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PETROBRAS
July, 2006
Petróleo Brasileiro S.A. – PETROBRAS
The World Money Show
February 8, 2007
The World Money Show
February 8, 2007
1
PETROBRAS
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.
Cautionary Statement for US investorsThe 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.
Forward Looking Statements Disclaimer
2
PETROBRAS
Typical Deepwater Project: Semi-submersible + FSO
Semi-submersible Production Platform
FSO Shuttle
SubseaHorizontal
Wells
SubseaHorizontal
Wells
Gas Line to shore
Gas Line to shore
W.D.: 1.080 mW.D.: 1.080 m
ReservoirReservoir
3
PETROBRAS
FPSO Marlim Sul100,000 bpd
June 04
P – 43 / Barracuda150,000 bpdDecember 04
Δ 12.8%
P – 48 / Caratinga150,000 bpdFebruary 05
2004 / 2006 Growth in Oil Production
1,493
1,684
1,778
2004 2005 2006
Δ 5.6%
P – 50 / Albacora Leste180,000 bpdApril 2006
FPSO Capixaba / Golfinho
100,000 bpdMay 2006
P - 34 / Jubarte60,000 bpd
December 2006
Piranema20,000 bpd
December 2006 (moving to location)
4
PETROBRAS
4 new platforms will provide additional production capacity of 560,000 bpdFPSO Cidade Vitória (100,000 bopd)Currently being constructed by Saipem in Dubai. It is scheduled to start operation May/2007 in the GolfinhoField.
FPSO Cidade Rio de Janeiro (100,000 bopd)Converted by Modec in Singapore.Production startup on Jan 9th, 2007 in the Espadarte field.
P-54 (180,000 bopd)Under construction in the Jurong shipyard, in Singapore,and in Mauá-Jurong shipyard, in Niterói (Brazil). It will beoperating by October/2007 in the Roncador field.
P-52 (180,000 bopd)Under construction in Singapore (Keppel Fels shipyard). and Angra dos Reis (Brazil). It will operate in the Roncador field by December/2007.
P-52
FPSO Cidade Rio de Janeiro
Oil and Gas Production – Projects for 2007
5
PETROBRAS
Petrobras Overview
6
PETROBRAS
Brazilian Constitution Amended
Nov 1995
Market Based Pricing for Crude Oil
July 1998
PetrobrasNYSE Listing
August 2000
First PublicAuction of OilExploration Areas
June 1999
Full Deregulation
January 2002
Brazil Self-Sufficient in Oil
April 2006
Petrobras: An Investment Grade, Publicly Traded, Major International Oil Company
• Incorporated in 1953 as government monopoly for all hydrocarbon activities in Brazil
• Originally established as a refinery of imported crude oil
• Became net exporter in April 2006 with addition of new oil rig
• 60% of total equity capital (common and preferred) is now publicly traded
• Government maintains controlling interest with 58% of voting shares
• Market cap of $78 billion (June, 12), NYSE Listed, quarterly disclosure in US GAAP
• Foreign currency rating of Baa2 with stable outlook, Local currency rating of A2(4 and 7 notches above sovereign, respectively)
Upgraded to Investment Grade Issuer
October 2005
Crossed the$100 billion dollar Market Cap mark
2006
7
PETROBRAS
Exploration and Production Downstream Gas and Energy International
Notes:1 Includes other expenses, net of US$402mm in 2004, US$899mm in 2005 and US$847mm in June 2006 LTM2 Includes marketable securities3 For the 6 month period ended June 30, 2006. Excludes losses in gas and energy, corporate results and eliminations
Summary Financials (US$Bn) Income from Operations(3)
For Year Ended 2004 2005 2006 LTM Net Revenues 38.4 56.3 65.4 EBITDAX(1) 12.4 18.8 22.9 Capex 7.7 10.4 11.9 Total Debt 20.9 21.2 19.9 Cash & Cash Equivalents(2) 7.2 10.3 10.7 Net Debt 13.7 10.9 9.2 Total Equity 22.5 32.9 41.9 Total Assets 63.1 78.6 87.0 Net Debt / EBITDAX 1.1 0.6 0.4
Company Structure
Domestic E&P75%
Supply19%
Distribution2%
International4%
8
PETROBRAS
22.4
17.6
12.9 11.9 11.8 11.7 10.76.9
3.3
0
5
10
15
20
