Presentation of Jose Luiz Marcusso Bank of America Merrill Lynch Conference November, 2012

1. Santos Basin
Development
November, 2012

2. DISCLAIMER
FORWARD-LOOKING STATEMENTS
The presentation may contain forward-looking statements We undertake no obligation to publicly update or
about future events within the meaning of Section 27A of revise any forward-looking statements, whether as
the Securities Act of 1933, as amended, and Section 21E a result of new information or future events or for
of the Securities Exchange Act of 1934, as amended, that any other reason. Figures for 2012 on are
are not based on historical facts and are not assurances of estimates or targets.
future results. Such forward-looking statements merely
reflect the Company’s current views and estimates of
future economic circumstances, industry conditions, All forward-looking statements are expressly
company performance and financial results. Such terms qualified in their entirety by this cautionary
as "anticipate", "believe", "expect", "forecast", "intend", statement, and you should not place reliance on
"plan", "project", "seek", "should", along with similar or any forward-looking statement contained in this
analogous expressions, are used to identify such forward- presentation.
looking statements. Readers are cautioned that these
statements are only projections and may differ materially
from actual future results or events. Readers are referred NON-SEC COMPLIANT OIL AND GAS RESERVES:
to the documents filed by the Company with the SEC,
specifically the Company’s most recent Annual Report on CAUTIONARY STATEMENT FOR US INVESTORS
Form 20-F, which identify important risk factors that could We present certain data in this presentation, such
cause actual results to differ from those contained in the as oil and gas resources, that we are not permitted
forward-looking statements, including, among other to present in documents filed with the United
things, risks relating to general economic and business States Securities and Exchange Commission (SEC)
conditions, including crude oil and other commodity under new Subpart 1200 to Regulation S-K because
prices, refining margins and prevailing exchange rates, such terms do not qualify as proved, probable or
uncertainties inherent in making estimates of our oil and possible reserves under Rule 4-10(a) of Regulation
gas reserves including recently discovered oil and gas S-X.
reserves, international and Brazilian political, economic
and social developments, receipt of governmental
approvals and licenses and our ability to obtain financing.

3. SANTOS BASIN DEVELOPMENT
CURRENT PARTICIPATION
5% OF THE DOMESTIC OIL PRODUCTION
20% OF THE DOMESTIC NATURAL GAS SUPPLY

4. SANTOS BASIN PRODUCTION AREAS
Uruguá Area
Mexilhão Area
Merluza Area
South Area
Pre-Salt Area

5. SANTOS BASIN GAS PIPELINES
REVAP
UGN
UTGCA
RPBC
Mexilhão
174 Km
Uruguá-Tambaú
Merluza-Lagosta
Lula
TEFRAN
Merluza-RPBC (1993, May), Lagosta (2009, April)
Uruguá-Mexilhão and Mexilhão-UTGCA (Abril/2011), Lula-Mexilhão (2011, September)

6. SANTOS BASIN PRODUCTION SYSTEMS
BAÚNA E PIRACABA (SS-11)

7. SANTOS BASIN PRODUCTION SYSTEMS
MERLUZA (PMLZ-1)
MEXILHÃO (PMXL-1)

8. SANTOS BASIN PRODUCTION SYSTEMS
Extended Well Test and Early Production Systems
FPSO BW CIDADE DE SÃO VICENTE
FPWSO DYNAMIC PRODUCER

9. SANTOS BASIN PRODUCTION SYSTEMS
URUGUÁ – TAMBAÚ (FPSO CIDADE DE SANTOS)

10. SANTOS BASIN PRODUCTION SYSTEMS
LULA (FPSO CIDADE DE ANGRA DOS REIS)

11. SANTOS BASIN PRODUCTION SYSTEMS
CARAGUATATUBA - UTGCA (ONSHORE GAS PROCESSING PLANT)

12. OPERATION SUPPORT FACILITIES IN SANTOS CITY
Opened: 2006, March (temporary installation)

13. OPERATION SUPPORT FACILITIES IN SANTOS CITY
Opened: 2007, December (temporary installation)

14. INTEGRATED OPERATIONS CENTER (PILOT) IN SANTOS CITY
Opened: 2009, July

15. OPERATION SUPPORT FACILITIES (including the Geology Lab)
Opened: 2009, October (temporary installation)

16. GEOLOGY LAB
Petrographic Description
• Stratigraphic Studies
Petrophysical Analysis • Sedimentological Analysis
• Petrophysical Characterization
Data Analysis

