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Corporate Presentation
July 2021
Disclaimer
This presentation may contain statements and forward-looking information related to the Company that reflect the current vision and/or
expectations of the Company and its management regarding its business plan. Forward-looking statements include, but are not, all
statements that denote forecasting, projection, indicate or imply future results, performance or achievements, and may contain words such
as "believe," "provide," "expect," "contemplate," "likely" or other words or expressions of similar meaning.
Such statements are subject to a number of significant risks, uncertainties and assumptions. We warn that several important factors can
cause actual results to vary in a relevant way from the plans, objectives, expectations, estimates and intentions expressed in this
presentation.
In no event shall the Company or its subsidiaries, its directors, officers, representatives or employees be liable to any third party (including
investors) for decisions or acts of investment or business made on the basis of the information and statements contained in this presentation,
nor for indirect or similar consequential damages.
Additionally, this presentation also contains certain financial measures that are not recognized in Brazil ("BRGAAP") or by the International
Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board ("IASB") are not audited or reviewed by the
Company's independent auditors, and does not represent cash flow for the periods presented and should not be considered as substitutes for
net income (loss) , as indicators of the Company's operating performance and, therefore, are not substitutes for cash flow, indicator of our
liquidity or as a basis for the distribution of dividends. EBITDA has no standardized meaning and our definition of EBITDA may not be
comparable to those used by other companies. These measures have no standardized meanings and may not be comparable to measures
with similar securities provided by other companies.
The Company provides these measures because it uses them as a measure of performance, but these should not be considered in isolation or
as a substitute for other financial measures that have been disclosed in accordance with BR GAAP or IFRS. The Company has no intention of
providing potential stock holders with a review of forward-looking statements or analysis of differences between forward-looking statements
and actual results. This presentation and its content constitute information owned by the Company and may not be reproduced or disclosed
in whole or in part without its prior written consent.
2
PetroReconcavo at a Glance 3
PetroReconcavo is One of the Leading Independent
Onshore Producers in Brazil
Scale and Structure… …Backed by Robust Financials
15k boed 151 MMboe R$788 mm R$474 mm
Production (2020)1 2P+2C Reserves2 Net Revenues 2020 EBITDA 2020
136.5 Mmboe net of royalties
620+ 500+ 60% R$1.187mm
Active wells Direct Employees EBITDA Margin 2020 Raised on IPO
A REAL and PROVEN
60 20+ value creation story in
E&P Concessions3 Years of Operations
the Brazilian mature
4
(1) 2020 12-month approx. gross daily production including recent acquisitions of Miranga;
(2) Based on reserves report by NSAI, Dec-2020;
fields industry
(3) Reconcavo: 17 operated, Potiguar: 30 operated, 4 operated by partners. Includes Miranga Cluster 9 concessions
The Organization Has, in 20 Years
2021
of Operations, Developed a Great Signature of PSA
Range of Capabilities 2019-2020 of Miranga Cluster
Creation of Potiguar
E&P IPO – Novo
Acquisition of Riacho da Mercado B3
Forquilha Cluster and
start of operations
Sabiá da Mata
Signature of PSA of and Sabiá Bico-de-
2015-2018 Remanso Cluster (12 Osso Operation
fields already operated Takeover
Efficiency gains
2008-2014 by PetroReconcavo)
Acquisition of Debt financing expertise
Expansion of stimulation units
water injection Commodity price risk
2004-2007 projects for
Digital Transformation management
Development of secondary Creation of business
technical and recovery development team
1997-2003 operational Acquisition of
Creation of know-how own rigs
PetroReconcavo Pilot
First “Incremental waterflooding
Production projects
Contract” with
Petrobras
Beginning of block
acquisitions
5
We Have a Consistently Profitable and Sustainable
Business Model
Reservoir Internal Development
Management Capability
Capabilities
Sustainable
investment
Value creation
to shareholders
Experienced Management Team Low development
costs
Financial Discipline Operational
Excellence
6
PetroReconcavo Has Developed Substantial Oil
and Gas Reserves
Increase in reserves by 4.7 x in the last 20 years, ...and ready for more
at an average capital cost of approx. 13 USD per
boe...
150.6**
63,4 Miranga Cluster
Reconcavo District gross reserves and production (MMboe)
64,1 Potiguar District
(32,0)
45,4
23,0 23,0 23,0 Recôncavo District
9,7 9,7
Initial 2P Reserves Cumulative Reserves Cumulative Production 2P+ 2C Reserves 2P + 2C reserves
(as of 2000)* Added (Feb-2000 to Dec-2020) Recôncavo District (as of
Dec 2020)* (MMBoe)
7 * Ryder Scott (02/2000) and NSAI (12/2020) reports on PetroReconcavo’s reserves in millions of boe.