25
Repso
l YPF³
Eni
Total
Conoc
oPhil
lips²
Petrob
ras
Chevro
n
RD Shell¹BP
Exxon
Mobil
Proved Reserves as of Dec 31, 2005 (billion boe) 3Q2006 Oil & Gas Production (thousand boed)
1,361 1,3481,092
828 946 735 276668
585503
1,0411,7791,4851,5031,7312,0772,4222,646
0
1,000
2,000
3,000
4,000
5,000
Exxon
Mobil
BP
RD Shell
Conoc
oPhil
lips²
Total
Petrob
as Eni
Repso
l YPF
Oil Gas
4,007 3,7703,169
2,559 2,449 2,220 2,0551,709
1,088
World Class Integrated Public Energy Company
429
216 210156 152
120 106 10539
0
100
200
300
400
500
ExxonM
obil
RD Shell BP
Chevro
nTota
lEni
Petrobras
Conoc
oPhillips
Repso
l YPF
6,400
4,0262,832 2,708 2,610 2,195 2,156
1,233524
0
2,000
4,000
6,000
8,000
Eni
Repso
l YPF
Petrob
ras
Chevro
n
Conoc
oPhil
ipsTotal
BP
RD Shell
Exxon
Mobil
Notes: Based on information from company financials and Wall Street research1 Reflects only those activities relating to the Oil Products business2 Proforma for acquisition of Burlington Resources3 Includes revisions on Bolivian reserves4 Includes volumes added from Unocal acquisition5 Includes equity in affiliates6 Based on capacity of wholly owned refineries
Market Value as of January 26, 2007 (US$ billions) 2005 Refining Capacity (thousand boed) 5
9
PETROBRAS
Pipelines and Terminals10,048 kilometers of oil pipelines9,179 Kilometers of gas pipelines
Total operated pipelines: 19,227 km 20 land terminals
23 marine terminals
Refineries11 refineries in BrazilCapacity of 2,156 bpd
Downstream OperationsUpstream Operations
Reserves (as of 12/31/2005)
Proved Reserves of 11,775 mmboe
Reserve / Production 15.4 years
Reserve Replacement of 101.3%
Exploratory Area (Nov 2005)
160,500 km2 (Petrobras + Partners)
186,000 (others)
Total: 346,500 km2
PetrobrasOther
10
PETROBRAS
Majors Average *
2,735
3,176
4,793
4,329
1,630
1,579
National Oil Companies Average **
Petrobras2,296
2,114Product Sales (thous. bpd)
Refining (thous. bpd)Production (thous. boed)
* Majors: BP, Exxon, Total, Royal Dutch Shell, Chevron, Conoco and Repsol-YPF ** NOIC: PEMEX, PDVSA, Saudi Amraco, KPC, Pertamina and Sonatrach
*** 2004 figures, except for Petrobras (2005)Source: PIW Intelligence and Petrobras
2,217
3,400Year 2011
2011: New Refinery will add 200
thous. bpd capacity2010:
Pasadena Refinery revamp concluded – processing 70
thous. bpd of heavy oil
Vertical Integration Comparison
11
PETROBRAS
53.6% 61.6%44.4% 40.6% 40.1% 39.8%
46.4% 18.0%25.1% 23.1% 20.7% 20.4%
10.3% 9.9% 8.0% 8.3%
31.5%10.9%9.5% 20.3% 26.4% 31.2%
Oct/1992 Jul/2000 After Aug/00offering
After Jul/01offering
Dec/2003 Sep/06
Government (1) (%) Bovespa Brazil Bovespa Foreign ADRs
(1) Includes BNDES / BNDESPAR
Foreign39,8%
Free Float
46,4 38,4 55,6 59,4 59,9 60,2
Bovespa28,7%
Shareholder Information• Preferred/Common shareholder structure
• 60% of the economic value of Petrobras in private hands• Government maintains control w/55% of voting shares
• More than 400,000 investors in Brazil and abroad• Current Dividend yield of approximately 3.6%, approximately 30% payout • $2 billion share buyback program recently approved (Preferred shares)
12
PETROBRAS
Upstream Overview
13
PETROBRAS
Onshore
Offshore (0-300m)
Offshore (300-1500m)
Offshore (>1500m)
9.28.4
9.6 9.79.3
10.5
11.6 11.8 11.7
0
2
4
6
8
10
12
14
'05'04'03'02'01'00'99'98'97Ye
ar-e
nd B
OE
(in b
illiio
ns)
Proven Reserves by Category Worldwide Proved Reserves of Petrobras
Long-Term Record of Increasing Reserves
(Reviewed and Certified by DeGolyer and MacNaughton since 2001)
84%
7%9%
Non-Assoc. GasAssoc. Gas
Oil and Condensate
56%
23%
11%10%
By Depth
Note: Based on SEC method and reflect both Brazilian and international reserves. For 2004 includes Pecom acquisition.
