Petrobras Intends to

8/9/2019 Petrobras Intends to

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Petrobras intends to install a gigantic production scheme until 2020. As a precondition they have to solve several obstaclesin the value chain of their suppliers, a problem on which they have to work constantly.

The FP!s stationed in the o"shore production area in the #ra$ilian Atlantic !cean are serving as %oating re&neries,

separating oil, gas, water, sand and other debris. The mayor problem' only three out of () e*uipment and service categoriesre*uired for the construction of platforms can be contracted locally. The chances for engineering, operation services, andconstruction companies are tremendous, even when considering the local content obstacles.

The %e+ible submersible pipelines connected with the wet subsea trees are transporting the e+tracted oil from the bottomthe FP! operating on the sea level. The hitch' o far only two national companies are *uali&ed to operate under the ultradeepwater presalt conditions. -ew production units and e+pansion of production capacity was envisaged but the available*uantity will remain appro+. )0 below the demand of Petrobras. The chances for investors are good if decisions are takenin good time.

The wet subsea tree /wet +mas tree is a comple+ construction of valves controlling the oil and gas e+traction from the presaltoil layers hosted on the seabed operating 2.000 meters below sea level. The number of pro1ects announced will doublethe output of these devices until 2020, but the overall demand is three times as high during the same period. The chance forinvestors is very good, especially under the new and reduced local content terms.



Field Development

Petrobras is executing two phases of development for Tupi to better understand the reservoir dynamics and to optimize the design of the production systems and oil recovery

strategies.

Launched in March 200! the first phase of development "#PT$ will conduct long%duration tests of the area. The &idade de 'ao (icente )P'*! contracted from +, *ffshore! is

collecting information for the Tupi pilot system! and also for other production systems planned for the pre%salt areas. The Tupi pilot will be the starting point for the development

of accumulations already discovered in the area.

Located in -! feet "2!-0 meters$ of water and anchored by six lines! the )P'* is producing /!000 barrels a day of 2%degree to 12%degree P3 oil from a single well that

operates with a limited flow rate.

The +M%'% consortium will declare the commercial viability of Tupi by the end of 200 to 4P.

The second phase of development calls for a pilot )P'* to produce from the field. Petrobras contracted M*5#& to convert the oil tan6er M7( 'unrise 3( into the )P'*

&idade de ngra dos 8eis for operation by 5ecember 200. The contract is for a /%year lease with five additional year options! and the vessel is being designed for a

production life of 20 years. M*5#& is providing the engineering! procurement! construction! mobilization and operations for the )P'*! as well as the topsides processinge9uipment! hull and marine system: while '*)#& is designing and providing the spread mooring for the vessel.

Located in -!0/1 feet "2!/0 meters$ of water! the &idade de ngra dos 8eis )P'* has a production capacity of 00!000 barrels of oil a day and .2 billion cubic feet ";/

million cubic meters$ of gas a day.

3nitially! the )P'* will gather production from eight subsea wells! of which five are vertical! two deviated and one horizontal! will be connected in the first phase! throughindividual flexible flowlines and risers. There will be five producers! one gas in<ector! one water in<ector! and one water alternating gas pilot in<ector. This pilot system phase will

test the performance of several recovery methods for the pre%salt reservoirs.

Production

+ecause field development is still in its infancy! Tupi=s pea6 production is still a 9uestion. 'ome reports predict that the field will reach pea6 production of 200!000 boepd in 0

to / years. *ther reports anticipate the field reaching pea6 within seven years! while others expect a pea6 by 2022.

&urrently! oil production from Tupi will be offloaded into vessels and transported to shore %% a 1;%mile "2;0%6ilometer$ distance.

Transporting the produced natural gas! on the other hand! poses a more challenging pro<ect. Three solutions have been suggested. *ne is to construct a natural gas pipeline

that would connect Tupi with a fixed platform closer to shore at the Mexilhao field in the 'antos +asin. nother gas transportation solution involved the fabrication of an L4>



unit at Tupi that would allow for vessel offloading. The last proposal is to build floating gas%powered thermoelectric plants close to Tupi that would produce energy for the field!as well as supply power to shore for public consumption.



Currently, oil production from Tupi will be ooaded into vessels and transported to shore -- a 143-

mile (23-!ilometer" distance#

Transportin$ the produced natural $as, on the other hand, poses a more challen$in$ pro%ect# Three

solutions have been su$$ested# &ne is to construct a natural $as pipeline that would connect Tupi

with a 'ed platform closer to shore at the )eilhao 'eld in the *antos +asin# nother $as

transportation solution involved the fabrication of an ./ unit at Tupi that would allow for vessel

ooadin$# The last proposal is to build 0oatin$ $as-powered thermoelectric plants close to Tupi

that would produce ener$y for the 'eld, as well as supply power to shore for public consumption#

The Libra oil field! located in the 'antos +asin! +razil! is one of the biggest deepwater oil discoveries in the world. The field is located in +M ' bloc6 in the 'antosbasin! about 2;06m "10mi$ north of the Tupi oil field and 2006m south of 8io de ?aneiro.The +M ' bloc6 lies in an area of about !/1-.-@6m2 at a water depth of about 2!000m "@!/00ft$! while the Libra field reservoir lies at a water depth of about;!/00m "!/00ft$ below the sea level.Libra is +razil=s biggest oil field till date and is expected to produce about .1million barrels of oil per day by 202. The field will be operated by Petrobras.AThe field development plan was approved in ?anuary 201 and the first phase of development is expected to run until 20-.AThe field development plan was approved in ?anuary 201 and the first phase of development is expected to run until 20-.

