巴西油氣行業(yè)報(bào)告

#Disclaimer

ThisANPinstitutionalpresentationisbasedoncurrent

andreliableinformation,butnorepresentationor

warrantyismadeastoitsaccuratenessand

completeness,anditshouldnotberelieduponassuch.

Allandanysuchresponsibilityandliabilityisexpressly

disclaimed.

Readersarecautionedthatthesestatementsareonly

projectionsandmaydiffermateriallyfromactualfuture

resultsorevents.

Forward-lookingdata,information,projectionsand

opinionsexpressedduringthepresentationaresubjectto

changewithoutpriornotice.

Brazilataglance

BrazilplaysarelevantroleintheGlobalO&GIndustry

ThelargesteconomyinLatin

America

Amongthelargest

economiesinthe

world

(Rank12thin2022

1,92trillionUSD-

AustinRating)

3rdlargestrecipientofForeign

DirectInvestment

in2022

(85billionUSD-

OCDE)

9th

LargestCrudeOil

andCondensate

producer

(BPStatisticalReview

2022)

8th

LargestOilProductsConsumer

(BPStatisticalReview

2022)

4thLargest

automotivefuelmarketintheWorld

Adomesticmarketof

over214million

inhabitants

Amongthe10

largestcrudeoil

exportersinthe

world

9th

LargestRefinery

Capacity

(BPStatisticalReview

2022)

Butstillneedto

importdiesel,

gasoline,jetfueland

LPG

10th

Insalesof

petrochemicals

worldwide

(Statista-2021)

Brazilintheenergytransition

Acountryofplentyanddiverseenergyresourcesandoneoftheworld'sleadingplayerintheenergytransition

Brazil’selectricitymatrixisoneofthecleanestintheworld

47%

Shareofprimary

energyfromrenewable

sources,2022

WorldAverage–14%

(MME)

4th

Largestshareof

primaryenergyfrom

renewables

1st–Iceland,2ndNorway,3rdSweden(OurWorldinData)

87%

Shareofelectricity

productionfrom

renewables,2022

WorldAverage–28%

(MME)

2nd

LargestProducerand

ConsumerofBiofuels

(BPStatisticalReview

2022)

3rd

LargestHydropowergenerationin2021(OurWorldinData)

6th

LargestWindGenerationCapacity

(GWEC2021)

Lessthan10

kgCO2e/boe

isthecarbon

intensityinthepre-

salt

14kgCO2e/boeisthe

offshoreaveragein

Brazil

ComparedtoOGCI

average–

19kgCO2e/boe

AboutANP

ANPisthe

regulatorybodyfortheoil,

naturalgasand

biofuelsindustry

inBrazil

Establishtheregulation

oftheoil,naturalgasand

biofuelsindustry.ANP

mustassurefree

competition,national

supply,andconsumers

protectionintermsof

price,qualityandproduct

offer.

Regulate

Contract

Grantauthorizations

fortheO&Gand

biofuelsactivities;to

promoteE&Pbidding

roundsandsign

contractsonbehalfof

theFederalEstate.

Inspect

Enforcethestandards

andrulesbythe

regulatedindustry.It

coversthe

administrativeprocess,

judgmentandsanction.

ANPisresponsibleforimplementingtheenergypublicpolicies,butalsosubsidizes,technically,theNationalEnergyPolicyCouncil

132.806

RetailersandRegulatedConsumers

286

Fueldistributors

858

Importersand

exporters

160

LubricantProducersandRe-refiners

9

RefiningOperators

3

NGPPOperators

269

Ethanolproducercompanies

49

Biodieselproducercompanies

6

Biomethaneproducercompanies

83

economicgroups

(45nationals,38foreigners)

Anindustryofapproximately135thousandregulatedagents

ANPregulatesfromthewelltotheretail

Midstream&NG

Storage&Transport

Refining/Imports

Downstream

Distribution

Upstream

E&P

Retail

5

NGPipelineOperators

2

PipelineOperatorsforoilandliquidproducts

70

LiquidTerminal

Operators

4

LNGTerminalOperators

45

LNG/NGImporters

Gas

TheopeningintheO&GSector

A?i12才2才9qw62bon9in才d9VDm61A9才6nbbown2才196m

E&P

CompaniesotherthanPetrobrasareresponsiblefor

34%

totalO&GProduction(fev/23)

OperatorsotherthanPetrobrasoperates...

