
1846
1924
1892
1979
1888 1908
1979 1960 1957 1964
1917 1923 1926 1933
1975
2008
2049
2103
2600
2500
2400
2300
2200
2100
2000
1900
1800
1700
jan/13
feb/13
mar/13
apr/13
may/13
jun/13
jul/13
aug/13
sep/13
oct/13
nov/13
dec/13
jan/14
feb/14
mar/14
apr/14
may/14
jun/14
jul/14
aug/14
sep/14
oct/14
nov/14
dec/14
Factors that support production growth:
 New systems: P-61/TAD (4Q14), FPSO Cidade de Ilhabela (4Q14) and FPSO Cidade de Mangaratiba (4Q14).
 Planned connection of 33 production wells in 2H14. 30 were connected in 1H14.
- PLSV FLEET INCREASE: 11 vessels in 1Q14, 13 in 2Q14, 16 in 3Q14 and 19 in 4Q14.
- PRODUCTIVITY INCREASE: from 84 km / PLSV / year in 2Q13 to 114 km / PLSV / year in 2Q14 (+36%).
- READINESS: Reduction in PLSV downtime: from 33% in 2Q13 to 31% in 2Q14 (-2 p.p.).
P-61
TAD
Cid. Mangaratiba
Cid. Ilhabela
Cid. São Paulo
Jan 6
Cid. Paraty
Jun 6
P-63
Nov 12
Cid. Itajaí
Feb 16
P-55
Dec 31
P-58
Mar 17
P-62
May 12

14. 14
Our critical resources needs are fulfilled
New Production Units New UDW Drilling Rigs¹
above 2000m New PLSVs²
2
2
9
7
14
5
22
8
27 28
5
1
2014 2015 2016 2017 2018 2019 2020
5
Current fleet: 55 Current fleet: 40 Current fleet: 11
1) Rigs above 2000m, Sete Brasil rigs will largely replace current fleet 2) PLSV = Pipe Laying Support Vessel
3
9
2
8 8
17
19 19 19 19
2014 2015 2016 2017 2018 2019 2020
2 3
1
7
6
9
2
5
5 6
13
19
28 30
35
2014 2015 2016 2017 2018 2019 2020

15. 15
Production Wells Expected to be Connected in 2014
New Production Wells in 2014 New Injection Wells in 2014
17 22
28
3
64 64
27
55
Connected Completed Drilled Total Connected Completed Drilled Total
In 2014, up to June, 30 wells connections were done with 30% more efficiency (km/PLSV/year) than in the last year.

16. Maintaining
Existing
Systems

17. 17
Main Operational Units
Vitória
Camarupim
ES
MG
RJ
Rio de Janeiro
PR
São Paulo
SP
100 km
Curitiba
SC
Campos Basin
Tambaú
Pirapitanga
Sagitário Florim
ParatiIracema
Lapa
Santos Basin
Parque das Baleias
Cangoá Peroá
Golfinho Canapu
Carapó
Albacora Roncador
Marlim
Barracuda
Garoupa
Carapicu
Xerelete
Pampo
Maromba
Carataí
Papa-Terra
Iara
Libra
Ent. Iara
Búzios
Jupiter
Sul de Lula
Peroba
Lula
Bem-te-vi/Carcará
Caramba
Sapinhoá
S. Guará
Merluza
Guaiamá
Piracucá
Baúna
Piracaba
Tubarão
Estrela do Mar
Coral
Caravela
Cavalo Marinho
Mexilhão Carapiá
Tambuatá
UO-ES
7 production units
287 kbpd
UO-RIO
17 production units
840 kbpd
UO-BC
34 production units
372 kbpd
UO-BS
8 production units
142 kbpd
UO-SUL
1 production units
71 kbpd

18. 18
Program to Increase Operational Efficiency (PROEF)
Oil + NGL Production (kbpd)
488
455 452 442
418
389 390 389
355
382
428 413 408 405
374 357 370
312 335
With PROEF
Without PROEF
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 Apr/14
Oil + NGL Production (kbpd)
920
871 887 871 881
839
807
910
851 840 841
811 824
775
With PROEF
Without PROEF
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 Apr/14
Operational Efficiency(%)
73 68 71 76 76 74 75 77 77 81
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 Apr/14
Operational Efficiency(%)
92 91 89 94 91 93 92 94 95 96
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 Apr/14
UO-BC
Recovering wells and
subsea systems.
Total Expenditure*
US$ 1,897 mm
NPV*
US$ 1,080 mm
Production gain:
+43 kbpd in the 1Q14.
UO-RIO
Integrity improvement and
optimization in the usage of
resources.
Total Expenditure*
US$ 3.2 mm
NPV*
US$ 1,340 mm
Production gain
+15 kbpd in the 1Q14.
* By February 2014