17. IT AND TELECOMMUNICATIONS SUPPORT IN SANTOS CITY
Opened: 2010, November (4 floors)

18. SUPPORT FACILITIES IN SANTOS CITY
Opened: 2011, March (temporary installation)

19. OPERATION SUPPORT FACILITIES IN SANTOS CITY
Opened: 2011, November (temporary installation)

20. SANTOS BASIN DEVELOPMENT
BP 2012-2016 AND STRATEGIC PLAN 2020 (FUTURE PARTICIPATION OF THE SANTOS BASIN)
DOMESTIC OIL PRODUCTION AND NATURAL GAS SUPPLY
(IMPORTANCE OF SANTOS BASIN)
• BP: 38 new Production Systems until 2020
• 25 in Santos Basin
• 24 in the Pre-Salt area
• Challenge: maximizing operational performance

21. PRODUCTION CURVE IN BRAZIL - OIL AND LNG
Post-Salt, Pre-Salt and Transfer of Rights
Production Curve in Brazil – Oil and LNG Production
2018 2019 2020
Franco 4 Maromba Espadarte III
2017 Sul de Guará Bonito Florim
2014 2015 2016 Lula Ext. Sul Júpiter Entorno de Iara
Norte Pq. Lula Alto Iara Horst Carcará
2013 Iracema Norte
Baleias (P-58) NE Tupi Sul Pq. Baleias
Lula Central
Piloto Sapinhoá Roncador IV Franco 5
Lula Sul Carimbé 4,200
(Cid. São Paulo) (P-62)
Franco 1 Aruanã Espadarte I
2012 Piloto Lula NE Sapinhoá Norte 12%
(Cid. Paraty) (Cid. Ilhabela) Carioca 1 Iara NW
Baleia Azul Papa-Terra Iracema Sul Lula Norte Franco 3
Thousands bpd
(Cid. Anchieta) (P-61 e P-63) (Cid. 19%
Franco 2
Baúna e Piracaba Roncador III Mangaratiba)
(Cid. Itajaí) (P-55) 2,500
1% 28%
2,022
30%
5%
95% Stable Prod. (± 2%) 4-6% p.y. Growth 69% 42%
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Post-salt Pre-salt (Concession) Transfer of Rights New Discoveries*
(*) Includes new opportunities in blocks where discoveries have already been found

22. NATURAL GAS SUPPLY AND DEMAND (MILLION m³/d)
SUPPLY DEMAND
PCS 9.400 kcal/m³
Domestic NG Supply Thermo Power Plants Demand: Petrobras + Third Parties
52
46
81 (9,3 GW)
44 (8,0 GW)
68 (7,5 GW) To be contracted
48 6
6 6 North Region
4 32 34 35 Flexible
62 75
44 Other Regions Inflexible
12 12 11
2011 2016 2020 2011 2016 2020
Supply via LNG Regasification Terminals NG Distributors Demand
65
51
41 41
41
21 14 14
Bahia
Non–thermal power
7 7 7 Pecém
14 20 20 Guanabara Bay
2011 2016 2020 2011 2016 2020
Bolivian Supply Petrobras Demand: Downstream + Fertilizers
30 30 30
30
26
6 6 6 Flexible 14
5 5 Fertilizers
24 24 24 Firm 3
21 25 Downstream
11
2011 2016 2020 2011 2016 2020
99 139 152 Total 99 123 147 Total
Supply Demand

