Petrobras at a Glance

Eduardo A. Molinari

March, 2009

Disclaimer

The presentation may contain forecasts about future events. Suchforecasts merely reflect the expectations of the Company's management. Such terms as "anticipate", "believe", "expect", "forecast", "intend", "plan", "project", "seek", "should", alongwith similar or analogous expressions, are used to identify suchforecasts. 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.

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.

2.62.6

Investment Plan by Business Segment2009-2013

US$ 174.4 billion

1.5

25%

2%2%

7%3%

2%

59%

E&P

RTC

G&E

Petrochemicals

Biofuels

Distribution

Corporate

104.6 (*)43.4

11.8

5.63.0

2.83.2

(*) US$ 17.0 billion in Exploration

E&P CAPEX 2009/13 : US$ 104.6 billion E&P CAPEX 2009/13 : US$ 104.6 billion

E&P Business Plan 2009-2013

13%

18%

57%

12%

Exploration

Santos Pre salt

Production Development

International

59.9

18.6

13.812.6

Petrobras Total Production (000 b/d)

8.8% p.y.2,4002,3082,3052,2232,0272,042

1,8121,637

5.6% p.y.

5,729

3,655

2,757

7.5% p.y.

25

WITH SIGNIFICANT UPSIDE POTENTIAL

1.335 1.500 1.540 1.493 1.684 1.778 1.792 1.855 2.0502.680

3.920

232252 251 265

274 277 273 321463

634

1.177

161 168163 142 126 124

142

210

409

131

223

3544

10310010910196

94852324

2001 2002 2003 2004 2005 2006 2007 2008 2009 2013 2020

Oil  production  ‐ Brazi l Ga s  producti on  ‐ Bra zil Oil  Product ‐  Internationa l Ga s  Product ‐  Inte rna ti onal

ESTIMATED OIL PRODUCTION IN BRAZIL

PETROBRAS DOMESTIC PRODUCTION (thousand bpd)

Out of the 824 k bpd in domestic production growth up to 2013, 566 k bpd will come from fields where we have already declared commerciality

2008 2009 2013 2015 2020

L ight Oil ≤ 31º AP I Medium O il Heavy Oil ≥ 22º API

1,855

2,6803,340

3,920

2,050

In the Business Plan 2008‐2012, the domestic  oil target for 2015 was 2,812 k  bpd. The new target represents an increase of 19%  (+528 k bpd)

The biggest contribution in the domestic production growth of 1,240 k bpd between 2013 and 2020 will come from pre salt production 

08

1414

1212

1010

88

66

44

22

00

Onshore

60 62 64 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 0604

Billion boe1414

1212

1010

88

66

44

22

00

13.92

Shallow water (0 - 300 m)Deepwater (> 300m)

11.01

3.8

9.3

6.0

14.09

Oil and Gas Proven Reserves (SPE)

Accumulated hydrocarbon production until Dec/2008: 12.26 billion boe

Overview of Domestic E&POverview of Domestic E&PReserves (at December 31, 2008)• Proven reserves of 14.09 billion boe

(SPE) or 10.27 billion boe (SEC)• Reserve life of 18.9 years (SPE) and

13.8 (SEC)• Internal Reserve Replacement of

123% (SPE) and 27% (SEC)

Production (2008)• 2,176 thousand boed (1,855 thousand

bpd oil)• 5-year CAGR of 5.6% (5.9% oil)

Lifting Cost• US$ 9.26/boe (2008)Exploratory Area (2008)• 155.0 thousand km² (Petrobras +

Partners)• 256 thousand km² (Other Companies)Total: 411 thousand km².

