Local content requirements in Brazil André Leite, VP Field Development

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1 Local content requirements in Brazil André Leite, VP Field Development

2 Ekofisk Statoil SDFI 94/22/EC Directive Statoil ASA & Petoro Average production (10 3 boe/day) At start, Norwegian O&G industry got preference by regulation Statoil min 50% State part Equal cond to operators Buy Norwegian goods when competitive 2 on cost and quality 3 2

3 Petrobras Guaricema discovery Enchova 1st oil 7 th round Pre-salt law Petroleum Law & ANP Average production (10 3 boe/day) Brazil follows the model Buy Norwegian goods when competitive 2 on cost and quality 3 Buy in Brazil when Petrobras monopoly 3 4 competitive LC on Cartilha... 3

4 Same concept but different operating models Buy Norwegian goods when competitive 2 on cost and quality 3 Buy in Brazil when Petrobras monopoly 3 4 competitive LC on Cartilha... Norway (pre-1996) Discretionary license award by NPD Direct influence based on negotiation to buy Norwegian More qualitative approach No formal control of local content index Brazil Open & transparent license award with local content as bid factor Prescriptive local content requirements stated in Concession Agreement Quantitative approach Formal / rigid control of local content index 4

5 Upstream O&G investments (incl. exploration costs) 5 Source: NPD Facts, 2012 and IHS-Cera

6 The experience with Peregrino phase I EXPLORATION PHASE PRODUCTION PHASE 35% Local Content 35% Local Content DEVELOPMENT STAGE Completion of PoD scope of work 0% Local Content OPERATION STAGE Declaration of Commerciality 1 st oil End of Concession 6

7 The experience with Peregrino phase I 35% Local Content 7

8 Next projects: Where is the challenge? Market expects more than USD 500 Billion* of investments until 2020 in Brazilian O&G industry Low LC requirements Internal Mature in Brazil Mature but demand may bring gaps Demand will bring gaps Offshore E&P Investments until * Source: Public Policies for Social-economic Development from Upstream Investments, 2012, Bain & Co study for IBP, to be published

9 O&G capex industry growing in Brazil Companies are expanding current local production capacity here: Subsea lines: NKT Flexibles, Technip, Butting, Wellstream Umbilicals: Nexans, Oceaneering, Prysmian, MFX Subsea equipment: Aker, FMC, GE, Cameron Turbo-Machinery: Rolls-Royce, Dresser-Rand Offshore cranes: MEP Pellegrini Drill-pipe: V&M Tubing & casing: V&M, Usiminas Automation: ABB, Emerson and Technology Centers are being attracted Consensus among analysts points shipyards as limiting factor 9

10 New shipyards will close the gap toward

11 Statoil Brazil portfolio BM-CAL-7 6 th round 30% LC in exp phase 30% LC in dev stage BM-C-7 2 nd round 35% LC in exp phase 35% LC in dev stage BM-C-47 9th round 55% LC in exp phase 65% LC in dev stage BM-CAL-10 6 th round 30% LC in exp phase 30% LC in dev stage BM-J-3 4 th round 20% LC in exp phase 35% LC in dev phase BM-ES-32 7th round 55% LC in exp phase 65% LC in dev phase BM-C-33 7 th round 40% LC in exp phase 55% LC in dev phase 11

12 Peregrino phase II Develop Peregrino South and Southwest with one new platform tied back to Peregrino main FPSO Local content strategy Annexation with BM-C-47 bringing LC to maximum 42% Feasible target: Same strategy as Peregrino Main ensures around 40% LC Specific LC strategy for Phase II will capture further LC potential Strategy presented to ANP with positive feedback 12

13 BM-C-33 Local content Exploration phase: 40% LC global index Drilling will be major expenditure BM-C-33: 1bn boe recoverable Ultra-deep water (2800m) Probably a FPSO development Appraisal plan submitted to ANP Development phase: 55% LC global index Development solution will consider LC Close follow-up of operator s plans Constant update to ANP 13

14 Local content summary Peregrino main - setting the scene Phase II - learning curve to increased LC BM-C-33 working closely with operator for LC / stepping stone for BM-ES-32 What to expect and pay attention to: Uncertainties in local content regulation shall be clarified until 2016 clearer scenario Gaps in local industry expected to be closed until 2020, even with high local demand 14

15 Local content requirements in Brazil André Leite VP Field Development

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