23. DOMESTIC PROVED RESERVES AND EXPLORATORY SUCCESS
The current reserve / production of
Over the past 20 years, Petrobras corresponds to 19.2 years
the proved reserves in
Brazil increased by In 2011, the Brazilian total increase in
164% reserves was 1.24 billion boe. Of this
total, 0.98 billion boe refers to Pre-Salt
+3% Exploratory Success (Brazil)
15,71 Pre-Salt:
15,28
13,23 94%*
( 2011)
+164% 9,65
57% 59%
7,53 40%
5,96
1991 1995 2000 2005 2010 2011 2009 2010 2011
* Index of exploratory success in the fields operated by
Proved Reserves (billion boe) Petrobras in the Pre-salt Area of Santos Basin

24. RESERVES AND RECOVERABLE VOLUMES
Rapid growth in reserves from discoveries in deep waters
Proved Reserves – SPE criteria
Million boe
Shallow-water
30.000
25.000
Pre-salt: Lula Pre-salt:
and Iracema Sapinhoá
15,70 Bi boe
20.000
Whales Park,
Mexilhão
15.000
Roncador
10.000
Marlim
5.000 Namorado
Guaricema Garoupa
Carmópolis
-
Onshore 0-300m 300-1500m > 1500m Pre-salt's Recovery Volume Transfer of Rights
* Lula/Iracema, Iara, Guará and Whales Park, ranging from 7.3 to 8.5 Billion boe

25. MAIN DISCOVERIES IN 2012
Date Basin Field Participation Quality of Estimated Water
the Oil Recoverable Volume Depth (m)
Production capacity:
3,295
Feb -12 Solimões Igarapé Chibata BR (100%) 41º API 1,400 bpd of oil
(Onshore)
45k m3 of gas
Right to produce up to
Feb -12 Santos Franco NW (TR) BR (100%) 28º API (Pre-Salt) 1,860
3.058 Bi boe
Feb -12 Santos Carioca Sela BR(45%) BG(30%) RPS(25%) 27º API (Pre-Salt) Not Disclosed 2,149
34º API (Bauna) 113 MM boe (Bauna)
Feb -12 Santos Bauna e Piracaba BR (100%) shallow water
32º API (Picaraba) 83 MM boe (Piracaba)
> 700 MM boe of oil
Feb -12 Campos Pão de Açucar BR(30%) RPS(35%) STO(35%) Pre-Salt Oil 2,800
545 MM boe of gas
Right to produce up to
Mar-12 Santos Tupi Northeast (TR) BR (100%) 26º Oil API (Pre-Salt) 2,131
428 MM boe
BR(66%) PGL(14%)
Mar-12 Santos Carcará 31º Oil API (Pre-Salt) Not Disclosed 2,027
BARRA(10%) QG(10%)
Apr-12 Santos Iara Oeste BR(65%) BG(25%) PGL(10%) 21º to 26º API (Pre-Salt) 3 to 4 Bi boe (BMS-11) 2,150
Apr-12 Santos Dolomita Sul BR (100%) Pre-salt Oil Not Disclosed 1,747
Right to produce up to 2,202
June-12 Santos Sul de Guará (TR) BR(45%) BG(30%) RPS(25%) 27º API (Pre-Salt)
319 MM boe
BR (40%) IBV(30%)
July -12 Esp.Santo Grana Padano 15º API Not Disclosed 1,208
ANADARKO(30%)
Aug-12 Ceará Pecém BR (60%) BP(40%) Oil Not Disclosed 2,129
Right to produce up to
Aug-12 Santos Franco SW (TR) BR (100%) 28º to 30º Oil API 2,024
3.058 Bi barrels oil
Aug-12 Sergipe Alagoas Barra BR (60%) IBV(40%) 38º API Not disclosed 2,433
light oil, gas and
Aug-12 Sergipe Alagoas Moita Bonita BR (100%) Not disclosed 2,775
condensate
Note: TR = Transfer of Rights

