Petrobras : Investor Tour Búzios 2026
PETR4.SA
Published on 04/28/2026 at 08:37 am EDT
04/2026
E&P Petrobras: Background and Significance of the Pre-Salt Layer
Búzios: Scale, Technology, and Value Creation
History and Development of the Field
Operational and Technological Excellence
3
Context and Significance of the Pre-Salt Layer
For more than seven decades, we have continued to explore new frontiers, breaking with conventional wisdom, and making a significant contribution to the growth of domestic production
Annual Record for Total In-House Production
1941
1968
First First
onshore offshore Discovery discovery
1974
Discovery of the Campos Basin
1984
First discovery in deep water
2006
Discovery of the Pre-Salt Layer
Onshore Shallow Water Deep Water
Pre-Salt
82%
Pre-Salt
2.96
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025 5
ORGANIC RESERVE
REPLENISHMENT RATE
Petrobras x Peers - %
175%
Our replenishment was 100% organic
PROVEN RESERVES
Petrobras x Peers - billions of boe
Our best result in 10 years
Gas
Oil
RESERVES / PRODUCTION
Petrobras x Peers - years
12.5
Source: Prepared by the author based on Wood Mackenzie data. Reserves calculated according to SEC criteria. Data for the major oil companies correspond to 2024. Petrobras data correspond to 2025.Companies included: Total, Equinor, BP, Shell, Exxon, and Chevron.
6
RJ Campos
Basin
Santos Basin
Búzios
Itapu Berbigão
Atapu
Sépia
Tupi/Iracema
Fields such as Búzios, Mero, Tupi,
Sapinhoá
Iracema, Atapu, Itapu, Sépia, Berbigão, and Sapinhoá account for the majority of production
7
Scale, Technology, and Value Creation
emissions
Substantial reserves of high-quality oil with low
Oil volume
The world's largest ultra-deepwater field
Thickness of the reservoir
Up to 480 meters
Comparable to the height of Sugarloaf
Mountain
Area of 852 km²
115,000 soccer fields
~ More than twice the area of Guanabara Bay
Water depth
approximately 2,000 m
Emissions
Approximately 10 kg CO2e/boe
Extremely high
productivity
Pre-salt carbonate formation, with excellent connectivity and potential production of over 60 kbpd
High-quality oil
API 27.5, low sulfur (0 to 160 ppm,
depending on the region)
9
30 bi bbl
(Source: ANP - 2025)
INCREASED PRODUCTION WITH PHASE 4
MONTHLY AVERAGE PRODUCTION (BPD)
PRODUCTION TIME (YEARS)
8 Years
831
kbpd
Average monthly production (bpd)
(Source: ANP - Média Jan/Fev
2026)
Cumulative production (million barrels)
1.4 Bi
bbl
(Source: ANP - 2025)
Round Zero (end of the monopoly -block retained by Petrobras): Tambuatá Concession (BS500)
1998
Discovery of the Field (known as Franco)
Drilling of Well 2-ANP-1
2010
Declaration of
Commerciality
2013
1st Oil from P-74 (Apr)
2018
Tambuatá + Búzios Production Individualization Contract
Revisão do CCO
Transfer of Rights Surplus Bidding Round (ECO) involving a consortium comprising Petrobras, CNOOC, and CNODC
2019
Signing of the Transfer of Rights Agreement (CCO): Contracted Volume of 3.15 billion boe (after revision) by Franco
1st Oil from P-75 (Nov)
1st Oil from P-76 (Feb)
1st Oil from P-77 (March)
12
Co-Participation Agreement (ACP) CCO
1st Oil from Almirante Tamandaré (May), the first high-capacity unit to be installed in the field (225,000 bpd)
Signing of the ECO Production Sharing Agreement (PSA)
+ ECO
Production Individualization Agreement (AIP) for ACP
+ Tambuatá
1 Bi (BOE)
This is the remarkable milestone achieved by the Búzios Field in cumulative production.
We have reached 1 billion barrels of oil produced in Búzios.
2020 2021
2023
2024
2025
Início da Parceria (Set)
1º Óleo da Almirante Barroso (Mai).
Almirante Tamandaré Reaches Production of 257,000 bpd
We reached a peak daily production of 1 million bpd (Oct)
First Oil from P-78 (Dec)
13
1st Oil from P-80
............
2026
2027
2028
2029
1st Oil from P-91
1st Oil of P-79 1st Oil from P-82
1st Oil from P-83
14
2.2 MMbpd installed oil production capacity
104 MMm3/d installed gas production capacity
25 MMm3/d installed gas export capacity
160+ wells
12 FPSOs
7 FPSOs
1.2 MMbpd installed oil production capacity
49 MMm3/d installed gas
production capacity
13 MMm3/d installed gas export capacity
64 wells
7 FPSO Almirante Tamandaré
6
P-78
Daily record: 1 MMbpd
October 29, 2025
FPSO Almirante Tamandaré
Record: 257 Kbpd
October 10, 2025
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Production and Revenue (wi) 88% (*)
PETROBRAS
100%
PETROBRAS 100%
PETROBRAS 85%
PARTNERS 15%
Tambuatá (Concession) 0.64%
BÚZIOS
Onerous
Assignment
25.95%
Production Sharing (ECO) 73.41%
PETROBRAS 89%
PARTNERS 11%
Costs and Investments 89%
Current Regulatory Regimes Búzios/Tambuatá was Brazil's first asset with three different contracts under distinct regimes.
"ECO" (Excess Onerous Assignment)
*Currently, the Búzios consortium is recovering costs up to a maximum limit of 80% of Gross Revenue. As provided for in the Production
Sharing Contract, once the Oil in the "Cost Oil Account" is fully recovered, this percentage will be reduced and the PSSA production share will 16
increase, thereby reducing the consortium members' share (current estimate: this occurs in 2H 2026).
Inject the right volume in the right place
Produce from the right place
Smart well completions
Alternating water and gas injection ("WAG")
Increased gas export
Increased water injection
Reservoir
Management
Operating expenditure
projects (OPEX)
Capital investment projects (CAPEX)
New production systems
New wells
Subsea systems technologies
Topside investments
Equipment maintenance
New Opportunities and Projects
18
Maximize potential
and create value
Goal
Timeframe
Plan
Well pattern and spacing
Time horizon for results analysis
WAG cycling
Smart completions ICV valves
Pressure and temperature sensors
Production and injection rates
Monitor
Adapt
4D seismic
Chemical tracers
Course corrections based
on field data 19
Jan/26
P-77: operando com 2 BIAs
04/abr/26 P-76: Teste com 2 BIAs
Jul/26
FPTAM: ramp-up de injeção
Ago/26
P-76: operando com 2 BIAs
Nov/26
P-78: ramp-up de injeção
CAPACIDADE DE INJEÇÃO EM BÚZIOS (KBPD)
1 Mi
1200
1000
800
600
400
200
0
jan fev mar abr mai jun jul ago set out nov dez
1 Mi de barris injetados em 1 dia, um ano após o marco da produção;
Antecipação da injeção com 2 bombas de injeção em P-76 e P-77;
Incremento de 70 mil bpd na média de injeção em 2026;
Ganho potencial de 2,8 Mi bbl de óleo até o fim da vida útil do campo. 20
Disclaimer
PETROBRAS - Petróleo Brasileiro SA published this content on April 28, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 28, 2026 at 12:36 UTC.