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The Development of Cascade andChinook Fields in Ultra Deep Waters of the

Gulf of Mexico

César PalagiWalker Ridge Asset Manager

Petrobras America Inc.February 26th , 2010

BRATECC – The Brazil-TexasChamber of Commerce

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1. Introduction

2. Project Overview

3. Reservoir and Well Challenges

4. Subsea and FPSO Challenges

5. Final Message

Agenda

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1. Introduction

2. Project Overview

3. Reservoir and Well Challenges

4. Subsea and FPSO Challenges

5. Final Message

Agenda

4 of 20 4E&PTRADINGHEAD OFFICE

DOWNSTREAMGAS & POWERREPRESENTATIVE OFFICE

Proven Reserves (SPE): 15 bi boeO&G Production: 2.6 million boe/day

Petrobras Summary

SOURCE: PETROBRAS

Houston

Colombia

Argentina

Angola

United Kingdom

USA

BRAZIL

BoliviaRio de Janeiro

NigeriaVenezuela

EcuadorPeru

Mexico

Tanzania

Iran ChinaJapan

New York

Uruguay

Libya

Turkey

Singapore

Paraguay

Mozambique

SenegalPakistan

Portugal

India

Employees: 74,000Refining Throughput: 2.1 million boe/day

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Petrobras as an OperatorPetrobras as an Operatorof Floating Production Systemsof Floating Production Systems

Copyright © 2010 ODS-Petrodata, Inc.

FPS OperatorsAll Contracted Vessels (258 Vessels Total)

9

50

8

9

1012

1315

15

95

9

13

0 20 40 60 80 100 120

PetrobrasShell

StatoilBP

ExxonMobil

ChevronCNOOC

AnadarkoConocoPhillips

Total

ENI/AgipOthers

FPSO Semi Spar TLP OtherCopyright © 2010 ODS-Petrodata, Inc.

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CascadeCascade

ChinookChinookStonesStones

StSt. Malo. Malo

TiberTiber

Petrobras E&P Portfolio in Gulf of Mexico

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1. Introduction

2. Project Overview

3. Reservoir and Well Challenges

4. Subsea and FPSO Challenges

5. Final Message

Agenda

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• Petrobras – 100%

(Blocks WR205, 206,249 &250)

• Petrobras – 66.67%• Total – 33.33%

(Blocks WR 425,426,469&470)

Cascade and Chinook Lease Holders

The Cascade Field

The Chinook Field

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Cascade and ChinookField History (1996 Lease Sale)

2 Wells20092008

1 Well2010

20072006

2 Appraisal Wells20052004

1 Discovery Well20031 Discovery Well2002

ChinookChinookCascadeCascadeYearYear

Petrobras took Operatorship

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Cascade and ChinookWe Were Here in Aug/2006

• Limited geological and well data;• Lack of field analogs;• Harsh environmental conditions;• Ultra-deep waters;• Lack of pipeline infrastructure;• FPSO regulation under development;• Tight SOP deadlines;• Willingness to produce ASAP.

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2006

Regulatory Compliance

Execute Facilites

Project ScheduleFirst Oil in Mid 2010 – As Planned

1st Half 2nd Half 1st Half 2nd Half 1st Half 2nd Half 1st Half 2nd Half 1st Half 2nd Half2007 2008 2009 2010

Procure Facilities

DesignFacilities

Estimated1st Oil

Petrobras Operator

Design Wells

Drill & Complete

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1. Introduction

2. Project Overview

3. Reservoir and Well Challenges

4. Subsea and FPSO Challenges

5. Final Message

Agenda

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WesternGeco Seismic Acquisition in Cascade

Recording Vessels

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Reservoir Challenges

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Cascade and Chinook Rigs

Ocean Endeavor - 10,000 ft WD( Under Contract to

Devon Energy )Diamond Offshore Drilling

2008 2008

West Sirius - 10,000 ft WD( Under Contract to

Devon Energy )Seadrill Limited

Discover Deep Seas10,000 ft WD

(Under Contract to Chevron)Transocean Ltd.

2009

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Well Drilling Challenges( 27,000 ft )

Sea Level

40,000’

8,000’

16,000’

24,000’

32,000’

Allochthonous Sigsbee Salt Canopy

Cretaceous

Upper Tertiary Sediments

Autochthonous Salt

Basement

Suprasalt Sediment

Gulf of Mexico

Empire State Building ~1250 ft

Lower Tertiary

Modified from Keith Couvillion, Chevron, 2008

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Well Completion Challenges

STMZ –Single TripMulti-ZoneFrack Pack

1,200 ft

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1. Introduction

2. Project Overview

3. Reservoir and Well Challenges

4. Subsea and FPSO Challenges

5. Final Message

Agenda

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Tree

Tree

4-SlotManifold

BoostingPump

BoostingPump

Dual Flowlines

Dual PIPFlowlines

ProductionFSHRGas Export

Pipeline

FPSOShuttle Vessel

PowerUmbilical

Gas ExportFSHR

ControlUmbilical

Tree

Tree

4-SlotManifold

BoostingPump

BoostingPump

Dual Flowlines

Dual PIPFlowlines

ProductionFSHRGas Export

Pipeline

FPSOShuttle Vessel

PowerUmbilical

Gas ExportFSHR

ControlUmbilical

Subsea Challenges

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Subsea Risers and Equipment

Technip - Deep Blue

Riser Can

Manifolds: Houston

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Pipe-in-pipe Installation

Heerema BalderPLET being Lowered

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Subsea 7 Seven Seas

Umbilical Installation

Umbilical: Alabama

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Veolia Viking Poseidon

Subsea Pull-in of Umbilicals

Umbilical in the Buoy

ROV Pull in Winch

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FPSO and Shuttle Challenges

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Turret Buoy in GoM Turret Buoy Loadout

FPSO Mooring System Instalation in GoM

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FPSO Construction in Singapore

FPSO Sail Away From Singapore

Aboard the FPSO at Keppel Shipyard,

Singapore

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Shuttle Tanker Construction in Philadelphia

Shuttle: Philadelphia

Shuttle Launching

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Gas Export Discovery Pipeline System

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1. Introduction

2. Project Overview

3. Reservoir and Well Challenges

4. Subsea and FPSO Challenges

5. Final Message

Agenda

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Cascade and Chinook ProjectWorldwide Construction Sites

Brazil

Argentina

USA Portugal

Finland

IndiaMexico

China

UK

Indonesia

Sweden

Australia

Spain

FranceItaly

Norway

Czech Republic

Denmark

Singapore

Equipment and Services from over 20 Countries

Canada

NetherlandsFinland

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Cascade and ChinookField Activity Schedule

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Project Team

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Cascade and Chinook in Houston Skyline

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Thank you.