Number of Concessions in BrazilNumber of Concessions in Brazil

Explor Contracts 77 109 186 154 340

Evaluation Plans 15 20 35 0 35

Production 282 27 309 38 347

374 156 722Total 530 192

Concessions Total Brazil100%

W.I Parnerships TotalOther

Companies

Petrobras Concessions

Explor Contracts 77 109 186 154 340

Evaluation Plans 15 20 35 0 35

Production 282 27 309 38 347

374 156 722Total 530 192

Concessions Total Brazil100%

W.I Parnerships TotalOther

Companies

Petrobras Concessions

Tupi PilotFPSO Cidade de Angra dos Reis

100,000 bpd

Tupi PilotFPSO Cidade de Angra dos Reis

100,000 bpd

FPSO Frade100,000 bpdFPSO Frade100,000 bpd

2,680

2,580

2,430

2,250

2,050

1,855

1400

1600

1800

2000

2200

2400

2600

2800

2008 2009 2010 2011 2012 2013

Parque das Conchas

FPSO Espírito Santo

100,000 bpd

Parque das Conchas

FPSO Espírito Santo

100,000 bpd

Marlim SulModule 2SS P-51

180,000 bpdJan/24/09

Marlim SulModule 2SS P-51

180,000 bpdJan/24/09

Marlim LesteFPSO Cidade de

Niterói100,000 bpdFeb/26/09

Marlim LesteFPSO Cidade de

Niterói100,000 bpdFeb/26/09

Thousand bpd

Marlim Sul

SS P-56Module 3

100,000 bpd

Marlim Sul

SS P-56Module 3

100,000 bpd

JubarteFPSO P-57180,000 bpd

JubarteFPSO P-57180,000 bpd

Major Oil Projects

Tupi TLDFPSO BW Cidade

de S.Vicente30,000 bpd

Tupi TLDFPSO BW Cidade

de S.Vicente30,000 bpd

Cachalote andBaleia Franca

FPSO Capixaba100,000 bpd

Cachalote andBaleia Franca

FPSO Capixaba100,000 bpd

Roncador FPSO P-62Module 4

100,000 bpd

Roncador FPSO P-62Module 4

100,000 bpd

Marlim LesteFPU P-53

180,000 bpdNov/30/08

Marlim LesteFPU P-53

180,000 bpdNov/30/08

CachaloteFPSO Seillean

25,000 bpdDec/16/08

CachaloteFPSO Seillean

25,000 bpdDec/16/08

Roncador SS P-55Module 3

180,000 bpd

Roncador SS P-55Module 3

180,000 bpd

Papa-Terra TLWP P-61 &FPSO P-63150,000 bpd

Papa-Terra TLWP P-61 &FPSO P-63150,000 bpd

Guará 1 PilotFPSO

100,000 bpd

Guará 1 PilotFPSO

100,000 bpd

Anticipation ofBaleia Azul

FPSO Espadarte

100,000 bpd

Anticipation ofBaleia Azul

FPSO Espadarte

100,000 bpd

PN 2009-2013

BadejoFPSO Cidade Rio

das Ostras15,000 bpdMar/31/08

BadejoFPSO Cidade Rio

das Ostras15,000 bpdMar/31/08

Pre-salt Projects

PLATAFORM / FIELD CAPACITY FIRST OIL PRODUCTION (*) (bpd)

NUMBER OF WELLS

CONNECTED

NUMBER OF WELLS

PLANNED

P-53 / Marlim Leste180 k bpd6.0 million m3/d 11/30/2008 48,375 3 producers 13 producers and

8 injectors

P-51 / Marlim Sul 180 k bpd6.0 million m3/d

01/24/2009 45,909 2 producers and 1 injector

10 producers and9 injectors

FPSO Cidade de Niterói / /Marlim Leste

100 k bpd3.5 million m3/d

02/26/2009 32,940 1 producer9 oil producers

and1 gas producer

STATUS OF RECENT PRODUCTION UNITS

P-51 P-53 FPSO Cidade de Niterói

* Em 03/02/2009

71717167

50

33

0

10

20

30

40

50

60

70

80

2008 2009 2010 2011 2012 2013

Marlim LesteFPSO

Cidade NiteróiFeb/26/09

Marlim LesteFPSO

Cidade NiteróiFeb/26/09

LagostaLagosta

Parque das Conchas

FPSO Espírito Santo

Parque das Conchas

FPSO Espírito Santo

Marlim LesteFPU P-53Nov/30/08

Marlim LesteFPU P-53Nov/30/08

Marlim SulModule 2SS P-51

Jan/24/09

Marlim SulModule 2SS P-51

Jan/24/09

Marlim SulModule 3 SS P-56

Marlim SulModule 3 SS P-56

PeroáPhase 2

Jan/28/08

PeroáPhase 2

Jan/28/08

CanapuCanapu

MexilhãoPMXL 1

MexilhãoPMXL 1

Uruguá/TambaúFPSO

Cidade de Santos

Uruguá/TambaúFPSO

Cidade de SantosCamarupim

FPSOSão Mateus

CamarupimFPSO

São Mateus

Tupi PilotFPSO Cidade deAngra dos Reis

Tupi PilotFPSO Cidade deAngra dos Reis Jubarte

FPSO P-57

Jubarte

FPSO P-57Cachaloteand Baleia

FrancaFPSO Capixaba

100,000 bpd

Cachaloteand Baleia

FrancaFPSO Capixaba

100,000 bpd

RoncadorMódulo 4

FPSO P-62

RoncadorMódulo 4

FPSO P-62

Manatiexpansion

Manatiexpansion

Juruá/AraracangaJuruá/Araracanga

Anticipation ofBaleia Azul

FPSO Espadarte

Anticipation ofBaleia Azul

FPSO Espadarte

Guará 1 Pilot

FPSO

Guará 1 Pilot

FPSO

RoncadorModule 3 SS P-55

RoncadorModule 3 SS P-55

Domestic Natural Gas Supply Curve

Million m3/day

Associated Gas

Non Associated Gas

PN 2009-2013

FPSO FradeFPSO Frade

Papa-Terra TLWP P-61 and

FPSO P-63

Papa-Terra TLWP P-61 and

FPSO P-63

Pre-Salt Projects

Domestic E&PDomestic E&P

Pre-Salt Overview

Wells drilled

Santos

Whale’s Park

The pre salt province: a new era for Petrobras

Wells tested

FieldsExploratory blocksPre salt

Total area of the Province: 112,000 km2Area under concession: 41,000 km2 (38%)Area not under concession: 71,000 km2 (62%)Area with Petrobras interest: 35,000 km2 (31%)