Reserves and production of the Libra oil field

The Libra offshore oil field contains recoverable resources of -. to /billion barrels of oil. The initial production rate is expected to be 2/!000 barrels of oil per day per well.

Development details of Brazil's biggest oil field

The field was discovered in May 200 when a well! named 2%4P%00028?'! was being drilled. The same well was planned to be tested! but had to be abandonedafter facing mechanical problems. The field development will be implemented in phases.The first phase will be an exploration phase expected to be completed by 20-. 3t will include ;5 seismic studies! drilling and testing of two exploratory wells and oneextended well! and other exploration activities.AThe two wells will be spudded in the second half of 201 and are expected to be completed in the first half of 20/.AThe two wells will be spudded in the second half of 201 and are expected to be completed in the first half of 20/. The extended well will be spudded for testing atthe end of 20@.

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The field will feature nine floating production! storage and offloading ")P'*$ units lin6ed to 2 production wells and 2 in<ection wells! and will have a processingcapacity of /0!000 barrels of oil per day.The field will have an initial flow rate to produce 2/!000 barrels of oil per day from each well.

Contractors involved with the Libra field development

The reserves estimation studies for the field were performed by the >affney! &line B ssociates.

The +razilian state regulator of oil sector! gCncia 4acional do PetrDleo "4P$ selected a consortium headed by Petrobras! in *ctober 20;! to develop the fieldunder a ;/ year production sharing contract. The consortium partners include 'hell "20E$! Total "20E$! &4**& "0E$! &4P& "0E$! and PrF%'al PetrDleo "PP'$.Petrobras signed the exploration and production agreement for the field in 5ecember 20;.

Libra

11 !verview

• The Libra prospect is located in water depths of approximately 2!000 m! about 200 6m south of 8io de ?aneiro. Libra lies in entirely open acreage to the east

of the )ranco discovery.

• The Libra prospect was expected to be tested in 200 with the 2%4P%2G8?' well. Hnfortunately that well encountered mechanical problems in the shallow

post salt section and had to be abandoned. t the time of this report 4P was drilling a second well in Libra very near the original well location that will test the

pre%salt section.

1" #eological $odel

• The Libra reservoir section is expected to include microbial and stromatolitic carbonates of the 'ag 'e9uence and underlying limestone co9uinas of the late

'yn%8ift 'e9uence similar to those encountered at )ranco.

• 5epth structure mapping of the Libra prospect is based on a combination of ;5 P'5M seismic data and the 1 6m x 6m 25 P'5M seismic grid. Though the

eastern lobe of the Libra prospect is only covered by 25 seismic! the structure is considered to be reliably defined. The current mapping is considered to be

relatively reliable due to the large areal size of Libra! over -00 6m2! and the prominence of the structure with over /00 m of mapped vertical relief! which may

prove to be the result of a reefal build%up.

• The seismic mapping! in particular the top reservoir 7 +ase 'alt horizon! was reviewed by >& and found to be acceptable. The Libra prospect also appears

to be structurally related to the )ranco discovery. This relationship adds to the confidence in mapping at Libra and thus lowers the geologic ris6.

• Libra is a large "-2- 6m2$ 4#%', 7 4,%'# trending prospect located approximately 2/ 6m to the east of the )ranco discovery. Li6e )ranco! the Libra

structure appears to be the result of the two regional structural trends. Top reservoir is mapped at a depth of approximately I /!200 mss! with a +ase 'alt closing

contour at I /!00 mss giving Libra a maximum vertical closure of @00 m.

• The Libra prospect contains two lobes. The western lobe which is defined by ;5 seismic is oriented 4#7',. This is the area that is being tested by the

current exploration well. second lobe lies to the east and has a 4,7'# orientation. This second feature is mapped using only 25 data but is considered to be

sufficiently well%imaged to be included as part of the Libra feature.

• 5ue to the lac6 of ;5 seismic data over the entire feature! the depth structure mapping of Libra is relatively immature: however! the current exploration well is

located within the ;5 area of cover.

1% &stimation of !ilinPlace

• The >8( range is based upon >&Js review of the seismic data available and derived from the 4PJs Petrel model.

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• +ased on the well log data made available by the 4P and in consideration of other analogous discoveries and prospects! plus a limited amount of regional

well data! >& considers that the mean formation evaluation input parameters for volumetric estimation are as followsK porosity E! oil saturation 0E! 47> -E.

• 'tandard deviation for the porosity and oil saturation! standard error of the mean for 47> and their bases are specified for each discovery and prospect in the

)ormation #valuation in ppendix (.

• +ased on the P(T data provided! >& considers that a reasonable range of )() is .1; stb7rb to ./ stb7rb! and the >*8 lies between !0;/ scf7+bl and

!2@/ scf7+bl.• **3P for the Libra prospect ranges from a Low #stimate of @.;2 ++bl to a igh #stimate of /2.1 ++bl with a +est #stimate of ;.1 ++bl.

1( Resource &stimate

• The estimated recovery factor! considering a depletion and water in<ection production system! is estimated to be between 0E and 1E! with a most li6ely

value of 2/E for the 2 P3 oil.

• 8ounded Prospective 8esources "++bl$ for the Libra prospect are estimated as followsK

)able 11 Rounded Prospective Resources *BBbl+

1, Development Plan and &conomic -nal.sis• Libra will re9uire )P'*s lin6ed to 2 production wells and 2 in<ection wells to recover the +est #stimate resources of -!-- MM+bl at an initial rate of

2/!000 bopd7well.

• The unris6ed 4P( 0 for the +est #stimate resource success case is H'N-/!-/ million e9uivalent to H'N.@27+bl.



Figure "/ Libra Prospect Location $ap

Petrobras Intends to

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