< 31o API Heavy/Intermediate
> 31o API Light
74%26%
By GravityBy location
11%
89%BrazilInternational
Oil vs. Gas
14
PETROBRAS
Rapidly Growing Production Profile
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006E 2011E 2015E
Oil and NGL - Brazil Natural Gas - Brazil Oil and NGL & Natural Gas - International
Thou
sand
boe
d
885 1,008 1,0901,238
1,4051,565 1,636
1,810 2,036 2,0202,217
9.6% CAGR
3,493
2,403
4,546
35 47 5855
7673 68
58 246 262259
568
234
1,010
134152 163
179197
221 232252 250 265
274
289
551
724
716 809 869 1,004 1,132 1,271 1,336 1,500 1,540 1,493 1,684 1,880 2,374 2,812
7.4% CAGR
7.9% CAGR
15
PETROBRAS
Competitive Cost Structure2003–2005 Average
Finding & Development Costs($/boe)
2005 Lifting Costs1($/boe)
Notes:1 Per company financials and J.S. Herold. Excludes corporate G&A2 For the 2002–2004 period3 Without government participation
9.39
6.80
5.73 5.545.08
2.76
5.88
0.00
2.00
4.00
6.00
8.00
10.00
Exxon Mobil
Chevron Petrobras³ Royal Dutch/Shell
BP Total Fina Elf
Average
15.14 15.06
7.55 7.04 6.816.07
9.62
0
2
4
6
8
10
12
14
16
Chevron Royal Dutch/Shell²
Total Fina Elf
BP Petrobras Exxon Mobil
Average
16
PETROBRAS
Lifting Costs including Government Participation
• Government participation remained stable due to the stability of the Brent price, FX rate and production.
59%
3,0 3,4 4,3 6,0 5,4 5,4 6,1 6,3 6,64,0 5,1
6,47,7 8,4 9,7 10,0 11,0
6,1
11,511,4
69,569,6
24,828,8
38,2
47,551,6
61,5 56,961,8
-4
1
6
11
16
21
26
2002 2003 2004 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06
US$
/boe
-20
-10
0
10
20
30
40
50
60
70
Lifting Cost Gov. Participation Brent
7.08.5
10.7
13.6 13.915.2 16.1
17.3 17.5 18.1
57%
63%
62% 63
%
Obs.: Lifting Cost w/ gov. part. series was adjusted (retroactive to 2002) due to new ANP interpretation of the expense deductibility for the Finance Project of MarlimField, calculated as special participation.
17
PETROBRAS
Exploration Perspectives
18
PETROBRAS
Oilfields discovered/defined in 2002-2006 in the Southeastern offshore basins
19
PETROBRAS
Exploratory Wells 2006-2010
Investments: US$ 4.1 billionInvestments: US$ 4.1 billion
TOTAL BRASIL (# wells) = 368
65%65%
Potiguar (47)
SEAL& REC (54)
Bahia Sul (43)
Esp.Santo (69(69))
Campos (62)(62)
Santos (66)(66)
MEQ (13)Solimões (3) Ceará (7)
Pelotas (2)(2)
S.Francisco (2)
Petrobras
Other Companies
Petrobras
Other Companies
Petrobras
Other Companies
20
PETROBRAS
Downstream Overview
21
PETROBRAS
181263 262
257
355267233
209269
213249
228
2003 2004 2005 1Q06 2Q06 3Q06
Oil Oil Products
446536
512 519
409
450352 344
115
319 354 373
105 94
109
88137
2003 2004 2005 1Q06 2Q06 3Q06
Oil Oil Products
424 446 442459
559564510
Imports (thousand bpd)Exports (thousand bpd)
Net exports of oil and oil products
54 thousand bpd volume surplus in the 3Q06
2006 includes ongoing exports
• Oil exports increase due to scheduled stoppages in refineries with high complexity;• Oil products imports increase due to the seasonal increase in the diesel consumption.