19. 19
Legacy Oil – accounts for 80% of the production target for 2014
2.5
2
1.5
1
0.5
0
2012 2013 2014
OIL POTENTIAL (MM BPD)
Reservoirs potential decline rate
Decline Rates - CERA
SOURCE LARGE
FIELDS
SMALL
FIELDS
Onshore 5,3% 6,2%
Deep waters 12,0% 19,8%
Shallow waters 7,5% 12,1%
CERA: Cambridge Energy Research Associates
Authors: Jackson/Eastwwod, 01/2012
Deep waters = water depth > 300m
Large fields = reserves > 500 mm bbl
Decline rate
1Q14 x 1Q13
10%

The control over the reservoirs
decline rate ensures the oil
production forecast for the year

20. 20
Higher productivity guaranteed the maintenance of lifting cost
Stabilized unitary costs with a downward trend → increase in productivity and cost reduction
19.00
11.38
2011 Average:
R$ 21.19 /boe
20.93
More operational activities with constant oil production;
+28%
22.31 22.47 22.57
2012 Average:
R$ 27.03 /boe
26.39
13.12 13.37 12.49 12.91 13.28
30.79
15.24
+18% +2%
28.33 29.49
2013 Average:
R$ 31.94 /boe
31.25
34.28
1H 2014:
R$ 32.72 /boe
32.66 33.14 32.30 32.57
13.80 14.76 15.02 14.96 14.33 14.15 14.57 14.16
40
35
30
25
20
15
10
5
0
2011 Average:
R$ 12.60 /boe
+10% +7% -3%
2012 Average:
R$ 13.81 /boe
2013 Average:
R$ 14.77 /boe
1H 2014:
R$ 14.36 /boe
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 2014E
USD/boe
BRL/boe
Average FX (R$/US$) 1.67 1.96 2.16 2.37 2.23 2.36
% of costs in US$ 18 18 32 35 33 35
Oil production (th. bpd) 2,022 1,980 1,931 1,922 1,972 2,088
Pre-salt production (th. bpd) 100 138 249 299 347 324
SPUs on stream 121 122 124 124 125 128
Days of workovers (PROEF) 1,402 2,966 3,479 872 647 3,711

21. Pre-salt
Update

22. P-58
1 p. well
22
MG
Rio de Janeiro
The Pre-Salt Province
RJ
São Paulo
 9 production units
+ 2 EWT
 22 production
wells (10 PPSBS,
5 BC/RJ e 7 BC/ES)
Curitiba
FPSO
Capixaba
1 p. well
P-48
1 p. well
P-53
3 p. wells
FPSO Cid.
Angra dos Reis
4 p. wells
FPSO Cid.
Paraty
2 p. wells
FPSO Dynamic
Producer
1 p. well
FPSO Cid.
Niterói
1 p. well
FPSO Cid.
São Vicente
1 p. well
Concession
Transfer of Rights
Production Sharing
FPSO Cid.
Anchieta
5 p; wells
FPSO Cid.
São Paulo
2 p. wells

23. 23
Pre-Salt Production Highlights
High Productivity Wells (kbpd - peak)
SPS-77 (Sapinhoá Pilot)
LL-02 (Lula Pilot)
Lifting Cost 2013 (US$/boe)
36
36
Lula Nordeste Pilot on stream since June 2013 with only 1 production well
Monthly Production Average
(kbpd) Daily Production Record
Campos Basin
Santos Basin
580 kbpd in August 23rd 2014
165
136
83
86
Cumulative production
Aug/08 to Jun/14
312 million bbl
72
47
24
18
195
217
3
16
42
119
169
301
8
2008 2009 2010 2011 2012 2013 1H 2014
9.0
14.8
Lula Petrobras E&P
34
BAZ-04 (Baleia Azul)
412

24. 24
Pre-salt Drilling Activity in the Santos Basin Pre-salt Cluster
2 2
3
7
10 10
21
22
Active Rigs
2 3 4 4 6
6
15
21
9 10 12
2 3 4 5
7
15
25
33
2006 2007 2008 2009 2010 2011 2012 2013
Development
Exploration
23 injection wells
21 production wells
50 exploratory wells
* dryhole

25. 25
Wells Construction in Santos Pre-salt – Total Duration
Drilling Completion (including WCT)
168
125
-11% p.a. -15% p.a.
98 98
78
2010 2011 2012 2013 2014
Duration (days/well)
158
102
89 86
64
2010 2011 2012 2013 2014
Duration (days/well)

26. 26
FPSO CIDADE DE ILHABELA – SAPINHOA NORTE (START-UP 3Q14)
Next Santos pre-salt unit on schedule with topsides fabrication and integration in Brazil
• Sail away by Jul/2014
• 1st oil: 2H 2014
• 150 kbpd oil
• 6 MM m³/d gas
• 8p + 7i wells

27. 27
FPSO CIDADE DE MANGARATIBA IRACEMA SUL (4Q14)
Santos pre-salt unit also being completed in Brazil and on schedule for production this year
• Sail away by Aug/2014
• 1st oil: 2H 2014
• 150 kppd oil
• 8 MM m³/d gas
• 8p + 7i wells

