巴西油氣行業(yè)報(bào)告

THEO&GSECTOR

IN

BRAZILRodolfoSaboiaDirector-GeneralMay31st,

2023#DisclaimerThis

ANP

institutional

presentation

is

based

on

currentand

reliable

information,

but

no

representation

orwarranty

is

made

as

to

its

accurateness

andcompleteness,

and

it

should

not

be

relied

upon

as

such.All

and

any

such

responsibility

and

liability

is

expresslydisclaimed.Readers

are

cautioned

that

these

statements

are

onlyprojections

and

may

differ

materially

from

actual

futureresults

orevents.Forward-looking

data,

information,

projections

andopinions

expressed

during

the

presentation

are

subject

tochange

withoutprior

notice.Brazil

ata

glanceBrazilplays

arelevantrole

inthe

Global

O&GIndustryAmong

the10largest

crude

oilexporters

intheworld9thThe

largesteconomy

inLatinAmericaLargest

Crude

OilandCondensateproducer(BPStatistical

Review2022)9thAmong

the

largesteconomies

inthe8thLargest

RefineryCapacityworld(Rank

12th

in20221,92trillion

USD-AustinRating

)Largest

OilProducts(BP

Statistical

Review2022)Consumer(BP

Statistical

Review2022)But

still

need

toimportdiesel,gasoline,jetfuelandLPG4

Largestth3rd

largestrecipientof

ForeignDirect

Investmentautomotive

fuelmarket

inthe

WorldthAdomesticmarketofover214million10Insales

ofpetrochemicalsworldwidein2022(85billion

USD-OCDE)inhabitants(Statista

-2021)Brazil

inthe

energy

transitionAcountry

of

plenty

and

diverse

energyresources

and

one

of

the

world's

leadingplayer

inthe

energytransitionBrazil’s

electricity

matrix

isone

of

the

cleanest

inthe

world47%2ndLargest

Producer

andConsumer

of

Biofuels(BPStatistical

Review2022)Share

of

primaryenergy

from

renewablesources,

2022Less

than10World

Average

–

14%(MME)kgCO2e/boeisthecarbonintensity

inthepre-salt4th3rdLargest

Hydropowergeneration

in2021(OurWorldinData)Largest

share

ofprimary

energy

fromrenewables14kgCO2e/boe

is

theoffshore

average

inBrazil1st

–

Iceland,

2ndNorway,

3rd

Sweden(OurWorldinData)Compared

to

OGCIaverage

–19kgCO2e/boe6thLargest

WindGeneration

Capacity(GWEC2021)87%Share

of

electricityproduction

fromrenewables,

2022World

Average

–

28%(MME)About

ANPANPistheregulatorybodyfor

the

oil,natural

gasandbiofuelsindustryin

BrazilRegulateContractInspectEstablishthe

regulationofthe

oil,

naturalgas

andbiofuels

industry.ANPmustassurefreecompetition,

nationalsupply,

andconsumersprotection

in

termsofprice,quality

andproductoffer.Grantauthorizationsfor

theO&GandEnforcethestandardsand

rulesbythebiofuelsactivities;topromote

E&P

biddingrounds

and

signregulatedindustry.

Itcovers

theadministrative

process,judgment

and

sanction.contracts

on

behalfoftheFederalEstate.ANP

isresponsibleforimplementing

theenergypublicpolicies,

butalsosubsidizes,

technically,

theNationalEnergyPolicyCouncilAnindustryofapproximately

135thousand

regulatedagentsANPregulates

from

the

welltothe

retailUpstreamMidstream

&NGDownstreamE&PStorage&

TransportRefining/ImportsDistributionRetail5983132.806NG

Pipeline

OperatorsRefiningOperatorseconomic

groups23RetailersandRegulatedConsumers(45

nationals,

38

foreigners)286Pipeline

OperatorsforoilandliquidproductsNGPP

Operators26970FueldistributorsEthanolproducer858ImportersandexporterscompaniesLiquidTerminalOperators494Biodiesel