** Based on reserves report by NSAI, Dec-2020, gross of royalties
Investment Thesis 8
What Differentiates
PetroReconcavo’s Story
Interesting Sector Opportunity... …For an Experienced Onshore Operator
One of the Leading Independent Brazilian Onshore Operator
1 +20 years operating; current production of ~15kboed*
Proven Track Record
Divestiture Program
2 Historical increase in reserves of 4.7x over 20 years
&
Market Liberalization Know-How in Mature Fields
3 +1,000 successful workovers; vertical structure
&
Strong Financial Performance
Attractive Contractual
Terms for Oil and Gas 4 Opex per BOE: ~$10.5**; EBITDA margin: 60%; profitable in 19
out of 21 yrs; ~R$440MM dividends paid.
Seasoned Management and Stable Shareholder Base
5 C-Level average tenure at PetroReconcavo of 15 years
9 * Including recent acquisition Miranga Cluster (avg. 2020 prod)
**2020 average, excluding royalties, oper. overhead and environmental licenses
A Window of Opportunity Has Opened for the Brazilian
Onshore Industry – Petrobras Is Selling All of its Onshore
Assets
Market size is big... Petrobras is focused on Pre-Salt... and upside is attractive.
Daily Production 2020
~100 Mboe/d* Petrobras Production Average Recovery Factor ***
as % of total %
60% 55% 50%
50%
35%
21%
68 40% Ultimate
Recovery
Ultimate
Recovery
Factor Factor
30%
20%
• Recovery factors are in general far below
15 **
10%
11% international benchmarks
Others 4% New regulation offers reduced royalties for
19 0%
•
incremental production and new possibilities
0%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
for gas monetization
Onshore share (%) Pre-Salt share (%)
*Total production of mature basins (ES, BA, SE/AL, RN/CE). Source: ANP, 12-month average 2020
10 ** Includes the Miranga acquisition
** Source: ANP, Opportunities in the Brazilian Oil & Gas Industry – Jan 2018Petrobras Assets for Sale Are All
Potential Company-Makers
Large, diversified, and including major midstream assets
Divesture Production Profile - Gross Production (boepd)*
Heavy Oil Light Oil Gas
23.5k
15k
Including Miranga Cluster 17.7k
2 Potiguar
12k** 10.5k
7.4k
Bahia 1
3 Sergipe
PR Bahia Potiguar Sergipe Espirito Santo
4 Espírito
Santo
Refinery
Gas Plant
Maritime Terminal
Commercial Tankage
Offshore Concessions
*Source: ANP, average Jan-Dec 2020
**Including recently acquired fields from the Remanso acquisitionNew Regulation is Promoting
the Market for Natural Gas
More opportunities to capture value on the gas value chain
Gas Prices* (molecule)
PREVIOUS SITUATION NEW GAS MARKET
Supply &
Offloading US$/mmbtu
Processing Open Access
Transportation Private Players
13.33
Marketing Private Players
2.09
Distribution Others Privatizations
+ Promotion of competitiveness Petrobras avg. Acquisition Cost Bahiagas Price to Consumer
Lack of Access to Existing and free market
Infrastructure
Improved Regulation
* All cost of molecule including taxes; Petrobras average
Market Consumers will have the acquisition price between producers for Camamu,
Brazilian Gas Consumers never flexibility and optionality to Recôncavo, Potiguar, Santos and Campos basins, as of
contracted natural gas outside define gas supplier and November 2020; Bahiagas price for industrial consumer
LDCs and PBR negotiate contracts 20.001-35.000 m3/d, as per 07/07/2020Acquisition History in Petrobras Onshore Divestiture Program
Avg.