22
PETROBRAS
26%31%
19% 24%
Refining
Pipelines & Terminals Transport
Ship Transport
Petrochemical
13%
12%
14%
61%
US$ 23.1 billion in the downstream segment…
US$ 14.2
US$ 3.2
US$ 3.0
US$ 2.8
...of which US$ 14.2 billion in refining
Investment Plan – Downstream
US$ 2.7
US$ 4.4 US$ 3.7
Expansion
Product Quality
Conversion
HSE, Maintenance and Other
US$ 3.4
23
PETROBRAS
1,647 1,6411,639 1,696 1,735
1,8031,696 1,609 1,551
1,6371,655
1,666
80
85 8482
87 8891
7679 80
76
80
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400
2001 2002 2003 2004 2005 1H0650
55
60
65
70
75
80
85
90
95
Domestic oil products production Oil products sales volume
Primary processed installed capacity - Brazil (%) Domestic crude as % of total
Refining and Sales in the Domestic MarketTh
ousa
nds
boed
%
24
PETROBRAS
20
40
60
80
100
Sep-04 Dec-04 Mar-05 Jun-05 Sep-05 Dec-05 Mar-06 Jun-06 Sep-06
ARP Brazil (US$/bbl) Brent Average Price ARP USA (w/ volumes sold in Brazil)
72,28
69,49
81,83
3Q06Average
70,66
69,62
81,78
2Q06Average
3Q05Average
60,26
61,54
72,43
Average Realization Price - ARP
25
PETROBRAS
International Overview
26
PETROBRAS
International - Overview
Houston
Colombia
Argentina
Angola
United Kingdom.
USA
BRAZIL
BoliviaRio de Janeiro
Trinidad &Tobago Nigeria
Venezuela
EcuadorPeru
Mexico
Tanzania
Iran
EXPLORATION AND PRODUCTIONTRADING
HEAD OFFICE
REFININGREPRESENTATIVE OFFICE
New York
Tokyo
Beijing
Singapore
Lybia
Mozambique
Uruguay
Equatorial Guinea
Turkey
Chile
Paragay
Core areas
27
PETROBRAS
70,2%
24,8%
0,8%
1,7%0,8%1,7%
E&P Refining and Marketing Petrochemical Gas & EnergyDistribution Corporate
US$ 12.1 billion Distribution by Geographic Area
3,1
1,41,4
International Investments
70% will be directed to
E&P
3,1
1,41,4
28%
16%
23%
33%
South America AfricaNorth America Others(*)
3.3
4.02.0
2.8
(*) Including investments in Angola under consideration
168 16338396
185
94
2004 2005 2011 Target
Oil and NGL Natural Gas
Thous. boed
Investments in E&P accompanied by growth in refining investments
28
PETROBRAS
UNITED STATES
MEXICO
HoustonNew Orleans
First results are very promising with five discoveries and the confirmation of the geological model
PETROBRAS AMERICA : GOING DEEPER
COULOMB NORTH
CHINOOK
ST. MALO
CASCADECOTTOWOOD
DISCOVERIES2002 - Cascade2003 - Chinook & St. Malo2004 - Coulomb North2005 - Cottonwood2006 - ???
Petrobras America
29
PETROBRAS
2,000m
1,000m
2,000m
1,000m
37,5%37,5%
9%9%
40%40%13%13%
Production (2005):8,300 bpd Proven reserves (SPE):9,1 million bbl
Start up / Production Peak:AGBAMI:- First oil: 2008 / Peak: 250,000 bpd in 2009 (total)AKPO:- First oil: 2008 / Peak: 175,000 bpd in 2009 (total)Proven reserves (SPE): 249 million bbl
315
International - Main Projects in West of Africa
30
PETROBRAS
Gas and Energy Overview
31
PETROBRAS
Assumptions – Natural Gas Market in BrazilM
illio
n m
3 /day
48.4
7.124.8
38.6
13.5
34.0
up to 71.0
up to 30.0
up to 20.0
0
20
40
60
80
100
120
140
Consumed in 2005 Maximum Demand2011(*)
Potential Supply 2011
Thermoplants Industry OtherNational Production Bolivian Imports LNG
* Considers maximal dispatch for every thermoelectric power plant
121.0
17.7% p.a.