26. 2012-2016 CAPEX
Implementation Vs. Evaluation
Under Implementation Under Evaluation
2012-2016 BP = All E&P projects in Brazil and projects of the
remaining segments in phase IV*
+ Projects for the remaining segments
currently in phase I, II and III.
US$ 236.5 Billion US$ 208.7 Billion US$ 27.8 Billion
980 projects 833 projects 147 projects
27.7% 24.8% 17% (**)
(US$ 65.5 Billion) US$ 51.7 Billion (US$ 4.6 Billion)
28% 7%
(US$ 1.9 Billion)
0%
65.8% (US$ 0.1 Billion)
60.0% 3.7% 50%
(US$ 141.8 Billion) (US$ 137.2 Billion) (US$ 7.8 Billion) 5% (US$ 13.9 Billion)
5.8% (US$ 1.3 Billion)
1.8%
(US$ 13.8 Billion
(US$ 3.7 Billion)
2.1%
1.7%
(US$ 5.0 Billion)
(US$ 3.5 Billion) 21%
1.5%
(US$ 3.6 Billion) 0.9% (US$ 6.0 Billion)
1.6% (US$ 1.9 Billion)
1.4%
1.3% (US$ 3.8 Billion)
(US$ 3.0 Billion)
(US$ 3.0 Billion) ** E&P abroad
E&P RTM G&E Petrochemical Distribution Biofuel Corporate
* Includes budget already designated for projects under evaluation for RTM, G&E, Petrochemical, Distribution, Biofuels and Corporate

27. 2012-2016 CAPEX
Exploration & Production
Exploration
US$ 25.4 Billion
E&P
US$ 131.6 billion*
24%
(6) Pre-Salt
Post-Salt
19%
8% 69% Transfer of Rights
(US$ 25,4 Bi)
(2) (17.5)
12%
69% (US$ 16,3 Bi)
(US$ 89,9 Bi)
Production Development
US$ 89.9 Billion
Production Development
34%
Exploration Pre-Salt
49% (30.2)
Infrastructure and Support (43.7) Post-Salt
Transfer of Rights
18%
(16.3)
* Does not include International E&P investments

28. EXPLORATION INVESTMENTS IN BRAZIL
Focus on New Frontiers
Investments focused on:
• New Frontiers (Equatorial Margin and East Margin), to ensure a continued R/P ratio higher than 15 years
• Consolidation and appraisal of the Pre-salt and Transfer of rights areas
US$ 25.4 billion
Transfer of Rights Equatorial
Consolidation
and Appraisal
8% Margin
(2.0)
Pre-salt
24%
(6.0)
New Frontiers
East
69%
(17.5) Margin
Post-salt
Finding Cost (US$ / boe) Concession Areas
1.56 March, 2012
Petrobras
Other Companies
Petrobras Costs Lower than the Majors
(2007-2011): US$ 3.2 to 4.5 / boe

29. NEW PRODUCTION UNITS - 2012-2014
New platforms built domestically and abroad will contribute to production
Top Side / Local Content
Project Capacity 1st Oil Hull
Integration Commit. Target
Baleia Azul SBM
100 kbpd Sep/2012 Existing 0% 44%
FPSO Cid. Anchieta Cingapura
Baúna and Piracaba Jurong Odebrecht and Teekay
80 kbpd Dec/2012 60% 81%
FPSO Cid. Itajaí Cingapura Cingapura
Sapinhoá Pilot Cosco Shipyard Schahin/Modec
120 kbpd Jan/2013 30% 50%
FPSO Cid. São Paulo China Brasfels
Lula NE Pilot Keppel Shipyard QGOG/SBM
120 kbpd May/2013 30% 30%
FPSO Cid. Paraty Cingapura Brasfels
Papa-Terra Cosco Shipyard Quip
140 kbpd July/2013 0% 65%
P-63 China Rio Grande
Roncador Module III EAS Quip
180 kbpd Sep/2013 0% 65%
P-55 Brasil Rio Grande
Papa-Terra Natural Floatec Floatec
Oct/2013 0% 65%
P-61 Gas Brasfels Brasfels
Parque das Baleias Queiróz Galvão Queiróz Galvão
180 kbpd Jan/2014 0% 58%
P-58 Rio Grande Rio Grande
Roncador Module IV Camargo Corrêa/IESA Camargo Corrêa/IESA
180 kbpd Mar/2014 0% 65%
P-62 EAS EAS
Sapinhoá Norte QGOG/SBM QGOG/SBM
150 kbpd Sep/2014 30% 47%
FPSO Cid. Ilhabela China SBM/BRASA
Lula - Iracema Sul Cosco Shipyard
150 kbpd Nov/2014 Not define 30% 47%
FPSO Cid. Mangaratiba China
* Note: “FPSO Cid. XX” = Leased / “P-XX” = Owned 29

