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Natural Gas Business Overview

°. °. Natural Gas Business Overview. Antonio Castro Executive Manager Gas & Energy. AGENDA. The Brazilian Natural Gas Market Investments in Natural Gas Infrastructure The Role of LNG New Policy for Gas Contracts Natural Gas Integration with Electric System. 10,7% p.y.

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Natural Gas Business Overview

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  1. ° ° Natural Gas BusinessOverview Antonio Castro Executive Manager Gas & Energy

  2. AGENDA • The Brazilian Natural Gas Market • Investments in Natural Gas Infrastructure • The Role of LNG • New Policy for Gas Contracts • Natural Gas Integration with Electric System

  3. 10,7% p.y. Brazilian Natural Gas Market Brazilian Natural Gas Market – 2012 Supply and Demand Million m3/d 160 @ 9.400 kcal/m3 134,0 134,0 140 LNG 120 31,1 43,9(1) 100 Bolívia 30,0 80 42,1 48,3 60 40 17,5 E&P 72,9 48,0(2) 20 25,3 5,5 0 Supply 2012 2007 2012 Industry Others Thermoeletric (1) Others: vehicular, residencial, commercial, refinaries e fertilizer plants. (2) Considering Maximum Dispatch of every thermoeletric power plant

  4. Business Plan 2008-2012 - Investments US$ 112,4 billion US$ 6,7 billion in the Gas and Energy Segment US$ 18,2 billion on the natural gas stream Natural Gas Stream Investiment (Brazil): US$ 18,2 billions Business Segment Investment* 1,4 65,1 5,0 0,1 0,1 1,5 29,6 2,6 2,6 11,6 4,3 6,7 4,3 E&P RTC G&E Petroquímica Distribuição Petrochemical Distribution Corporate Biofuel Nota: Inclui Internacional * US$ 97,4 billions Brazil (87%) and US$ 15,0 billions International (13%)

  5. Domestic Natural Gas Supply Million m3d Urucu Uruguá -Tambaú Peroá-Cangoá Pirapitanga Bacia Campos Mexilhão Manati Canapu Rio de Janeiro Espadarte Mód II Camarupim Espadarte Módulo 3 Marlim Sul Módulo 3 - P-56 Albacora (water injection) Frade Cidade de Vitória Golfinho Mód. 2 Jubarte P-57 Parque das Conchas Lagosta Barracuda (infill drilling) Cidade Niterói Jabuti (FPSO) Roncador P-52 Marlim Sul Módulo 2 P-51 Non-associeted natural gas Associated natural gas Roncador P-54 Marlim Leste P-53

  6. General view: Production, imports and pipeline grid expansion Pipeline Extension 2003 – 5.804 km 2006 – 5.877 km 2007 – 6.511 km 2008 – 7.777 km 2009 – 8.620 km 2010 – 9.621 km Urucu-Coari-Manaus + 3.817 km Belém Manaus Pilar-Ipojuca Recife Catu – Itaporanga Salvador Cacimbas – Catu Brasília Gasbel II Existing Pipeline Paulinia - Jacutinga Gasduc III Pipeline being implemented Japeri-Reduc Caraguatatuba – Taubaté LNG Terminals Gaspal II / Gasan II Gasbol Sul - Expansion Natural Gas Production Basins

  7. Pipeline construction COARI – MANAUS Pipeline CATU – ITAPORANGA Pipeline Tubes for CACIMBAS-CATU Pipeline

  8. Natural Gas imports from Bolivia millions m3/d Actual Planned

  9. Flexible LNG Opportunity • The current LNG market scenario allows short term contracts, creating opportunities to this new alternative to import LNG, with reduced fixed costs. • Assist on the adjusting of the supply to the Brazilian market characteristics: • Steady and continuous supply to the residential, industrial and automotive demand. • Flexible supply (guaranteed) to the power plants. • Other benefits: • Faster implementation. • Failure risk mitigation to the natural gas supply due to problems on production and delays on projects under development. • Diversification of the import sources of natural gas.