Average
investment/
Company Closed Deal Contract Signed Total Prod. 2020
production
(boed)
(MUSD/boed)
Riacho da Forquilha Remanso (USD 30 MM)
USD 634.3 MM 14.619 43
(USD 384.2 MM) Miranga (USD 220.1 MM)
Fazenda Belém (USD 35,2 MM)
Macau
Rio Ventura (USD 94,2 MM) USD 570.5 MM 11.388 50
(USD 191.1 MM)
Recôncavo (USD 250 MM)
Tucano Sul
Alagoas (USD 300MM) USD 303.173 MM 7.859 39
(USD 3.173 MM)
Cricaré
- USD 155 MM 1.759 88
(USD 155 MM)
Azulão
- USD 56.5 MM
(USD 56.5 MM)
Lagoa Parda
- USD 10.847 MM
(USD 10.847 MM)
Ponta do Mel
- USD 7.2 MM
(USD 7.2 MM)
Rabo Branco
- USD 1.5 MM
(USD 1.5 MM)
13 * Source: Petrobras press releases, ANPStrong Track-Record on Revitalizing Mature Fields
Quick and long lasting generation of incremental reserves and production
Reconcavo Basin: Growth comes as the result of a field specific strategies coupled with internal development of capabilities
PetroReconcavo Operated Fields Initial Reaction to
debottlenecking and Reservoir pressurization through Infill drilling and pandemic and
Gross Production (boe/d) low-hanging fruits water injection. reservoir stimulation price drop
FEB/2000
CLOSING DATE
7.000
6.000
5.000
4.000
3.000
2.000 Baseline production Incremental production
(new reserves)
1.000
-
14 Produção Básica Produção IncrementalCase: Secondary Recovery Mata de São João Field
Block 1 - Agua Grande
PRODUCTION HISTORY (BOPD) Peak prod.:
1.800 1,714 35.000
Injected water
1.600
Feb/00 prod.: 30.000
1.400
1.200
111 25.000
Produced water
1.000 20.000
800 15.000
600
10.000
400
Oil production
5.000
200
0 0
2000 2020
• 6 producers • Debottlenecking • Water flooding • Infill drilling • Lifting costs • 9 producers
and optimization implementation optimization
• 1 injector • Well stimulation • 11 injectors
• Reservoir • Return to • Reservoir • Well • Reservoir pressure
• Injection pattern
Production repressurization conversions
pressure 290 psi optimization 1,200-1,400 psi
• Zones (re)opening • Oil banks
identification
15PetroReconcavo Expects to Replicate This Performance
With New Assets
Initial results at Riacho da Forquilha are very promising
49% production increase in 18 months.
Potiguar Basin - PetroReconcavo Operated Fields o Fast and smooth take over with almost
Gross Production (bopd) Quick well reactivations
and new zone openings immediate results in production
6000 5.711 increase.
bopd
DEC/2019 o Well stimulations showed results
CLOSING DATE
5500 beyond expectations.
5000 o Substantial drilling opportunities: +300
3,836 2P wells locations.
bopd
4500
o Long term growth potential.
4000 o +90 wells returned to production
Low
oil o Over 50% production increase BOED
3500 prices
since closing in all Operated Fields
3000 o Total production of 8.403 boed in May-
21, over 7% increase since 1Q21
16Attractive Resource Base With Ample Runway for Organic Growth
155 MMBOE 2P+2C Gross Reserves1,2 booked and it is still early days
gas oil
Potiguar 30 operated fields
Basin 4 fields operated by Reserves Volume Recovery Reserves Volume Recovery
partners (BCF) Factor (MMBO) Factor
+368 90%
+151 35%
(International (International
Benchmark EUR)3 Benchmark EUR)3
72%
+337 +99 27%
(2P + 2C Reserves) (2P+2C Reserves)
56% 23%
Recôncavo 17 operated fields
Basin (Remanso Cluster + 5
concessions)
9 fields Miranga Cluster 1.184 453
(Cumulative (Cumulative
Production)4 Production)4
1) Gross reserves of 2P+2C as per Reserve Report.
2) PetroReconcavo's gross reserves and the interest in working in partnership fields correspond to 151 MMBOE 2P + 2C.
3) International Reference EUR is the Company's estimate, not certified by the NSAI.