producer160Lubricant

ProducersandRe-refinersLNG

TerminalOperatorscompanies645Biomethane

producercompaniesLNG/NG

ImportersTheopening

in

the

O&G

SectorAfirst

step

was

done

inthe

NG

market

and

downstreamE&PDownstreamGasCompanies

other

thanPetrobras

areresponsible

forCompanies

other

thanPetrobras

areresponsible

forCompanies

other

thanPetrobras

areresponsible

for34%20%17%Gas

Commercialization

Market(sales

togas

distribution

companiesand

final

consumers

–

2022)total

O&GProduction

(fev/23)of

the

refining

capacity46%Operators

other

than

Petrobras

operates...3

5of62%of

the

fuels

imports

(2022)Gas

pipeline

Operatorswithout

Petrobras

participationof

the

fields100%85%100%of

the

fuel

distribution

and

retailof

the

exploratory

blocksGasDistributors#1Exploration

&Production

OverviewBrazil

istaking

aleadingroleinthe

E&PsectorNowadaysForecast3.3

146Production:Million

bpdofoilproductionMillion

m3/dofgas2025production(Feb2023)(Feb2023)Potential

to

reach

aproduction

ofmorethan14.9B

406B4Reserves:Bbl

inprovedoilreservesm3

inprovedgasreservesMillion

bpdofoil(Dec2022)(Dec2022)19590B1.34Million

m3ofgasUSDinvestmentsforecastMillion

bpdofcrude

oilexport(2022)(2023-2027)TheChinesecompanies

in

the

Brazilian

E&PSectorArelevant,

valorous

and

important

participation

inthe

BrazilianO&GIndustryFields/Exploratorywith

Chinese

companiesparticipationO&GProductioninBrazilRankingProducersOil(bpd)GasCompanyBOE/d(Thousand

m3/d)5th6thCNOOCRepsolSinopecCNODC67.03356.76444.6699.4573.3972.6372.4212188.40273.35259.8959.5878th20thSinochemTotal177.9238.476231.236Types

ofContractsTransferof

Rights10

fieldsInsidethepre-salt

polygonConcession265

exploratory

blocks399

fieldsOutsidethepre-salt

polygonExploratoryblocksFieldsProductionSharing

AgreementPre-salt

Polygon10

exploratory

blocks(+4tobe

signedsoon)10

fieldsInsidethepre-salt

polygonThreedifferentE&P

environmentO&GProduction

inBrazilPre-saltPost-SaltOffshoreOnshoreAll

the

offshore

areabesidesthe

pre-saltregion,

including

newfrontier

areasandasignificantnumber

oflarge

maturefieldsMature

fieldsandNewFrontier

Basins(mostlygasprone)Home

tothe

largestoffshore

oil

discoveriesinthe

last

decade5%of

total

O&Gproduction78%of

total

O&Gproduction17%of

total

O&Gproduction136

wellsinproduction4,915wellsinproduction371

wellsinproductionBrazilispoised

tobeoneof

the

key

sources

of

growth

over

the

mediumtermBRAZIL

is

home

for

theMAJORITYof

FPSOsprojectsunderdevelopment20newproductionunits

tostartoperation

from

2023

to202720242025Búzios620262027Albacora2023Búzios7Búzios9Búzios10Marlim1Mero3Mero4Búzios11SEAP

1Marlim2Mero2IPB–

ParquedasBaleiasBúzios8SEAP

2Búzios5FSO

PargoAtlanta

FDSBacalhauBM-C-33*Non-Petrobras

OperatorMandatory

RD&IInvestmentsContractual

obligation

to

invest

inresearch,

development

and

innovation

(RD&I)

inBrazilRD&IExpenditure

(2018-2022):

US$2.5billionProjectPortfolioOverview

(2018

–

2022)R&D

Trends:ArtificialIntelligenceMachineLearningDigitalTransformationSmart

CompletionCO2

CaptureRenewablesEnvironmentalProtectionE&P

strategic

goalsRIGHT

ASSETS

INTHE

RIGHT

HANDSINCREASE

THERECOVERY

FACTORINCREASEEXPLORATORYACTIVITIESMAKE

MARGINALDISCOVERIES

VIABLEWeneed

tokeepincreasing

above

groundcompetitiveness

inorder

toachieveourmain

goalsMany

measures

have

alreadybeentakentoencourageE&Pactivities2019202120222018A

newtypeofauction:Royalties'reductionforS&M

companies(ANP

Resolution

no853/2021)Open

AcreageUnlockingthe

Transfer

ofMarginal

FieldsDefinition(ANP

Resolution

no877/2022)LocalContentwaivers(ANP

Resolutionno

726/2018)Rights

Auction16Adjustment

Agreement

toLocalContentRoyaltyreduction

ontheincremental

production(ANP

Resolutionno

749/2018)2020WellOffshore

data

for

free(ANP

Resolution

no848/2021)Extension

ofthe

ExplorationPhase

for

18

months(ANP

Resolution

no878/2022)AreaNomination(ANP

Resolution

837/2021)Reserve

BasedLending(ANP

Resolutionno

785/2019)BidRoundsR$124.5

BinsignatureDecommissioningGuarantees(ANP

Resolution

no854/2021)Mandatory

investment

orM&A

in

onshore

and

shallowwaterfields;