  10. Flexible LNG Terminal Concept Pier Carrier Ship Regasification Vessel LNG

  11. GUANABARA BAY TERMINAL • Includes the construction of a LNG jetty, with 2 berths, inside the Bay. • Regasification capacity of up to 14MMm³/d and delivery to the grid through a 16km pipeline (submarine + on-shore). Terminal Location at Guanabara Bay 28” PIPELINE LNG Terminal Pier Construction

  12. PECEM TERMINAL Pecem Port • Regasification capacity of up to 7 MMm³/d and delivery of Natural Gas to the grid through a 20km pipeline. PECÉM JETTY #2 ASSEMBLAGE OF THE FIRST LOADING ARM

  13. REGAS Vessels • Golar Spirit • Delivered on: June 11th, 2008 • Max. Send-out : 7 MMm³/d • Storage Capacity: 129,000 m³ • Golar Winter • Delivery: May, 2009 • Max. Send-out: 14 MMm³/d • Storage Capacity: 138,000 m³

  14. LNG Supply Agreements • Master Agreements – MSA (short term / spot arrangement) • Price and volume to be negotiated • Executed with Nigeria LNG (NLNG), Sonatrach, Total, Suez, Endesa, BG, Mitsui, Marubeni, Sumitomo and Shell • Other 20 potential suppliers – under negotiations • Optimization of the supply for the LNG terminals • Contracts are hybrid model between MSA (short term/spot) and SPA (long term)  security + flexibility • Firm Supply Agreements • First Cargo – BG Group • Terminal Commissioning Cargo – BG Group • Flexible Supply for 2008 onwards (Possibility of Cancellation and guaranteed supply)

  15. Firm Inflexible: This cathegory bears a firm supply, with a delivery warranty from the supplier. New Natural Gas Contract Modalities Firm Flexible: Natural gas delivery can be suspended for a while (*), during which it will be replaced with another fuel, mostly commonly fuel oil. Interruptible: If necessary, delivery can be suspended for a while (*). There will be no fuel replacement in this case, but prices in this cathegory reflect that. Preferential (Thermal Power Plants) In this cathegory, consumers (thermal power plants only) have the option to buy the natural gas when they will be consuming, subject to a previous notice. (*) natural gas is alocated to thermoeletric dispatch

  16. 41,5% 41,5% 41,5% 83,0% 41,5% 41,5% 41,5% 37,25% GÁS DO PARÁ 34,46% 40% 37,4% 49,0% 49,0% 24,5% 41,0% Natural Gas Distribution Participation in 20 LDCs (total = 27). Market-share in 2007 = 45% GASAP 37,3% GASMAR 23,5% GASPISA CIGÁS 41,5% 34,46% 100,0% 32,0% Source: Abegás

  17. Integration between Natural Gas and Power Generation Production Process Imports Natural Gas Consumers Distribution Regulated by ANP Thermal Power Plants Electricity Consumers Hidro Power Plants Distribution Regulated by ANEEL Transmission

  18. Petrobras Power Generation Units Jesus SoaresPereira 340 MW 17 Thermal Power Plants: 5,1 mil MW UNDER CONSTRUCTION Termoceará 220 MW DUAL-FUEL Petrolina 128 MW (fuel oil) Juiz de Fora 84 MW Barbosa Lima Sobrinho 386 MW DUAL-FUEL Termocabo 48 MW (fuel oil) Rômulo Almeida 138 MW Luís Carlos Prestes 252 MW Bahia I 31 MW (fuel oil) Fernando Gasparian 370 MW Celso Furtado 185 MW Araucária 484 MW Aurel. Chaves 226 MW UNDER CONSTRUCTION Euzébio Rocha 370 MW Mário Lago 922 MW Gover. Leonel Brizola 1.043 MW Sepé Tiaraju 160 MW DUAL FUEL

  19. Huge investments throughout the Natural Gas chain Need for supply and demand adequacy (strong influence from thermal power plants dispatching) LNG and new Natural Gas Contracts aiming at flexibility Final Comments

  20. Thank you very much for your Attention CHALLENGE IS OUR ENERGY

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