17 4) Accumulated production from December 2020.Unmatched Internal Development Capabilities
Developed over 21 Years and essential to its low cost reserve development strategy
• Internal fleet of service units • Workover rigs efficiency gains
• Workover rigs • Intervention times 12% shorter
• Truck-mounted drilling rig • Drilling rig efficiency gains
• Light pulling units • 150 m/d vs. 86 m/d
• Pumping services (stimulation and
cementing)
• Stimulation job cost reduction
• Pipe inspection • Average cost of USD 32.7k
• Pump workshop vs. USD 75.4k
• High performance
• Lower costs
• Shorter intervention times
• Availability/Flexibility
• Execution capability
Workover Rig
• Substantial synergies with operations
• Improved knowledge of the basin
• Integrated work to reduce well failure
• Digital Oilfield operations for improved
productivity and safety
18 Digital
Stimulation Unit OilfieldReserves Report Production Overview
Gross Production by Product (avg. BOED)1,2
Oil+NGL Gas
32.167
29,815
23.547 11.330
10,666
19.443
6.728
15.646
5.108
11,148 3.832
5,083 1,574 19.097 20.837
4,645 16.819
14.335
489 589 11.814
9,573
4,156 4,494
2018 2019 2020 2021E 2022E 2023E 2024E 2025E
Gross Production by Cluster (avg. BOED)1,2
Reconcavo Potiguar Miranga
32.167
29,815
23.547 12.986
11.742
19.443
6.961
15.646 4.454
11.148 2.933
13.522 13.902
5.083 11.118 12.576
4.645 7.001 9.190
481
4.645 4.602 4.147 3.523 3.871 4.011 4.470 5.279
2018 2019 2020 2021E 2022E 2023E 2024E 2025E
19 Notes: 1) Post 2020 numbers based on 2P + 2C reserves estimates as presented on reserve reports, divided by 365 days (to indicate daily volume); 2) Gas volumes conversion to boe: 6.0 kcf = 1 boeSummary of Financials
Average Brent Price (USD/bbl)
71 64
42 In R$ million, except if otherwise mentioned
Net Revenue by Cluster MM R$ MM USD
82 86 153
Net Debt YE 2020 728
Reconcavo Potiguar 788
Free Cash Flow 2020*
517
340
300
27
EBITDA 474
313 271
Current Income Taxes (15)
2018 2019 2020 Others (3)
EBITDA MM R$ MM USD Cash Flow from Operations 456
42 39 92 Capex (96)
60 % Margin
Free Cash Flow 360
51%
46% 474 (*) Capex includes drilling and workover investments. It
does not include investments in fixed assets and in the
acquisition of new oil and gas properties
152 156
20 2018 2019 2020We are on our way to be the safest, most efficient and
most profitable independent Oil and Gas operator and
lead the transformation of the onshore industry in Brazil.
1Q21 Highlights and Subsequent Events
Growth of 25.7% and 25.0%, respectively, in Net Revenue
and EBITDA in 1Q21, when compared to 1Q20;
8.6% reduction in net debt and reduction in the
indebtedness ratio;
Realization of the Initial Public
Offering (IPO) in May 2021, 8.2% reduction in average production cost in US$/BOE;
raising more than R$1 billion in Complete change of the operator in the Sabiá-da-Mata
gross funding and Sabiá-Bico-de-Osso fields for our subsidiary
Potiguar E&P
Approval in CADE of the acquisition of the Remanso Cluster
and beginning of the process of the assignment of
Signing of the acquisition of the concessions with the ANP;
Miranga Cluster in February
We increased the volume of hours worked and kept
2021, with approval at CADE in zero lost time incident rate.
April 2021Financial Performance – Income Statement 1Q21 vs 1Q20
Net Revenue: 25.7% increase
Exchange rate appreciation and commodity
price; 1Q20 benefited by hedge
Costs and Expenses: 22.1% increase
Royalties; DD&A; Costs associated with the
resumption of production of wells shut-in
throughout 2020 and acceleration of asset
maintenance in the Potiguar District
Net Financial Result: loss reduction by
63.1%
Impacted by the Real devaluation in the period
which affected our Dollar denominated debt,
mostly without cash effect.
Impact on the Company's financial health is
mitigated by the fact that revenues are mostly
denominated in dollars.
22Financial Statements – Summary Cash Flows 1Q21 vs 1Q20
Cash generated by operating activities
In 1Q20, we were building the working
capital of the Potiguar E&P subsidiary
Cash invested in investment activities
In 1Q20, we paid Petrobras a deposit of
R$60,549k to acquire the Miranga
Cluster
Cash invested in financing activities
R$60,479k funding for the acquisition of
the Miranga Cluster; R$61,173k in
amortizations
23Active Commodity Price Risk Management Program in
Place and Favorable Tax Relief Incentives
Brent Price Hedges
A hedging program was put in place together with the acquisition of Riacho da Forquilha to protect
the acquisition economics and the debt service
75% income Tax Reduction
It benefits companies that have projects of implementation, modernization, expansion or
diversification of enterprises in incentivized sectors in the Northeastern region of Brazil
Special Customs Regime for Oil & Gas
It enables the production, acquisition and/or permanent or temporary import of goods used in the
E&P activities with total or partial tax relief along the chain
Royalties Reduction for Incremental Production
ANP incentive to promote additional investments in mature fields
24Governance and Corporate
Social Responsibility Initiatives
25Our shareholders are well Our main executives and
positioned in the Brazilian and managers are also
shareholders
international markets
A committed team Current Board of Directors
* with 28 managers
and technical staff. • Co-founder and CEO
1% EDUARDO
CINTRA SANTOS from 2000 to 2008
• Partner and CEO of Perbras.
