Petrobras Internacional S.A

Printable company profile from OilVoice
Address
Rua General Canabarro, 500 - 10th Floor
20.271-900
Maracana
Rio de Janeiro, RJ,
Brazil
Tel 55-21 566-4477
Fax 55-21 566-3400/3401
Web http://www2.petrobras.com.br

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Capex

Between 2007 and 2011, Petrobras plan to invest $12.1 billion abroad, $5.4 billion more than the 2006-2010 plan had foreseen. The Exploration & Production activities abroad will get 70,2% of the investments.

The International Area will focus on Western Africa (particularly Nigeria and Angola), and on the Gulf of Mexico, because of the deep water exploration perspectives in those regions.

The second biggest part of the investments - 24.8% - will be directed to the refining and marketing activities.

Of the $12.1 billion, 28% ($3.3 billion) will be allocated in Latin America, 23% ($2.8 billion) in North America, 16% ($2 billion) in Africa, and 33% ($4 billion) in new projects.

Petrobras' corporate strategy in its 2007-2011 Business Plan is to achieve leadership in the oil, natural gas, byproduct, and biofuel market in Latin America, performing as an integrated energy company with selective expansion in petrochemicals, renewable energy, and in international activities.

Future Plans

Petrobras' corporate strategy in its 2007-2011 Business Plan is to achieve leadership in the oil, natural gas, byproduct, and biofuel market in Latin America, performing as an integrated energy company with selective expansion in petrochemicals, renewable energy, and in international activities.

The corporate goals for the International Area project producing 568,000 barrels of oil equivalent (BOE) a day by 2011, a growth of nearly 119% compared to the 2005 results, when 259,000 barrels (BOE) were produced.

Reserves

International Proved Reserves:

On December 31st, 2007 Proved Reserves of oil, condensate and natural gas, abroad, according to the SPE criteria, were 1.090 billion boe, representing a decrease of 14.2% in relation to 2006.

Proved Reserves - SPE

Oil and Condensate (billion bbl): 0.576 (53%)
Natural Gas (billion m3): 87.415 (47%)
Oil Equivalent (billion boe): 1.090

During 2007, the appropriation of proved reserves was supplemented by the period’s production, added to the contractual revisions that were made in Bolivia, and technical revisions occurred in Ecuador and in the United States. Therefore reserves were reduced by 180 million boe, as shown below:

Proved Reserves – SPE Criteria

Volume (billion boe)
- Proved Reserves on December, 2006: 1.270
- Incorporated as Proved Reserves in 2007: (0.094)
- Acumulated Production 2007: 0.086
- Proved Reserves on December, 2007 (A + D): 1.090

According to SPE criteria, international Reserve/Production (R/P) ratio was 12.7 years.

The oil, condensate and natural gas proved reserves, based on SEC Criteria, as at December 31st, 2007, were 886 million boe. This volume represents a reduction of approximately 0.11% compared to the preceding year (885 million boe).

Proved Reserves - SEC

Oil and Condensate (billion bbl): 0.474 (54%)
Natural Gas (billion m3): 69.898 (46%)
Oil Equivalent (billion boe): 0.886

During 2007, the appropriation of proved reserves, mainly in Nigeria and Peru, was supplemented by the period’s production, as shown below:

Proved Reserves Breakdown – SEC Criteria

Volume (billion boe)
- Proved Reserves on December, 2006: 0.885
- Incorporated as Proved Reserves in 2007: 0.085
- Acumulated Production 2007: 0.084
- Proved Reserves on December, 2007: 0.886

Using the same criterion, the Reserve/Production (R/P) ratio is 10.6 years.

The main reasons for the difference between SPE and SEC criteria are:

• By SEC criteria only the gas volumes covered by natural gas sales contracts can be declared as proven reserves, and in Bolivia this excludes volumes of discovered gas still not commercialized.

• In Nigeria, because of the current state of production development, only a part of total discovered volumes can be booked to the company reserves.

Petrobras’ Proved Reserves in 2007 (Brazil and International):

On December 31st, 2007 Petrobras´ Proved Reserves of oil, condensate and natural gas amounted to 15.010 billion boe, a 0.1% decrease compared to last year, as per the SPE criteria, distributed as shown:

Proved Reserves - SPE

Brasil: 13.920 (93%)
International: 1.090 (7%)
Total: 15.010

According to the SPE Criteria, 781 million boe were incorporated into Proved Reserves in 2006 and 794 million boe were produced, resulting in a decrease of 13 million boe in relation to 2005 proved reserves (15.023 billion boe). Consequently, for each barrel of oil equivalent produced during 2006, 0.984 barrels were incorporated into Proved Reserves, resulting in a Reserve Replacement Index – RRI of 98.4%. The Reserves/Production ratio (R/P) was 18.9 years.

Proved Reserves Breakdown - SPE

Volume (billion boe)
- Proved Reserves on December, 2006: 15.023
- Incorporated as Proved Reserves in 2007: 0.781
- Acumulated Production 2007: 0.794
- Proved Reserves on December, 2007: 15.010

Proved reserves on December 31st, 2007 according to the SEC criteria amounted to 11.704 boe, distributed as follows:

Proved Reserves - SEC

Volume (billion boe)
Brasil: 10.818 (92%)
International: 0.886 (8%)
Total: 11.704

According to the SEC Criteria, Proved Reserves increased by 1.1% in 2006 compared with the previous year.

Proved Reserves Breakdown - SEC

Volume (billion boe)
- Proved Reserves on December, 2006: 11.458
- Incorporated as Proved Reserves in 2007: 1.038
- Acumulated Production 2007: 0.792
- Proved Reserves on December, 2007: 11.704

According to the SEC criteria, 1.038 million boe were incorporated into Proved Reserves during 2007, compared with production of 792 million boe, resulting in a increase of 246 million boe in relation to 2006 proved reserves (11.458 billion boe). This corresponds to a Reserve Replacement Index - RRI of 131.1% or, in other words, for each barrel of oil equivalent produced incorporated into Proved Reserves. The Reserves/Production ratio (R/P) was 14.8 years.

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