62%

ofthefields

85%

oftheexploratoryblocks

Downstream

CompaniesotherthanPetrobrasareresponsiblefor

20%

oftherefiningcapacity

46%

ofthefuelsimports(2022)

100%

ofthefueldistributionandretail

CompaniesotherthanPetrobrasareresponsiblefor

17%

GasCommercializationMarket

(salestogasdistributioncompanies

andfinalconsumers–2022)

3of5

GaspipelineOperators

withoutPetrobrasparticipation

100%

GasDistributors

#1

Exploration&

ProductionOverview

BrazilistakingaleadingroleintheE&Psector

Nowadays

3.3

Millionbpdofoil

production

(Feb2023)

146

Production:

Millionm3/dofgas

production

(Feb2023)

14.9B

406B

Reserves:

Bblinprovedoil

reserves

(Dec2022)

m3inprovedgas

reserves

(Dec2022)

90B

1.34

USDinvestments

forecast

(2023-2027)

Millionbpdof

crudeoilexport

(2022)

Forecast

2025

Potentialtoreacha

productionof

morethan

4

Millionbpdofoil

195

Millionm3ofgas

TheChinesecompaniesintheBrazilianE&PSector

AT9l9v6n才,v6loTou26nbimqoT才6n才q6T才iDiq6才ionin才d9lT6Sili6nO3Dlnbu2才Ty

Fields/ExploratorywithChinesecompaniesparticipation

O&GProductioninBrazil

Oil

(bpd)

67.033

56.764

44.669

9.457

177.923

Gas(Thousandm3/d)

3.397

2.637

2.421

21

8.476

BOE/d

88.402

73.352

59.895

9.587

231.236

RankingProducers

5th

6th

8th

20th

Company

CNOOC

RepsolSinopec

CNODC

Sinochem

Total

TypesofContracts

TransferofRights

10fields

Insidethepre-saltpolygon

Concession

265exploratoryblocks

399fields

Outsidethepre-saltpolygon

ExploratoryblocksFields

Pre-saltPolygon

Production

SharingAgreement

10exploratoryblocks(+4tobesignedsoon)

10fields

Insidethepre-saltpolygon

Post-SaltOffshore

Onshore

ThreedifferentE&Penvironment

O&GProductioninBrazil

Pre-salt

Hometothelargest

offshoreoildiscoveriesin

thelastdecade

78%

oftotalO&G

production

136wellsin

production

Alltheoffshorearea

besidesthepre-salt

region,includingnew

frontierareasanda

significantnumberof

largematurefields

17%

oftotalO&G

production

371wellsin

production

Maturefieldsand

NewFrontierBasins

(mostlygasprone)

5%

oftotalO&G

production

4,915wellsin

production

*Non-PetrobrasOperator

Brazilispoisedtobeoneofthekeysourcesofgrowthoverthemedium

term

BRAZILishomefortheMAJORITYofFPSOs

projectsunderdevelopment

20newproductionunitstostartoperationfrom2023to2027

2023

Marlim1

Marlim2

Mero2

Búzios5

FSOPargo

2024

Búzios7

Mero3

IPB–Parque

dasBaleias

AtlantaFDS

Bacalhau

2025

Búzios6

Mero4

Búzios8

2026

Búzios9

Búzios10

2027

Albacora

Búzios11

SEAP1

SEAP2

BM-C-33

MandatoryRD&IInvestments

Contractualobligationtoinvestinresearch,developmentandinnovation(RD&I)inBrazil

RD&IExpenditure(2018-2022):US$2.5billion

ProjectPortfolioOverview(2018–2022)

R&DTrends:

ArtificialIntelligence

MachineLearning

DigitalTransformation

SmartCompletion

CO2Capture

Renewables

EnvironmentalProtection

E&Pstrategicgoals

MAKEMARGINALDISCOVERIESVIABLE

RIGHTASSETSINTHERIGHTHANDS

INCREASETHERECOVERYFACTOR

INCREASE

EXPLORATORY

ACTIVITIES

Weneedtokeepincreasingabovegroundcompetitivenessinordertoachieveourmaingoals

16

ManymeasureshavealreadybeentakentoencourageE&Pactivities

20192021

2018

2022

Anewtypeofauction:

OpenAcreageRoyalties'reductionfor

S&Mcompanies

UnlockingtheTransferof(ANPResolutionnoMarginalFieldsDefinition

LocalContentwaivers

(ANPResolutionno726/2018)

Royaltyreductionontheincrementalproduction

(ANPResolutionno749/2018)

ReserveBasedLending

(ANPResolutionno785/2019)

Mandatoryinvestmentor

M&Ainonshoreandshallow

waterfields;deadlinefor

Petrobrasdivestment

(RDno568/2018)

RightsAuction853/2021)(ANPResolutionno877/2022)

LocalContent

2020848/2021)

AdjustmentAgreementto

(ANPResolutionnoWellOffshoredataforfree

ExtensionoftheExploration

AreaNominationPhasefor18months

(ANPResolution837/2021)(ANPResolutionno878/2022)

BidRounds

R$124.5Bin

Decommissioning

ANPResolutions:(ANPResolutionno

Guarantees

Flexibilityasaresultofthe854/2021)

signature

pandemic

Allonshoredataforfree

bonuses

(2017/2022)

2023

Resultsfrom2017biddingroundsinCamposandSantosbasins

2016

OpportunitiesintheOpenAcreage

TheOpenAcreageallowsthemarkettodecidewhenbiddingroundswilltakeplaceandwhatareasfromthestockwillbeoffered.