Company focused on field 12% CHRISTOPHER • Co-founder
services for the O&G WHYTE
Mature field global player • Founder and CEO of PSI Inc
industry with more than
with operations in the US,
50 years in the market.
33% Colombia & Romania EDUARDO • Head of Private Equity at Opportunity
AZEVEDO • Former CEO of Agro Santa Barbara
25% LEO
• VP at Petrosantander
LIEVAART • Former executive at Shell, OMV
One of the largest asset and Petrom
managers in Brazil, with • Financial Director and IR at Oi
CAMILLE
more than R$ 50bn of LOYO FARIA • Served in executive positions at BofA
AuM. 29%
Other Shareholders (Independent) Merril Lynch, Bradesco BBI and
Morgan Stanley.
CARLOS • Former Chairman of ENEVA SA
FERREIRA • Former executive at International
- Audited since its first year by “big four” (Independent)
Paper, CPFL, and Energisa
- Obtains annual reserve certifications by top tier technical consultants PHILIP • CEO at ERI Group
EPSTEIN • Served in executive positions in other
26 * Perbras group and Family members
(Independent) public and private companiesSeasoned and Committed Management Team
# Years at PetroReconcavo
# Years of experience
13 37 20 37 17 23
Marcelo Magalhães Troy Finney Rafael Cunha
CEO COO CFO
10 10 8 8 10 13 11 15 9 16 9 13
Juan Alves Stenio Tavares João Moreira Daniel Costa Davi Carvalho Lucas Neves
Upstream Director Rigs & Services Regulatory and New Director of Technology General Counsel Controller
Director Business Director and Innovation
Joined as Trainee Joined as Trainee Joined as Trainee
27High Social Impact and Lower Environmental Intervention
Onshore operations are key source of income for local municipalities
Managing the
transition for future Social Impacts:
economic • Mature oil fields in Brazil’s NE region are mainly located in very poor
alternatives countryside areas
• Municipalities are heavily dependent on royalties and service taxes
Potiguar • Investments generate opportunities for local workforce, contractors and
suppliers, reducing poverty, also extending the economic life of the fields and its
benefits over time
• PetroReconcavo´s actions focus mostly on the young population of those areas,
aiming to provide them with the capabilities to seek further opportunities in the
future
Recôncavo
Environmental Impacts:
HDI heat map • Reduced oil spill hazard compared to the offshore activities
HDI Range
# of
municipalities
• Reduced impacts on the native vegetation, since most of the
1st fifth 0.718-0.891 14 necessary structures are already in place
2nd fifth 0.679-0.717 22
3rd fifth 0.620-0.678 140 • Use of existing structures minimizes the need for new materials
28
4th fifth
5th fifth
0.561-0.619
0.400-0.560
693
925
(pipes, pumps, etc)Social Initiatives Aimed at Youth Education
Real impact in countryside communities
Ciranda de Leitura Ciranda Esportiva Ciranda Educativa
Fosters intellectual and The program aims to Provides environmental
cognitive development, develop socialization education, and notions of
with activities such as through interest in sports sustainable development
school tutoring, reading activities such as soccer, through ludic activities
workshops and text judo and volleyball. such as garden and
production. vegetables growth.
Partnership with
29Great opportunity to acquire onshore oil and gas
production with upside potential
PetroReconcavo is prepared to prosper in the new
onshore landscape in Brazil
Final
Proven track-record and capabilities
Remarks Strong financial performance and capital
discipline, with solid shareholder return for over
20 years
Seasoned and committed management
team with strong shareholder sponsorship
30
30Appendix 31
Recôncavo Basin Operations
General Overview Geographical Footprint of the Fields
Date of discovery 1952
Number of concessions 17
Number of fields 171
o
API 35o-38o
Bahia
Sulfur Level (% m/m) 0.056
BA
STOOIP (MMBOE) 582
Historic accumulated production for oil and gas
121
(MMBOE)
2P+2C reserves for oil and gas (MMBOE) 24
Oil - 17%
Current Recovery Factor
Gas – 69%
Note 1) 12 Fields operated by PetroReconcavo under “Incremental Production Contract”
with Petrobras and 5 fields operated by PetroReconcavo’s subsidiary Recôncavo E&P.