121.0
45.4
Natural gas market
32
PETROBRAS
ConstructionExistingUnder evaluationGASBOL
Investment Plan – Natural Gas
Northeast Gas Pipeline Network
Extension of Gasbol Southern Segment (LNG outflow)
Gasbel Extension
Southeast Gas Pipeline Network
NG infra-structure maintenance
Urucu-Coari-Manaus Gas Pipeline
Gasene – Northern Segment
LNG – Liquefied Natural Gas
Main Projects
US$ 6.5 billion investments in Natural Gas (US$ 4.5 billion in the 2006-2010 BP)
33
PETROBRAS
ESSESS--164164
ESSESS--130130
MexilhãoMexilhão UruguUruguáá
TambaTambaúú
Golfinho + Golfinho + CanapuCanapu
PeroPeroáá (10 MM m3/d)(10 MM m3/d)
MerluzaMerluza
Pq. Baleias + BC10Pq. Baleias + BC10
Vitória
NamoradoNamorado
PlatformsPlatforms fromfromUNUN--BC BC andand UNUN--RIO RIO
REDUCREDUC
CabiCabiúúnasnasCampinasCampinas
RPBC
GaroupaGaroupa
EnchovaEnchovaPampoPampo
Ubu
MerluzaMerluza -- IIII(BM(BM--SS--3/ BM3/ BM--SS--7, 7,
SPSSPS--25)25)LagostaLagosta
Belo HorizonteBelo Horizonte
CaraguatatubaCaraguatatubaRio de JaneiroRio de Janeiro
TOTAL SOUTHEAST:40 MM m3/d(+ 24.2 MM m3/d)
PLANGAS – to December/2008Cacimbas (20 MM m3/d)Cacimbas (20 MM m3/d)
Lagoa parda
+6.4 MM m3/d (*)+6.4 MM m3/d (*)
(*) Additional to the current supplay
PPóólo Golfinho lo Golfinho +16.3 MM m3/d (*)+16.3 MM m3/d (*)
+1.5 MM m3/d (*)+1.5 MM m3/d (*)
34
PETROBRAS
2007-2011 Investments 2011 Target
Biodiesel Plants Availability of 855 Thous. m3/year
H-Bio (Bio-Refining) Processing 425 Thous. m3/year of vegetable oil
Wind Power
Photovoltaic Additional 240 MW Installed Capacity of Power Generation from Renewable Sources
Alcohol pipelines3.5 million m3 Ethanol Exports
Alcohol Vessel Project
Other Renewable Energy Sources
* 2010 Target
Investments of US$ 0.7 billion in development of renewable energy sources and biofuelsPetrobras currently has 280 MW of renewable energy installed capacity
Renewable Energy and Biofuels (2007-2011)
35
PETROBRAS
Financial Considerations
36
PETROBRAS
Macroeconomic Assumptions
2006 – 62.002007 – 55.002008 – 40.00
2009~2011 – 35.00
Brent for funding (US$/bbl)
Linked international market prices, without changes in
relative pricesOil Products Prices
16Return on Capital Employed (ROCE) (%, real)
4.2GDP – World (% pa) – PPP(*)
4.0GDP – Brazil (% pa)
23.00Robustness Brent (US$/bbl)2.50FX rate (R$/US$)
2007-2011Indexes
(*) PPP – purchase power parity
37
PETROBRAS
Note: Includes International
US$ 87.1 billion
9%4%
3% 26%
56%
3%
49.3
23.07.5
3.32.31.8
9%4%
2%
59%
24%
2%
31.0
4.712.4
1.01.0
2.3
BP 2006-10(2007-11 Period)US$ 52.4 billion
BP 2007-11
Investment Plan
E&P Downstream G&EPetrochemical Distribution Corporate
38
PETROBRAS
Sources
(*)86.7
12.6
2004-2010Financing
Cash Flow
(US$ 99.3 billion)
87.1
12.2
2004-2010Debt Amortization
Capex
(US$ 99.3 billion)
• Accumulated EVA value generation (2006-2015): US$ 83.4 billion (US$ 53.9 until 2011)
Uses
Investment Plan
39
PETROBRAS
Net Revenues & EBITDAX(1) Net Debt(2) / EBITDAX(1)
Key Financial Debt Ratios Continue to Improve
Debt Levels Net Debt(2) / Net Book Cap
1.1 1.1
0.60.4
0.00.20.40.60.81.01.21.41.6
2003 2004 2005 June 2006LTM
(X)
Notes:1 Includes other expenses, net of US$732mm, US$402mm, US$899mm, US$847mm respectively for 2003, 2004, 2005, 2006 LTM.2 Includes marketable securities.
