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.

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)

Brazilataglance

BrazilplaysarelevantroleintheGlobalO&GIndustry

Thelargest

economyinLatin

America

Amongthelargest

economiesinthe

world

(Rank12thin2022

1,92trillionUSD-

AustinRating)

3rdlargest

recipientofForeign

DirectInvestment

in2022

(85billionUSD-

OCDE)

2nd

LargestProducerand

ConsumerofBiofuels

(BPStatisticalReview

2022)

3rd

LargestHydropowergenerationin2021(OurWorldinData)

6th

LargestWind

GenerationCapacity

(GWEC2021)

Lessthan10

kgCO2e/boe

isthecarbon

intensityinthepre-

salt

14kgCO2e/boeisthe

offshoreaveragein

Brazil

ComparedtoOGCI

average–

19kgCO2e/boe

Brazilintheenergytransition

Acountryofplentyanddiverseenergyresourcesandoneoftheworld'sleadingplayerintheenergytransition

Brazil’selectricitymatrixisoneofthecleanestintheworld

47%

Shareofprimary

energyfromrenewable

sources,2022

WorldAverage–14%

(MME)

4th

Largestshareof

primaryenergyfrom

renewables

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

87%

Shareofelectricityproductionfromrenewables,2022

WorldAverage–28%

(MME)

AboutANP

ANPisthe

regulatory

bodyfortheoil,

naturalgasand

biofuelsindustry

inBrazil

Regulate

Establishtheregulation

oftheoil,naturalgasand

biofuelsindustry.ANP

mustassurefree

competition,national

supply,andconsumers

protectionintermsof

price,qualityandproduct

offer.

Contract

Grantauthorizations

fortheO&Gand

biofuelsactivities;to

promoteE&Pbidding

roundsandsign

contractsonbehalfof

theFederalEstate.

Inspect

Enforcethestandards

andrulesbythe

regulatedindustry.It

coversthe

administrativeprocess,

judgmentandsanction.

ANPisresponsibleforimplementingtheenergypublicpolicies,butalsosubsidizes,technically,theNationalEnergyPolicyCouncil

5

NGPipelineOperators

2

PipelineOperatorsforoilandliquidproducts

70

LiquidTerminal

Operators

4

LNGTerminalOperators

45

LNG/NGImporters

83

economicgroups

(45nationals,38foreigners)

Anindustryofapproximately135thousandregulatedagents

ANPregulatesfromthewelltotheretail

Midstream&NG

E&PStorage&TransportRefining/ImportsDistributionRetail

Downstream

Upstream

132.806

RetailersandRegulatedConsumers

286

Fueldistributors

858

Importersandexporters

160

LubricantProducersandRe-refiners

9

RefiningOperators

3

NGPPOperators

269

Ethanolproducercompanies

49

Biodieselproducercompanies

6

Biomethaneproducercompanies

CompaniesotherthanPetrobrasareresponsiblefor

34%

totalO&GProduction(fev/23)

OperatorsotherthanPetrobrasoperates...

62%

ofthefields

85%

oftheexploratoryblocks

CompaniesotherthanPetrobrasareresponsiblefor

17%

GasCommercializationMarket

(salestogasdistributioncompanies

andfinalconsumers–2022)

3of5

GaspipelineOperators

withoutPetrobrasparticipation

100%

GasDistributors

E&P

Downstream

Gas

TheopeningintheO&GSector

AfirststepwasdoneintheNGmarketanddownstream

CompaniesotherthanPetrobrasareresponsiblefor

20%

oftherefiningcapacity

46%

ofthefuelsimports(2022)

100%

ofthefueldistributionandretail

#1

Exploration&

ProductionOverview

2025

Potentialtoreacha

productionof

morethan

4

Millionbpdofoil

195

Millionm3ofgas

BrazilistakingaleadingroleintheE&Psector

NowadaysForecast

3.3

Production:Millionbpdofoilproduction

(Feb2023)

146

Millionm3/dofgas

production

(Feb2023)

Reserves:

14.9B

Bblinprovedoil

reserves

(Dec2022)

406B

m3inprovedgas

reserves

(Dec2022)

90B

USDinvestments

forecast

(2023-2027)

1.34

Millionbpdof

crudeoilexport

(2022)

TheChinesecompaniesintheBrazilianE&PSector

Arelevant,valorousandimportantparticipationintheBrazilianO&GIndustry

Fields/ExploratorywithChinesecompaniesparticipation

O&GProductioninBrazil

RankingProducers

5th

6th

8th

20th

Company

CNOOC

RepsolSinopec

CNODC

Sinochem

Total

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

88.40273.35259.895

9.587

231.236

TypesofContracts

TransferofRights

10fields

Insidethepre-saltpolygon

Concession

265exploratoryblocks399fields

Outsidethepre-saltpolygon

ExploratoryblocksFields

Pre-saltPolygon

Production

SharingAgreement

10exploratoryblocks(+4

tobesignedsoon)

10fields

Insidethepre-saltpolygon

Post-SaltOffshore

Alltheoffshorearea

besidesthepre-salt

region,includingnew

frontierareasanda

significantnumberof

largematurefields

17%

oftotalO&G

production

371wellsin

production

Onshore

MaturefieldsandNewFrontierBasins(mostlygasprone)