Transaction Status: Ongoing (12 Fields Interest Acquisition)
Campos operados pela PetroReconcavo
Polo Miranga
Outros campos
Salvador
Signing: Antitrust regulator Closing:
December 2020 CADE approval: TBD
TBD
32Recôncavo Basin Operations (Cont’d)
0 25 km 50 km
Campos operados pela PetroReconcavo
Polo Miranga
Outros campos
Santiago Complex
(Recife and UPGN Catu)
Parque
São
Sebastião
• Refinery
• Maritime Terminal
33Potiguar Basin Operations (Riacho da Forquilha)
General Overview Geographical footprint of the fields
Date of discovery 1984 0 25 50 km
Number of concessions 35
Number of fields 34 fields1 and 1 exploratory block
API 25º-37º
Sulfur Level (% m/m) 0.05 Fzda
Curral
Pajeu
STOOIP (MMBOE) 793 Baixa do Algodao Cardeal Acauã
Colibri
Historic accumulated production for Boa Esperanca BA Rio Maçarico
159 Riacho da Mossoró
oil and gas (MMBOE)
Jacanã Fzda Paturi
Forquilha Patativa Tres Malaquias
Jandui
Marias
2P+2C reserves for oil and gas Lorena
70
Sabiá
Sabiá
(MMBOE) Sibite Poco Xavier Pardal Trinca da Mata
Ferro
Asa Upanema Sabiá Bico
Oil – 17% Branca Brejinho Campos operados pela PetroReconcavo
de Osso
Current Recovery Factor Campos operados por parceiros
Varginha Cachoeirinha Fazenda Junco
Gas – 40% Livramento Juazeiro
Baixa do
Outros campos
Gasodutos Oleodutos
Juazeiro
Note 1) 30 fields operated by PetroReconcavo’s subsidiary Potiguar E&P, 2 fields
operated by Partex. Potiguar E&P filed in ANP to take over operatorship of the 2 fields
currently operated by Sonangol by Q2/2021.
Transaction Status – Completed RN
Signing: Antitrust regulator Closing:
April 2019 CADE approval: December 2019
June 2019
34Potiguar Basin Operations (Riacho da Forquilha) (Cont’d)
0 25 50 km
Gasoduto
TAG Guamaré Complex
• Gas Plant
• Maritime Terminal
• Refinery
Fzda
Curral
Pajeu
Delivery point
Baixa do Algodao Cardeal Acauã 4 partnership fields
Colibri (trucks)
Boa Esperanca BA Rio Maçarico
Riacho da Mossoró
Jacanã Forquilha Patativa Fzda Paturi
Tres Malaquias
Jandui
Marias
Lorena Current
Sabiá
Sabiá Delivery point 30 fields
Sibite Poco Xavier Pardal Trinca da Mata (Estreito B)
Ferro
Asa Upanema Sabiá Bico
Campos operados pela PetroReconcavo
Branca Brejinho de Osso
Varginha Cachoeirinha Fazenda Junco Campos com parceiros
Livramento Juazeiro Outros campos
Baixa do
Gasodutos Oleodutos
35 JuazeiroExpected Payments Schedule
of Outstanding Acquisition Costs Due to Petrobras
(US$ MM)
Total 2021 2022 2023 2024 2025
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Potiguar 56.2 56.2
1 year
Remanso 26.0 21.0 5.0
(at closing1,2)
1 year 1 year 1 year
Miranga 124.1 44.0 20.0 20.0 40.1
(at closing1)
Miranga Earn-outs 85.0 27.5 27.5 30.1
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2021 2022 2023 2024 2025
Notes: (1) Expected closing dates. To be confirmed. (2) Price adjustment at closing
Miranga Earn-outs (US$ MM)
Average Brent 2022 2023 2024 Total Contingent payments according to the
Below $50 - - - - average value of Dated Brent ICE oil in
Between $50 and $55 10.0 10.0 5.0 25.0 each year as per table, payable in
Between $55 and $60 15.0 15.0 10.0 40.0 March of the following year.