28. 28
P-66 PROGRESS AT THE RIO GRANDE SHIPYARD
First hull completed, second hull being finalized
2
Rio Grande Shipyard ERG1 – RS (april/14)
(1) P-66 final hull construction activities at quay
– 1st hull for Pre-Salt fully built in Brazil –
70% Local content;
(2) P-67 hull construction on dry dock:
integration of mega blocks built in China;
(3) P-67 and P-69 mega blocks built in Rio
Grande Shipyard.
1
3
3

29. 29
Libra
First acreage bid under Production Sharing Contracts – ANP estimated volumes of ~8-12 billion BOE
Concession
Transfer of Rights
Production Sharing
Libra
L1
L3
L2
L4
L5
L6 L7
L8
L9
L11
L12
L10
Unique Characteristics
• Very thick Pre-salt reservoirs
up to 900 meters thick
• Good reservoir quality
(porosity / permeability)
• Light Oil (~ 27° API)
The Libra partnership offers a
vast array of opportunities
• Very strong oil companies
• Integrated Project Team
• Openness to new ideas
40% 20% 20% 10% 10%

30. Surplus
Volumes of
Transfer of
Rights

31. 31
EST. PRE- SALT VOLUMES (PETROBRAS ONLY)~ 24 -32 BIL. BOE*
Field / Area Area (km2)
Estimated and
Contractual Volume
(bilion boe)
Drilled wells or in
progress
Tested wells or
with tests in
progress
CO2 content in
gas (%)
Lula 1,523 4.2 36 24 10 - 20%
Lula / área de
Iracema 1.8 16 5 very low
Sapinhoá 233 .9 19 7 15 - 20%
Buzios 852 3.1 10 8 22 - 25%
Entorno de Iara 611 0.6 3 1 25 - 35%
NE Tupi 291 0.4 2 2 15 - 20%
Florim 292 0.5 2 1 very low
Sul de Lula 203 0.1 1 1 17%
Sul de Guará 145 0.3 1 0 15%
Libra 1,548 3.2 - 4.8 1 1 45%
• Transfer of Right Areas have high level of
understanding, based on significant
activities, with excellent results
• Technology, production, service
and reservoir risks largely de-risked.
• Surplus volume projects can
"replicate" Transfer of Rights
projects, with large gains in
learning curve and cost
optimization
• SVToR volumes signify:
• ~ 6 -9 years of producing 4.2 MM
barrels of Oil per day
• Finding cost of $.46 – $.72 per
BOE versus $2.66 historical finding
costs per BOE (lowering
exploration capex by 22-$33 Bi.)
• Reduced need to participate in
higher risk future bidding rounds
Level of Maturity of Reservoir Knowledge
Transfer of Rights Surplus
9.8 to 15.2 billion boe
Transfer of Rights
*Volumes for concession areas are Petrobras estimates, TOR are contractual rights, PSC and SVToR are ANP estimates,
PSC Concession

32. 32
SURPLUS VOLUME TRANSFER OF RIGHTS AREAS (SVToR)
(minimum exploratory program of ToR has confirmed additional volumes in the areas
Complying with regulations, Petrobras informed the ANP
the estimates for volumes in Buzios, in the Declaration of
Commerciality, in Dec/13, indicating the expectation of up to
7 billion boe in surplus volumes in this field (recoverable
volume of 10 billion boe)
Areas
Additional Volumes to the Transfer of Rights Contract from
9.8 to 15.2 billion boe, according to ANP
(million boe)
Búzios Between 6,500 and 10,000
Entorno de Iara Between 2,500 and 4,000
Florim Between 300 and 500
Nordeste de Tupi Between 500 and 700
Source: CNPE Resolution N. 1, June, 24 2014.
Physical Progress (may/14): 55.5%
Búzios Module 1 (transfer of rights) P-74: First Oil: 2016
Capacity: 150 thousand barrels/day

33. 33
SVToR IMPACT ON FUTURE PETROBRAS INVESTMENT SPENDING
Reducing investments in the other segments while increasing investments in E&P in Brazil
Petrobras ex-E&P investments in Brazil in the 2014-2018 BMP / 2030 Strategic Plan
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
US$ billion
Average ex-E&P Investments: US$ 10.6 billion/year Average ex-E&P Investments: US$ 3.8 billion/year
Average Investments in E&P: US$ 35 billion/year
Petrobras Average Production in Brazil: 2.9 million bpd
Petrobras Total E&P Investments in Brazil in the 2014-2018 BMP / 2030 Strategic Plan
Investments in “Under Implementation” Portfolio + “Under Bidding process” Portfolio (Partnerships in the Premiums Refineries)
Average Investments in E&P: US$ 22.8 billion/year
Petrobras Average Production in Brazil: 3.7 – 4.2 million bpd
Number of production platforms/year
+ +

34. THANK YOU!
INFORMATION
Investor Relations
+55 21 3224-1510
petroinvest@petrobras.com.br
www.petrobras.com.br/ir