30. FPSO Cidade de Anchieta – Baleia Azul
Operating since Sep 10th, 2012
Production Ramp up Interconnection of
(bpd) Producing Wells
Sep/12 29,700 1st Well sep/10/12
Oct/12 52,185 2nd Well sep/21/12
Nov/12 52,185 3rd Well sep/26/12
Dec/12 72,000 4th Well nov/12/12
Peak (100 kbpd): Feb/13 5th Well nov/13/12
Local Content - Mandatory: 0%
Forecast Accomplishment : 44%

31. BrasFels Shipyard - RJ
4.200
Cid. São Paulo
Cid. São Paulo
Cid. Paraty
Cid. Paraty
P-61
P-61
2.500
2.022
Current Jobs: 7,000
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
2
3
1
View of BrasFels Shipyard, in Angra dos Reis – RJ (Aug 31st, 2012)
(1) P-61 (LC:65%): Construction of the HULL of the TLWP and integration of TOPSIDE (deckbox and modules constructed in Singapore).
(2) FPSO Cidade de São Paulo (LC:65%): Conversion of the HULL in China and integration of 15 modules, constructed in Brasfels (5 mod), Enaval (1 mod), Thailand (8 mod) and China (2
mod).

32. NEW PRODUCTION UNITS
Platforms under construction or already contracted will meet mid-term needs
8 Replicant FPSOs for Pre-Salt
• Oil Production Capacity: 150,000 bpd per unit
• Installation in Pre-salt areas BMS-9 and BMS-11
• Hulls under construction at Rio Grande Shipyard
• Contracts approved for the construction and integration of the topside modules
of the six first units: DM/TKK, IESA, Tome/Ferrostaal, Mendes Jr/OSX
• These contracts total US$ 4,5 billion
• The two remaining topside modules and integration package contracts are
expected to be awarded by 2013 with the same companies
4 VLCCs Conversion to FPSOs
• Oil Production Capacity: 150,000 bpd per unit
• Installation in Transfer of Rights Areas (Franco and Nordeste de Tupi)
• Conversion will be made at the Inhauma Shipyard
• Two units will be converted by 2014 and the other two by 2015
• The next stage will involve installing the oil and gas processing and
production plant modules and integrating the units

33. P-66
P-66 P-70
P-70
Rio Grande Shipyard – ERG1 - RS P-67
P-67 P-71
P-71
P-68
P-68 P-73
P-73
4.200
P-72
P-69
P-69
7
2.500
2.022 P-55 P-55
6
Empregos Atuais:3,500
Current Jobs: 3.500
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
5
4
1 3
3
2
View of Rio Grande Shipyard ERG1 – RS (Sep 3rd, 2012)
(1) Steel plates of Ecovix; (2) Sub-blocks of the Hulls of the replicants of Ecovix; (3) QUIP modules for Topside and integration of P-55; (4) Modules of the IESA; (5) Pre edification area , with
details for the yellow blocks of the Goliath crane type of the Konecranes (biggest crane in the world: 210m high and capacity of 2 thousand ton) delivered in Aug/12; (6) Work integration of P-55;
(7) Work construction of Rio Grande Shipyard ERG 2, where will be constructed 3 Drilling Rigs of Setebrasil (NS Cassino, NS Curumim e NS Salinas)

34. Inhaúma Shipyard- RJ
4.200
P-74
2.500
2.022
Current Jobs: 109
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
1
Overview of Inhaúma Shipyard, in Rio de Janeiro – RJ (Aug 31st, 2012)
(1) P-74: Hull´s conversion of VLCC ship (structural reinforcement of the hull, enlargement, reform and adaptation of arrangement, installations of equipments and adaptation of anchorage
system).