Between $60 and $65 20.0 20.0 15.0 55.0
36 Above $65 27.5 27.5 30.0 85.0Crude Pricing Assumptions
NYMEX
Miranga Potiguar Remanso 1 Remanso 2 RGN Baiano Buzios
(Nova CS) (São Roque) Mistura Mistura (Pre-salt)
API degree 40.3 36.7 35.1 38.7 23.2 36.5 28.4
Sulfur (%m/m) 0.031 0.043 0.056 0.041 0.575 0.058 0.308
Nitrogen (& m/m) 0.06 Pending 0.13 0.08 0.30 0.14 0.31
TAN (mg KOH/g) 0.09 0.08 0.17 0.12 0.99 0.1 0.17
Light cut (< 180C) 25.87 18.15 13.64 16.5 8.9 16.46 18.82
Medium cut (180-350C) 49.25 29.26 25.69 30.7 21.6 27.59 24.81
Heavy cut (>350C) 24.88 52.59 60.67 52.80 69.5 55.95 56.37
Brent Brent Brent
Ref. Price in Jan/2021 NA
– USD 4.6 – USD 1.78 – USD 1.94
According to ANP Resolution 703/2017
Miranga and Remanso provided by Petrobras in the VDR
RGN Mistura, Baiano Mistura and Buzios numbers from jan/2021 Crude Oil Reference Price Calc Methodology – from ANP website
37Reserves and Contingent Resources
NYMEX (Petróleo (Gás como Fluxo de Caixa
Barris de Óleo
Petróleo e Liquidos de Gás Natural Gás (1) como % do % do Descontado -
Equivalentes
Total) Total) 10% (MUS$) (2)
Reconcavo(3) Potiguar(4) Miranga(5) sub-total Reconcavo(3) Potiguar(4) Miranga(5) sub-total Total
(em milhares de
(em milhares de barris) (em milhões de pés cúbicos)
Reservas Líquidas boes)
Reservas provadas em produção 2.739,1 7.626,1 n.a. 10.365,2 1.903,2 6.901,7 n.a. 8.804,9 11.832,7 87,6% 12,4% 153.131,9
Reservas provadas desenvolvidas, porém
não em produção ("shut in" ou "behind 1.370,5 2.437,3 n.a. 3.807,8 590,0 6.725,3 n.a. 7.315,3 5.027,0 75,7% 24,3% 74.803,7
pipe")
Reservas provadas não desenvolvidas 929,2 6.112,6 n.a. 7.041,8 266,7 2.328,7 n.a. 2.595,4 7.474,4 94,2% 5,8% 136.366,9
Total de reservas provadas (1P) 5.038,9 16.176,0 n.a. 21.214,9 2.760,0 15.955,7 n.a. 18.715,7 24.334,1 87,2% 12,8% 364.302,5
Total de reservas prováveis 438,1 5.468,1 n.a. 5.906,2 244,1 2.384,1 n.a. 2.628,2 6.344,2 93,1% 6,9% 99.947,6
Total de reservas provadas + prováveis
5.477,0 21.644,1 n.a. 27.121,0 3.004,1 18.339,8 n.a. 21.343,8 30.678,3 88,4% 11,6% 464.250,1
(2P)
Total de reservas possíveis 391,2 2.139,5 n.a. 2.530,6 38,4 564,0 n.a. 602,4 2.631,0 96,2% 3,8% 34.946,3
Total de reservas provadas + prováveis
5.868,1 23.783,5 n.a. 29.651,6 3.042,4 18.903,8 n.a. 21.946,2 33.309,3 89,0% 11,0% 499.196,5
+ possiveis (3P)
Recursos Contingentes
Menor Estimativa (1C) 9.041,7 19.181,2 18.639,9 46.862,8 4.029,0 28.963,0 175.918,7 208.910,7 81.681,2 57,4% 42,6% 438.136,1
Melhor Estimativa (2C) 13.918,9 26.097,3 22.309,6 62.325,8 5.694,1 37.304,8 217.971,7 260.970,7 105.821,0 58,9% 41,1% 531.636,2
Maior Estimativa (3C) 17.010,3 30.227,6 23.193,3 70.431,2 7.175,7 40.482,7 222.590,9 270.249,3 115.472,8 61,0% 39,0% 587.980,8
Total (1P + 1C) 14.080,5 35.357,2 18.639,9 68.077,6 6.789,0 44.918,7 175.918,7 227.626,4 106.015,4 64,2% 35,8% 802.438,7
Total (2P + 2C) 19.395,9 47.741,4 22.309,6 89.446,9 8.698,2 55.644,6 217.971,7 282.314,5 136.499,3 65,5% 34,5% 995.886,4
Total (3P + 3C) 22.878,4 54.011,2 23.193,3 100.082,9 10.218,1 59.386,4 222.590,9 292.195,5 148.782,1 67,3% 32,7% 1.087.177,2
Fonte: NSAI Reserves Report
(1) Volumes de gás foram convertidos em boe à razão de 6.000 pés cúbicos de gás para 1 boe; (2) Fluxo de caixa antes de despesas financeiras e do imposto de renda e contribuição social descontado a uma taxa anual de 10%a.a.; (3) As reservas do Reconcavo incluem: (i) as participações (aproximadamente 85%) detidas
pela Companhia através do Contrato de Produção com Cláusula de Risco (CPCR) nos 12 campos do Polo Remanso; e (ii) 100% de participação nos campos de Lagoa do Paulo, Lagoa do Paulo Sul, Lagoa do Paulo Norte, Juriti e Acará-Burizinho. Todos estes campos localizados no estado da Bahia. Os recursos contingentes
