DEEP AND ULTRADEEP WATER PRODUCTION IN BRAZIL a high value knowledge base. Solange Guedes Petrobras Head of Exploration & Production

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1 DEEP AND ULTRADEEP WATER PRODUCTION IN BRAZIL a high value knowledge base Solange Guedes Petrobras Head of Exploration & Production

2 Safety is our most important value Safety First PREVENTIVE VISION BEHAVIOR & ATTITUDES Reduction of 36% In the Total Recordable Injury Frequency Rate (TRIFR*) FROM 2.2 in 2015 TO 1.4 in 2018 PROCESS SAFETY & ASSET INTEGRITY * TRIFR = number of reportable injuries per million manhours 2

3 Net oil production in Brazil, MMbbl/d In our journey, we went through four production expansion cycles Each cycle represented a new technological frontier 2,5 PROVED RESERVES 2015 Pre-salt Lula 2, bi boe (ANP/SPE criteria) 10,5 bi boe (SEC criteria) Ultra-deepwater Marlim Sul Presalt 1,5 1,0 Deepwater Marlim Ultradeep water Above 1500m 0,5 0,0 Onshore Buracica Shallow water Garoupa M16 Deep water above 300m Shallow water Onshore 3

4 These cycles were carried out through a learning curve And the knowledge base was crucial to create opportunities and overcome challenges Opportunity & Challenge Portfolio risk management Lessons Learned Increasing expertise Knowledge base Value generation Technology development Partnership with universities, operators and service companies Supply chain development Operational safety & asset integrity Cost optimization Production growth Production Availability Scalability Recovery improvement Standardization 4

5 Our story began in 1953 and 15 years later we went offshore after important oil discoveries 1953 Buracica field 1953 discovery Guaricema: our first offhore discovery Water depth 28m FPS w/fso Spread Mooring System Enchova Bonito Field Template Creation of Petrobras Carmópolis discovery 1970 Garoupa Field Discovery WD 105m Deepest and 1 st Tower-Yoke FPSO in the world with atmospheric wellheads and manifolds at seabed Canto do Amaro discovery 5

6 In the 80 s, we started a deep water technology development program, turning Campos Basin into a real lab Albacora field discovery Layaway subsea tree connection system in Albacora field 475m Open Innovation Subsea tree Interfaces Standardization Albacora Manifold diverless installation at 620m First Full Polyester Mooring System Marlim field discovery OTC Distinguished Achievement Award First Wet Completion ESP in the world Carapeba Vertical Direct connection 610m Albacora Vertical Direct connection 610m Albacora 6

7 In collaboration with the academia and suppliers, we built breakthrough solutions Horizontal trees for 2,500m Roncador and Marlim Sul Roncador field discovery First horizontal well with column and lines of large diameter Marlim Sul Jubarte field discovery Golfinho field discovery Pendular Manifold Installation Roncador Roncador production with Drill Pipe Riser and DP unit ESP above subsea tree 2003 Drill Pipe Riser Production - Jubarte 2006 First Torpedo Piles Installation Albacora Leste Downhole High Power ESP and ROV Intervened subsea tree cap - Jubarte Free Standing Hybrid Riser Roncador 7

8 and thus we reached the awarded technologies applied in the Pre-Salt Carbonate Rocks Characterization Pre-Salt Pre-salt discovery Water Alternating Gas Injection Method in Ultradeepwaters First Application of Flexible Risers with Integrated Tensile Armor Wire Monitoring System Deepest Steel Lazy Wave Riser Intelligent Completion in Ultradeepwater Satellite Wells with High Potential for Carbonate Scaling First CO 2 Separation from Associated Natural Gas in Ultra-deepwater with CO 2 Re-injection 2012 Deepest Offshore Well 2,173 m Injecting Gas with CO 2 Buoy Supporting Risers Sapinhoá First Steel Catenary Risers with lined pipes 2015 Deepest Offshore Well 2,173 m Injecting Gas with CO 2 Buoy Supporting Risers Sapinhoá 8

9 Petrobras accumulated a large experience throughout the years Gross accumulated oil production (MMbbl) 9 years¹ 15 years 26 years Years since first oil Gross Accumulated Oil Production PRE-SALT CAMPOS BASIN² OTHER BASINS 1.0 Bi bbl 11.0 Bi bbl >130 Production units >1000 Subsea trees > 7.5 mil km Flexible lines > 600 Offshore horizontal wells 4.5 Bi bbl 1) To be reached by the end of ) Campos basin excluding pre-salt 9

10 with relevant performance in different scenarios PRE-SALT CAMPOS BASIN OTHER BASINS LULA MARLIM URUCU Giant oil field with very competitive production cost Giant mature oil field with recovery factor of around 50% Environment friendly unit producing very light oil Producing since 2006 Producing since 1991 Producing since

11 The Campos Basin legacy: how does a learning curve work? Acceleration process and proper management system delivered outstanding results in pre-salt areas Internal studies for each critical item... seeking actions to intensify experience effects... to achieve costs reduction and operational efficiency Drilling Systems Reservoir Testing Original experience curve Well construction time days/well 3x faster Subsea Trees 311 Metallurgy for tubing Logistics Intensification of experience effects Rig Performance Increase slope Translate curve Until

12 Leading us to the Pre-salt, our most profitable play and the cycle of expansion of production being resumed Higher Profitability (Ebitda/boe) 1.5x 1.9x Cost optimization initiatives Pre-salt Recovery Factor Operational Efficiency Production Projects Reengineering Well cost reduction Subsea / Logistics Optimization Zero base budgeting Onshore and shallow Deep and Ultradeep water Pre-salt Standardization Contracts Renegotiation 12

13 We have access to large potential to be developed in the next decades CAMPOS BASIN CONCESSION 7 2 Producing Fields Exploratory Blocks operated by other Companies (100%) 7 3 SANTOS BASIN CONCESSION Producing Fields Exploratory Blocks * * SANTOS BASIN TRANSFER OF RIGHTS 10 Producing Fields 1 SANTOS BASIN PRODUCTION SHARING Exploratory Block (100%) Concession Transfer of Rights Production Sharing Post-Salt Concession * BG E&P Brasil Ltda a subsidiary of Royal Dutch Shell plc 13

14 Net oil production in Brazil, MMbbl/d Petrobras has developed a knowledge base that allows the company to access resources and produce them in competitive cost 2,5 2, Ultra-deepwater Marlim Sul Pre-salt Lula 2.77 MMbbl/d 2021 Presalt 1,5 0 1,0 Lifting Cost (US$/boe) Deepwater Marlim Ultradeepwater Above 1500m 0,5 0,0 Onshore Buracica Shallow water Garoupa M16 Deepwater above 300m Shallow water Onshore 14

15 In a nutshell... The repetition of learning cycles allow Petrobras develop a robust knowledge base and deliver value to shareholders, as well as opportunities to industrial development to the country in a competitive basis. 15

16 Obrigada! October Rio de Janeiro - Brazil (Thanks!)