FPSOs for Lula presalt deepwater Brazil fields in negotiations

Offshore staff

RIO DE JANEIRO – Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) is in negotiations for the contracting with consortium QGOG/SBM (Queiroz Galvão Óleo e Gás S.A./ SBM Offshore) of two FPSOs for production development at Lula Alto and Lula Central, in Lula field, Santos basin presalt

Each FPSO will be connected to 18 wells, 10 production wells and 8 injectors. Production is expected to begin in January 2016 at Lula Alto and in March 2016 at Lula Central.

Each FPSO will have a processing capacity of 150,000 b/d of oil and 6 MMcm/d (212 MMcf/d) of natural gas

By contract the FPSOs should be delivered no later than November 2015 for Lula Alto and January 2016 for Lula Central, allowing these areas to start production according to the schedule established in the Petrobras Business Plan. Local Content requirements in the contract are 65% for each FPSO.

Consortium BM-S-11 is operated by Petrobras (65%), in partnership with BG E&P Brasil Ltda. (25%) and Petrogal Brasil S.A (10%).

3/20/2013

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