Pre-salt discoveries in the Campos Basin(Espírito Santo State)

Pre-salt discoveries in the Campos Basin(Espírito Santo State)

GaseneGasene

77 km

Catuá

Jubarte

Cachalote

Ostra

Abalone

Argonauta

Náutil usFranca

Azul

Anã

Pirambú

Caxar éuMangangá

20 km

N

S

4-ESS-149 1-ESS-122

1-ESS-116

3-ESS-110HPA

4-ESS-135

1-ESS-119

BLA

BAZ

CTU

1-ESS-125

3-ESS-175

1-ESS-103

6-CHT-4

4-ESS-172

4-ESS-172-ES 4-ESS-175-ES

1-ESS-103A-ESJUB

BFR

CHT

MGG

NAU

PRB

CXR

Well tests showed high productivity in the pre-salt reservoirs.

Tupi and Neighbouring Blocks

BM-S-17

BM-S-42

BM-S-42

133 km

166 km

PMXL

22 km

290 km

200 km

BM-S-22(OGUM)

BM-S-24(JÚPITER)

BM-S-11(TUPI)

BM-S-11(I AR A)

BM-S-10(PAR ATI)

BM-S-21 (C AR AMB A)

BM-S-8(BEM-TE-VI) BM-S-9

(C ARIOC A)BM-S-9

(GU AR Á)

Iara 3 to 4 billion boe

Tupi 5 to 8 billion boe

Consortia for Pre-salt blocks inthe Santos Basin

1 block 100% Petrobras

8 blocks with partners, Petrobras operates

1 block as non-operating partner

BR (60%), BG (40%)BM-S-52

BR ((60%), BG (20%), REPSOL (20%)BM-S-50

BR (80%), PETROGAL (20%)BM-S-24

ESSO (40%), AMERADA (40%), BR (20%)BM-S-22

BR (80%), PETROGAL (20%)BM-S-21

BR (100%)BM-S-17

BR (65%), BF (25%), PETROGAL (10%)BM-S-11

BR (65%), BG (25%), PARTEX (10%)BM-S-10

BR (45%), BG (30%), REPSOL(25%)BM-S-9

BR (66%), SHELL (20%), PETROGAL (14%)BM-S-8

ConsortiumBlock

8731,183160

463

632

157 422

62

2013 2015 2017 2020

Pre‐Salt Petrobras Pre‐salt Partners

PRE‐SALT OIL PRODUCTION

Petrobras Pre‐salt Oil Production (000 b/d)

2009-2013 2009 -2020

Petrobras Total Pre-salt Capex (Production Development) 28.9 111.4

Santos Basin 18.6 98.8 Espírito Santo Basin 10.3 12.6

Petrobras Pre‐salt Capex Through 2020

219

1,336

1,815

582

Next Steps in TupiNext Steps in Tupi

Domestic E&PDomestic E&P

DRILLWELL P1

Wather Depth: 2,200m

PHASE 1WELL 3-RJS-646

6 MONTHS

6 “ PRODUCTION4” SERVICE

EHU6“ PRODUCTION

4” SERVICEEHU PHASE 3

WELL 3-RJS-6463 MONTHS

LINERELOCATION

PHASE 2WELL P1

6 MONTHS

• Capacity: 30,000 bpd• Test Duration: 15 months• API: 28-42o

FPSO BW Cidade de São Vicente

1st Oil: May/2009

Extended Well Test inTupi

Tupi EWT – Picture

PoçosProdutores

Tupi Pilot System – Production Unit

First Oil: December/2010

CAPACITIES

Water Depth 2,140 m

Capacity 100,000 bpd

Gas Capacity 5 million m³/d

Water InjectionWater Production

100 thousand bpd90 thousand bpd

API 20 – 30 º API

Wells5 Oil Producers (+4 spares)

2 Water Injectors (+3 spares)1 Gas Injector (+1 spare)

N

Production PilotMain goal: investigate recovery mechanisms and well geometries.CO2 will be separated and reinjected in the reservoir.

Pilot Project Scope

LEGEND

PIPELINE

WATER

OILGAS INJECTION

UTGCA

UGNRPBC

TEFRAN

TUPI Area

URG

PMXL

PMLZ-1

170 Km

248 Km

212 Km

145 Km

To service the Pilot

Gas Pipeline Network for the TupiPilot, Uruguá and Tambaú Fields

PlannedExisting

Under Construction

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