5%

oftotalO&G

production

4,915wellsin

production

O&GProductioninBrazil

ThreedifferentE&Penvironment

Pre-salt

Hometothelargest

offshoreoildiscoveriesin

thelastdecade

78%

oftotalO&G

production

136wellsin

production

2024

Búzios7

Mero3

IPB-Parque

dasBaleias

AtlantaFDS

Bacalhau

2025

Búzios6

Mero4

Búzios8

2026

Búzios9

Búzios10

2027

Albacora

Búzios11

SEAP1

SEAP2

BM-C-33

Brazilispoisedtobeoneofthekeysourcesofgrowthoverthemedium

term

BRAZILishomefortheMAJORITYofFPSOs

projectsunderdevelopment

20newproductionunitstostartoperationfrom2023to2027

2023

Marlim1

Marlim2

Mero2

Búzios5

FSOPargo

*Non-PetrobrasOperator

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

INCREASETHE

RECOVERYFACTOR

INCREASE

EXPLORATORY

ACTIVITIES

MAKEMARGINALDISCOVERIESVIABLE

E&Pstrategicgoals

RIGHTASSETSINTHERIGHTHANDS

Weneedtokeepincreasingabovegroundcompetitivenessinordertoachieveourmaingoals

MarginalFieldsDefinition

(ANPResolutionno877/2022)

WellOffshoredataforfree

ExtensionoftheExplorationPhasefor18months

(ANPResolutionno878/2022)

ManymeasureshavealreadybeentakentoencourageE&Pactivities

20192021

2018

LocalContentwaivers

(ANPResolutionno726/2018)

Royaltyreductionontheincrementalproduction

(ANPResolutionno749/2018)

ReserveBasedLending

(ANPResolutionno785/2019)

Mandatoryinvestmentor

M&Ainonshoreandshallow

waterfields;deadlinefor

Petrobrasdivestment

(RDno568/2018)

Anewtypeofauction:

OpenAcreage

UnlockingtheTransferofRightsAuction

2020

ANPResolutions:

Flexibilityasaresultofthe

pandemic

Royalties'reductionforS&Mcompanies

(ANPResolutionno

853/2021)

AdjustmentAgreementtoLocalContent

(ANPResolutionno

848/2021)

AreaNomination

(ANPResolution837/2021)

DecommissioningGuarantees

(ANPResolutionno

854/2021)

Allonshoredataforfree

2022

16

BidRounds

R$124.5Bin

signature

bonuses

(2017/2022)

2023

ExploratcryBlock

prcducticnField

Resultsfrom2017biddingroundsinCamposandSantosbasins

2016

OpportunitiesintheOpenAcreage

TheOpenAcreageallowsthemarkettodecidewhenbiddingroundswilltakeplaceandwhatareasfromthestockwillbeoffered.

TheschedulesoftheOpenAcreagecycleswillbeginwiththeapprovalofadeclarationofinterestsubmittedbya

registeredbidderaccompaniedbyabidguarantee.

OpenAcreageConcession

Blocks

OnOffer

Today:

1,009

Blocks

Blocksonoffer

Soon:

1,098

Blocks

+JapiimField

(greenmarginalgasfield)

OpenAcreageConcession

Blocks

Under

Studytobeaddedinthe

future

Blocksunderstudy

UnderStudy:

+800

Blocks

OpenAcreagePSA(insidepre-saltpolygon)

Areasin

Stock

7

Areas

AreasinStock

+Ametista

tobeincludedsoon

+5newareas

alreadysubmittedtotheMinistry

ofMinesandEnergytobe

approvedbytheEnergyCouncil

(CNPE)

56B

estimatedoil

equivalentinplace

or14Briskedinplace

O&Gvolume

(all13areas)

#3

NaturalGasMarket

Thenaturalgasproduction

NaturalgasproductioninBrazilismainlyassociatedwithoilproducedinoffshorefields

Onlylessthan40%ofthenationalproductionismonetizedandconsumedbytheBrazilianmarketduetolackofdemand/infrastructureandhighgasprices.Inaddition,thenationalgasproductionhasthepotentialtodoubleby2030,andalleffortsarebeingdonetomonetizeit.

▲

GasProduction

*Feb2023

146Millionm3/d

GasReinjected

78.7Mm3/d

GasExportedtothemarket

49.4Mm3/d

53%

34%

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)

Past:averticalizedmarketPresent:amarketwiththird-partyaccess

Brazilismovingtowardsacompetitivegasmarket

Afternewgaslaw,accesstotransporthasbeeneffectiveandenabledtheentryofnewsuppliersinthecommercializationmarket

Newtransportcontractsweresignedbetweenindependentproducers,naturalgasdistributors/freeconsumersandtransporters

?Petrobras′marketshareingassales*:

81,5%

NewGasLaw

Law14,134Decree10,712

?203contractssigned

by20different

shippersableto

transportgasinBrazil.

2023(March)

2021

2022

?Petrobras′market-shareingassales*:

99%

?AveragepricesfromotherproducersthanPetrobrasis16.5%lowerthanthosechargedbyPetrobras

?Petrobras′marketshareingassales*:

77%

?72contractssignedby18shippers

?78%ofgassalesintheNortheastweremadebyindependentproducers

Thenumberofauthorizationsgrantedfortheimportandsaleofnaturalgashasmultiplied,currentlyreaching66and182

authorizationsrespectively.

*Non-thermalPetrobrasmarketshareintheintegratedgaspipelinesystem

#4

Downstreammarket

Mainfuelsalesin

2022:

143

Millionm3offuelssoldinthemarketin

19

Refineries

UtilizationFactorin2022:

74,5%-84,8%

2.4

Millionbpd

RefiningCapacity

9Companies:

UNIVEN

63

Millionm3ofDiesel

(10%ofbiodiesel)

43

Millionm3ofGasoline

(27%ofethanol)

15

Millionm3ofEthanol

13

Millionm3ofLPG

6

Millionm3ofJetFuel

2022

CE

9Refineries

Thedownstreammarket

S?oLuís

28%

22%

Brazilstillneedsalotoffuelimports

Weexportcrudeoilandimportoilproducts,creating