30.938.4
56.365.4
11.2 12.418.8 22.9
0
25
50
75
2003 2004 2005 June 2006LTM
(US$
bn)
Net Revenues EBITDAX
21.9 20.9 21.219.9
12.7 13.710.9
9.2
0
5
10
15
20
25
2003 2004 2005 Jun-06
(US
$bn)
Total Debt Net Debt
44%38%
25%
18%
0%
10%
20%
30%
40%
50%
60%
2003 2004 2005 Jun-06(%
)
40
PETROBRAS
Mur
phy
Oil:
27,
75
Shel
l Can
ada:
26,
86
Sunc
or: 2
1,65 Pe
tro-
Can
ada:
14,
17
Con
ocoP
hilli
ps: 1
2,5
Mar
atho
n O
il: 1
2,31
Che
vron
: 11,
32
Impe
rial
Oil:
10,
21
Petr
ochi
na: 1
0,2
Sino
pec:
10,
02
Stat
oil:
9,89
Exxo
n M
obil:
9,5
4
Tota
l: 9,
41
Petr
obra
s*: 8
,56
BP:
7,0
3CN
OO
C: 1
3,19
0
5
10
15
20
25
30
Global Oils E&P CAPEX to production 2005-2008E AverageFonte: Estimativas do Merrill Lynch baseadas nos dados disponíveis das companhias.
* CAPEX e produção ao longo de 2006-2011
E&P– Growth Opportunities with Attractive Capital Costs
E&P Capex/Average Production 2005 –2008 (US$ bbl)
* PETROBRAS CAPEX and production through 2006 -2011Source: Merril Lynch estimates based on Companies available data
P
etro
bras
; 54%
S
hell
; 53%
T
otal
; 51
%
C
NO
OC
; 50%
Sta
toil
; 44%
B
P ; 4
1%
E
xxon
Mob
il; 4
0%
L
ukoi
l; 34
%
C
hevr
on; 3
0%
R
epso
l-YP
F; 2
5%
C
onoc
oPhi
llips
; 30%
P
etro
Chi
na; 2
0%
S
inop
ec; 1
3%
0%
10%
20%
30%
40%
50%
60%
Undeveloped Reserves / Total Reserves (2005)
Source: Evaluate Energy
Crescimento anual da produção no período
Stat
oil (
2006
-07)
: 6,0
%
Luko
il (2
005-
14):
4,7%
Exxo
nMob
il (2
006-
10):
4,0
%
BP
(200
5-10
): 4,
0%
Tota
l (20
06-1
0): 4
,0%
Eni (
2006
-09)
: 4,0
%
Che
vron
(200
5-10
): 3,
0%
Eni (
2009
-12)
: 3,0
%
Con
ocoP
hilli
ps (2
007-
11):
3,0%
Rep
sol (
2004
-09)
: 2,6
%
RD
She
ll (2
005-
09):
1,0%
Petro
bras
(200
6-11
): 7,
8%
Petro
bras
(200
6-15
): 7,
5%
Petro
bras
(201
1-15
): 6,
9%
0,0%
1,0%
2,0%
3,0%
4,0%
5,0%
6,0%
7,0%
8,0%
9,0%
CAGR for the planed periodFonte: Relatórios das Companhias
Obs.: Favor notar que as informações das companhias estão disponíveis para períodos distintos.
Planned Annual Production Growth
Note: please note that company data are available for different termsSource: Company Reports
Petrobras had a 55% success ratio on exploration wells during 2005
41
PETROBRAS
Top ADR: turnover (traded volume) in NYSE2006 daily average
US$
242
mill
ion
US$
227
mill
ion
US$
232
mill
ion
US$
87 m
illio
n
US$
90
mill
ion
US$
93 m
illio
n
US$
99
mill
ion
US$
100
mill
ion
US$
105
mill
ion
US$
114
mill
ion
US$
153
mill
ion
US$
154
mill
ion
US$
172
mill
ion
US$
212
mill
ion
US$
326
mill
ion
-
50
100
150
200
250
300
350
Petrob
ras*
BP CVRD*
Petrob
ras (o
rdiná
rios)
Nokia
CVRD (common
)
America
Movil
*
America
Mov
il (se
ries L
)BHP B
illiton
Cemex
Total
Petrob
ras (p
refere
nciai
s)
Taiwan
Semico
nduc
torRD She
ll*
ElanU
S$ m
illio
n
Source: Bloomberg* All firm's ADR programs
Market focus
42
PETROBRAS
Thank You
Petrobras at a Glance - Results and Perspectives
For more information, visit our website: http://www.petrobras.com.br/ri/english
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