TheschedulesoftheOpenAcreagecycleswillbeginwiththeapprovalofadeclarationofinterestsubmittedbya

registeredbidderaccompaniedbyabidguarantee.

OpenAcreageConcession

BlocksOnOffer

Today:

1,009

Blocks

Blocksonoffer

Soon:

1,098

Blocks

+JapiimField

(greenmarginalgasfield)

OpenAcreageConcession

Blocks

Under

Studytobeaddedinthefuture

Blocksunderstudy

UnderStudy:

+800

Blocks

OpenAcreagePSA(insidepre-saltpolygon)

Areasin

Stock

7

Areas

AreasinStock

+Ametista

tobeincludedsoon

+5newareas

alreadysubmittedtotheMinistry

ofMinesandEnergytobe

approvedbytheEnergyCouncil

(CNPE)

56B

estimatedoilequivalentinplace

or14Briskedinplace

O&Gvolume

(all13areas)

#3

NaturalGasMarket

Thenaturalgasproduction

NaturalgasproductioninBrazilismainlyassociatedwithoilproducedinoffshorefields

Onlylessthan40%ofthenationalproductionismonetizedandconsumedbytheBrazilianmarketduetolackofdemand/infrastructureandhighgasprices.

Inaddition,thenationalgasproductionhasthepotentialtodoubleby2030,andalleffortsarebeingdonetomonetizeit.

GasProduction

*Feb2023

146Millionm3/d

GasReinjected

53%

78.7Mm3/d

GasExportedtothemarket

34%

49.4Mm3/d

GasFlaring

3.8Mm3/d

GasConsumedinfacilities

15.15Mm3/d

2.6%

10.4%

Naturalgashas

alotof

potentialinthe

Brazilianenergy

matrix(10.5%

isthestake

nowadays)

Thenaturalgasmarket

Thenaturalgasmarketissuppliedbynationalgasproduction,importsthroughpipelinesfromBoliviaandLNGimports

throughregasificationterminals

SUPPLY

*2022

72Millionm3/d

NationalProduction

BoliviaImports

LNGImports

66%

24%

10%

DEMAND

*2022

68Millionm3/d

Industrial

ElectricGeneration

Automotive

Others

61%

22%

9%

8%

Thenaturalgasinfrastructure

Currentinfrastructureislimitedforsuchalargecountry

9,306

kmoftransmissiongaspipelines

2,257

kmoftransfergaspipelines

13

NGprocessingplants

Capacity:102Millionm3/d+49Millionm3/dunderconstruction

5

LNGTerminals

Capacity:99Millionm3/d

+50%underconstruction(3newterminals)

Source:ANPStatisticalYearbook(2022)

?203contractssignedby20differentshippersabletotransportgasinBrazil.

?Petrobras′marketshareingassales*:

81,5%

NewGasLaw

Law14,134Decree10,712

2023(March)

Oct

2022

Brazilismovingtowardsacompetitivegasmarket

Afternewgaslaw,accesstotransporthasbeeneffectiveandenabledtheentryofnewsuppliersinthecommercializationmarket

Newtransportcontractsweresignedbetweenindependentproducers,naturalgasdistributors/freeconsumersandtransporters

2021

?Petrobras′marketshareingassales*:

77%

?AveragepricesfromotherproducersthanPetrobrasis16.5%lower

?Petrobras′market-

shareingassales*:

99%

thanthosechargedbyPetrobras

?72contractssignedby

18shippers

Past:averticalizedmarket

Present:amarketwiththird-partyaccess

?78%ofgassalesintheNortheastweremadebyindependentproducers

Thenumberofauthorizationsgrantedfortheimportandsaleofnaturalgashasmultiplied,currentlyreaching66and182

authorizationsrespectively.

*Non-thermalPetrobrasmarketshareintheintegratedgaspipelinesystem

#4

Downstreammarket

2022:

143

Millionm3offuels

soldinthemarketin

2022

63

Millionm3ofDiesel

(10%ofbiodiesel)

43

Millionm3ofGasoline

(27%ofethanol)

15

Millionm3ofEthanol

13

Millionm3ofLPG

6

Millionm3ofJetFuel

S?oLuís

CE

Refineries

Thedownstreammarket

Mainfuelsalesin

UNIVEN

19

Refineries

UtilizationFactorin2022:

74,5%-84,8%

2.4

Millionbpd

RefiningCapacity

9Companies:

26%

22%

Brazilstillneedsalotoffuelimports

Weexportcrudeoilandimportoilproducts,creatingopportunitiesi