deadline

forPetrobras

divestmentANP

Resolutions:Flexibility

asaresultofthepandemicbonuses(2017/2022)(RDno

568/2018)All

onshore

datafor

freeResultsfrom2017biddingrounds

inCampos

andSantosbasins20162023Opportunitiesinthe

Open

AcreageTheOpenAcreageallows

the

marketto

decide

whenbidding

rounds

willtakeplace

and

what

areasfrom

the

stock

willbe

offered.The

schedulesoftheOpen

Acreage

cycles

willbeginwith

theapproval

ofadeclaration

of

interest

submitted

byaregisteredbidderaccompanied

byabidguarantee.Open

AcreageConcessionBlocksOnOfferSoon:Today:1,0981,009BlocksBlocks+Japiim

Field(green

marginal

gas

field)Blocks

onofferOpen

AcreageConcessionBlocksUnderStudy

tobeaddedin

theUnder

Study:future+800BlocksBlocks

under

studyOpen

AcreagePSA(insidepre-salt

polygon)AreasinStock+Ametistatobe

includedsoon+5

newareas7already

submittedtothe

MinistryofMines

and

Energy

tobeapproved

bytheEnergy

Council(CNPE)Areas56Bestimatedoilequivalent

inplaceor

14BriskedinplaceO&Gvolume(all13areas)AreasinStock#3Natural

Gas

MarketThenaturalgasproductionNatural

gas

production

inBrazilis

mainlyassociatedwith

oilproducedinoffshorefieldsOnlylessthan

40%of

thenationalproduction

ismonetized

and

consumedbytheBrazilianmarketdueto

lack

of

demand/infrastructure

andhighgasprices.Inaddition,

the

nationalgas

production

hasthe

potentialtodoubleby2030,

andallefforts

arebeingdone

to

monetizeit.Gas

ProductionNaturalgashas*Feb

2023146Million

m3/dalot

ofpotentialintheBrazilianenergymatrix(10.5%isthe

stakeGas

ReinjectedGas

Flaring53%2.6%nowadays)3.8Mm

3/d78.7Mm

3/dGas

Exported

to

the

marketGas

Consumed

in

facilities34%10.4%49.4Mm

3/d15.15Mm

3/dThenaturalgasmarketThe

natural

gas

market

is

supplied

by

national

gas

production,

imports

through

pipelines

from

Bolivia

and

LNG

importsthroughregasificationterminalsSUPPLYDEMAND*2022*202268

Million

m3/d72Million

m3/dIndustrialNational

Production61%22%66%24%Electric

GenerationBolivia

ImportsLNG

ImportsAutomotiveOthers9%8%10%ThenaturalgasinfrastructureCurrent

infrastructure

islimitedforsuchalargecountry9,306kmoftransmissiongas

pipelines2,257kmoftransfergas

pipelines13NG

processingplantsCapacity:102

Million

m3/d+49

Million

m3/dunderconstruction5LNG

TerminalsCapacity:99

Million

m3/d+50%

under

construction

(3newterminals)Source:

ANPStatistical

Yearbook

(2022)Brazilismovingtowards

acompetitivegasmarketAfter

newgaslaw,accesstotransport

hasbeeneffectiveandenabled

theentryof

newsuppliers

inthecommercialization

marketNew

transport

contractsweresigned

betweenindependent

producers,

naturalgasdistributors/free

consumers

and

transporters?

203

contracts

signedNewGas

LawLaw14,134Decree10,712?Petrobras′marketby

20differentsharein

gassales*:shippersable

to81,5%transport

gasinBrazil.20212022Oct2023(March)?

Petrobras′

market-?Petrobras′

market?Averageprices

from

other

producerssharein

gassales*:sharein

gassales*:than

Petrobras

is16.5%lower99%77%than

thosecharged

byPetrobras?

72

contracts

signedby18

shippers?

78%

of

gassalesintheNortheastwere

madebyindependent

producersPast:

averticalizedmarketPresent:

amarketwith

third-partyaccessThenumberofauthorizationsgrantedforthe

import

andsaleof

natural

gashas

multiplied,currently

reaching

66

and182authorizationsrespectively.*Non-thermal

Petrobrasmarket

share

inthe

integrated

gas

pipelinesystem#4Downstream

marketThedownstreammarketMain

fuelsalesin2022:1436319Million

m3offuelssoldinthemarketin2022Million

m3ofDieselRefineriesS?oLuís(10%

ofbiodiesel)Utilization

Factorin2022:43Million

m3ofGasoline(27%

ofethanol)CE74,5%-84,8%2.4Million

bpdRefining

Capacity159Companies:UNIVENMillion

m3ofEthanol13Million

m3ofLPG6Million

m3ofJet

FuelRefineriesBrazilstillneedsalotof

fuelimportsWeexportcrudeoiland

importoilproducts,

creatingopportunities

inthe

refining

marketIn2022,weimported

25millionm3offuel

(gasoline,LPG,

dieseland

jet

fuel)Imports

(2022)DieselLPG28%26%Jet

F