referem-se: (i) à participação residual (aproximadamente 15%) atualmente detidas pela Petrobras no CPCR; e (ii) aos volumes de petróleo e gás a serem produzidos após dos prazos das concessões atualmente em vigor. Tais recursos estão contingentes apenas das aprovações regulatórias da aquisição do Polo Remanso e
seu subsequente closing, e da extensão das concessões. (4) As reservas da Potiguar são compostas pelos 34 campos do Polo Riacho da Forquilha, dos quais 30 são 100% de propriedade da Potiguar E&P e por ela operadas, 2 em parceria com a Sonangol Hidrocarbonetos Brasil Ltda (aproximadamente 70% Potiguar E&P e
30% Sonangol) e 2 com a Partex Brasil Ltda (50% Potiguar E&P e 50% Partex), todos situados no estado do Rio Grande do Norte. Os recursos contingentes referem-se aos volumes de petróleo e gás a serem produzidos após os prazos das concessões atualmente em vigor. Tais recursos estão contingentes apenas da
38
extensão das concessões.Os valores apresentados nas tabelas refletem somente a participação (working interest) da Comanhia nestas concessões. (5) Os recursos contingentes de Miranga incluem 100% de participação nos nove campos do Polo Miranga, todos localizados no estado da Bahia. Tais recursos estão
contingentes apenas das aprovações regulatórias da aquisição do Polo Miranga e seu subsequente closing, e da extensão das concessões. (6) Os valores totais podem não refletir a conta exata, em razão de eventuais arredondamentos de números. (7) As diferentes classificações das acumulações de petróleo têm graus
variados de risco técnico e comercial que são difíceis de quantificar; assim, as reservas, os recursos contingentes e os recursos prospectivos não devem ser agregados sem uma ampla consideração desses fatores. Esta tabela mostra a soma das reservas e recursos contingentes mostrados nos relatórios de NSAI sem ajustes
para esses fatores;essas somas são mostradas nesta tabela apenas para fins de conveniência.NSAI Reserve Report Production Forecast
NYMEX
Daily Production
(boed)
35.000
30.000
25.000
20.000
15.000
10.000
5.000
-
2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 2042 2044 2046 2048 2050
Miranga Development (2P+2C) Miranga Historical Production Potiguar Development (2P+2C)
Potiguar Historical Production Recôncavo Development (2P+2C) Recôncavo Historical Production
39
Fonte: NSAI Reserves ReportNSAI Reserve Report Production Forecast
NYMEX
Recôncavo District - Oil and Natural Gas Production Potiguar District - Oil and Natural Gas Production
(boed) (boed)
7.000 18.000
6.000 16.000
14.000
5.000 12.000
4.000 10.000
3.000 8.000
6.000
2.000
4.000
1.000 2.000
0 0
2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 2034 2036
Desenvolvimento (2P+2C) Desenvolvimento (1P+1C) Declínio (PDP) Prod. Historica (BOED)
Desenvolvimento (2P+2C) Desenvolvimento (1P+1C) Declínio Prod. Histórica
Miranga Pole - Crude Oil and Natural Gas Production
(boed)
14.000
12.000
10.000
8.000
6.000
4.000
2.000
0
Desenvolvimento (2P+2C) Desenvolvimento (1P+1C) Declínio Prod. Histórica
40
Fonte: NSAI Reserves ReportNSAI Reserve Report Production Forecast – Miranga Cluster
NYMEX
PetroReconcavo has demonstrated the ability to … and expects to replicate this in new assets
deliver substantial increase in gas production...
Recôncavo Operations – Natural Gas Production History Miranga Cluster – Gross Gas Production
(Mm3/d) (Mm3/d)
500 1.800
1.600
400 1.400
1.200
300
1.000
800
200
600
100 400
200
0 0
1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2010 2013 2017 2020 2024 2027 2031 2034 2038 2041 2045 2048
Petrobras PetroReconcavo Decline Production History 2P+2C Reserves 1P+1C Reserves
Key actions taken: Miranga’s upsides
Remove liquids from gas wells Mainly non-associated gas with large track record
Debottleneck gas gathering system Proven gas reserves: 78% of 2P reserves
Optimize compression systems Gas production is not optimized,
but plenty of spare capacity
41
Fonte: NSAI Reserves ReportYou can also read