35. DRILLING RIGS AVAILABILITY
Necessity met with imported and domestic units
Drilling Rigs: Imported vs. Domestic
42 42 42 42 42
(Water Depth > 2.000m)
Number of Drilling Rigs
33 new domestic drilling rigs from 2016 on: Local Content between 55% and 65%
• Mid-term needs for drilling rigs are now largely satisfied. Future intermediate demand will be
limited to specific situations and needs.
• Starting in 2016, Brazilian built rigs expected to begin replacing internationally built fleet as
their contracts expire (and subject to total fleet needs).
• If for any reason the domestic rigs are not completed as scheduled, Petrobras has the possibility
of renewing some or all of expiring leases.

36. NATURAL GAS FLOW
Projects to transport natural gas to the coast include gas pipelines and FLNG

37. COMPLEXITY OF THE OPERATIONS IN SANTOS BASIN
• Distance of about 300 km from the coast
• Huge demand of air and sea
transportation
• Complexity of the gas network
• Operation of 20 own platforms and the
onshore gas processing plant, involving
different partners in 18 platforms
• Wells and platforms with large
production, demanding efficient
surveillance and monitoring
• Operational and environmental risks
• Need for quick and efficient response
to any contingencies

38. FUTURE PETROBRAS OPERATIONS SUPPORT FACILITIES IN SANTOS CITY
• 25,000 m2 of land
• 3 towers for about 2,200 people each
• First tower: occupation in early 2014

39. FUTURE INTEGRATED OPERATIONS CENTER IN SANTOS CITY
in Santos Basin Operations Unit (to be opened: early 2014)
Around 2,900 m2 of the second basement and the 4th floor with another 1,190 m2 area

40. CONSTRUCTION SITE (Overview – October/2012)
FUTURE PETROBRAS OPERATIONS SUPPORT FACILITIES IN SANTOS CITY

41. CONSTRUCTION SITE (Overview – Nov 1st, 2012)
FUTURE PETROBRAS OPERATIONS SUPPORT FACILITIES IN SANTOS CITY

42. CONSTRUCTION SITE (Overview – Nov 4th, 2012)
FUTURE PETROBRAS OPERATIONS SUPPORT FACILITIES IN SANTOS CITY

43. SANTOS BASIN INTEGRATED OPERATIONS CENTER
(Main Solutions to ensure high operational performance)
• Predictive solutions for maintenance and integrity of equipment
(Condition Based Maintenance, Critical Equipment Management
and Monitoring of Electrical Facilities)
• Contingency and Telemedicine
• Operational Support
• Solutions to support the processes integration and predictive
analyses, throughout the surveillance for:
 Topside and process plant operations
 Well operations
 Reservoir geology and engineering
• Integrated Planning and Logistics (IPL)
• Integration of projects implementation
• Collaboration with suppliers and vendors
• Drilling Center

44. CONCLUSION – SANTOS BASIN DEVELOPMENT
A Portfolio of opportunities and challenges
OPPORTUNITIES
• Abundant oil and gas reserves
• A growing oil production and natural gas supply
• Monetizing natural gas
CHALLENGES
• Maximizing scale, standardization and integration (critical
resources) and developing infrastructure and logistics
• Developing new technologies and industry to meet local
content requirements
• Maximizing operational performance

45. Information:
Investor Relations
+55 21 3224-1510
petroinvest@petrobras.com.br
investors@petrobras.com
www.petrobras.com.br/ir
45