Annual Report on Form 20-F 2008 - Petrobras

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CommissionFileNumber00115106 PetróleoBrasileiroS.A.—PETROBRAS (Exactnameofregistrantasspecifiedinitscharter) BrazilianPetroleumCorporation—Petrobras (Translationofregistrant'snameintoEnglish) TheFederativeRepublicofBrazil (Jurisdictionofincorporationororganization) AvenidaRepúblicadoChile,65 20031912–RiodeJaneiro–RJ Brazil (Addressofprincipalexecutiveoffices) AlmirGuilhermeBarbassa (5521)32242040–barbassa@petrobras.com.br AvenidaRepúblicadoChile,65–23 rd Floor 20031912–RiodeJaneiro–RJ Brazil UNITEDSTATESSECURITIESANDEXCHANGECOMMISSION WASHINGTON,D.C.20549 FORM20F ANNUALREPORT PURSUANTTOSECTION13OR15(d) OFTHESECURITIESEXCHANGEACTOF1934 forthefiscalyearendedDecember31,2008 CommissionFileNumber:00133121 PetrobrasInternationalFinanceCompany (Exactnameofregistrantasspecifiedinitscharter) CaymanIsland (Jurisdictionofincorporationororganization) HarbourPlace 103SouthChurchStreet,4thfloor P.O.Box1034GT—BWI GeorgeTown,GrandCaymanCaymanIslands (Addressofprincipalexecutiveoffices) SérvioTúliodaRosaTinoco (5521)32241410–ttinoco@petrobras.com.br AvenidaRepúblicadoChile,65–3 rd Floor 20031912–RiodeJaneiro–RJ Brazil (Name,telephone,emailand/orfacsimilenumberandaddressofcompany contactperson) (Name,telephone,emailand/orfacsimilenumberandaddressofcompany contactperson) SecuritiesregisteredortoberegisteredpursuanttoSection12(b)oftheAct: Titleofeachclass: Nameofeachexchangeonwhichregistered: PetrobrasCommonShares,withoutparvalue NewYorkStockExchange* PetrobrasAmericanDepositaryShares,orADSs NewYorkStockExchange (evidencedbyAmericanDepositaryReceipts,orADRs), eachrepresenting2CommonShares PetrobrasPreferredShares,withoutparvalue* NewYorkStockExchange* PetrobrasAmericanDepositaryShares NewYorkStockExchange (asevidencedbyAmericanDepositaryReceipts), eachrepresenting2PreferredShares 6.125%GlobalNotesdue2016,issuedbyPifCo NewYorkStockExchange 5.875%GlobalNotesdue2018,issuedbyPifCo NewYorkStockExchange 7.875%GlobalNotesdue2019,issuedbyPifCo NewYorkStockExchange *Notfortrading,butonlyinconnectionwiththeregistrationofAmericanDepositarySharespursuanttotherequirementsoftheNewYorkStockExchange. SecuritiesregisteredortoberegisteredpursuanttoSection12(g)oftheAct:None SecuritiesforwhichthereisareportingobligationpursuanttoSection15(d)oftheAct: Titleofeachclass: 9.750%SeniorNotesdue2011,issuedbyPifCo 9.125%GlobalNotesdue2013,issuedbyPifCo 7.75%GlobalNotesdue2014,issuedbyPifCo 8.375%GlobalNotesdue2018,issuedbyPifCo ThenumberofoutstandingsharesofeachclassofstockofPetrobrasandPifCoasofDecember31,2008was: 5,073,347,344PetrobrasCommonShares,withoutparvalue 3,700,729,396PetrobrasPreferredShares,withoutparvalue 300,050,000PifCoCommonShares,atparvalueU.S.$1pershare. Indicatebycheckmarkiftheregistrantisawellknownseasonedissuer,asdefinedbyRule405oftheSecuritiesAct. YesNo Ifthisreportisanannualortransitionalreport,indicatebycheckmarkiftheregistrantisnotrequiredtofilereportspursuanttosection13or15(d)oftheSecurities ExchangeActof1934. YesNo Indicatebycheckmarkwhethertheregistrant(1) hasfiledallreportsrequiredtobefiledbySection13or15(d)oftheSecuritiesExchangeActof1934duringthe preceding12months(orforsuchshorterperiodthattheregistrantwasrequiredtofilesuchreports),and(2)hasbeensubjecttosuchfilingrequirementsforthepast90 days. YesNo Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submittedandpostedpursuanttoRule405ofRegulationST(§232.405ofthischapter)duringthepreceding12months(orforsuchshorterperiodthattheregistrant wasrequiredtosubmitandpostsuchfiles).N/A YesNo Indicatebycheckmarkwhethertheregistrantisalargeacceleratedfiler,anacceleratedfiler,oranonacceleratedfiler.Seedefinitionof“acceleratedfiler”inRule12b 2oftheExchangeAct.(Checkone): Largeacceleratedfiler[Petrobras]AcceleratedfilerNonacceleratedfiler[PifCo] Indicatebycheckmarkwhichbasisofaccountingtheregistranthasusedtopreparethefinancialstatementsincludedinthisfiling: U.S.GAAP InternationalFinancial<strong>Report</strong>ingStandardsasissuedbytheInternationalAccountingStandardsBoard Other If“Other”hasbeencheckedinresponsetothepreviousquestion,indicatebycheckmarkwhichfinancialstatementitemtheregistranthaselectedtofollow. Item17Item18 Ifthisisanannualreport,indicatebycheckmarkwhethertheregistrantisashellcompany(asdefinedinRule12b2oftheExchangeAct). YesNo
TABLEOFCONTENTS Page ForwardLookingStatements..................................................................................................................................1 GlossaryofPetroleumIndustryTerms....................................................................................................................3 ConversionTable....................................................................................................................................................5 Abbreviations.........................................................................................................................................................6 PresentationofFinancialInformation.....................................................................................................................7 Petrobras....................................................................................................................................7 PifCo...........................................................................................................................................7 RecentDevelopments ............................................................................................................................................8 PresentationofInformationConcerningReserves ..................................................................................................8 PARTI Item1. IdentityofDirectors,SeniorManagementandAdvisers...............................................................9 Item2. Item3. Item4. Item4A. Item5. OfferStatisticsandExpectedTimetable.......................................................................................9 KeyInformation ..........................................................................................................................9 SelectedFinancialData ...............................................................................................................9 ExchangeRates......................................................................................................................... 12 RiskFactors............................................................................................................................... 13 RisksRelatingtoOurOperations ............................................................................................... 13 RisksRelatingtoPifCo............................................................................................................... 17 RisksRelatingtoOurRelationshipwiththeBrazilianGovernment ............................................. 18 RisksRelatingtoBrazil............................................................................................................... 18 RisksRelatingtoOurEquityandDebtSecurities........................................................................ 20 InformationontheCompany .................................................................................................... 23 HistoryandDevelopment.......................................................................................................... 23 OverviewoftheGroup.............................................................................................................. 24 ExplorationandProduction....................................................................................................... 27 Supply(Downstream–Brazil).................................................................................................... 35 Distribution............................................................................................................................... 42 GasandEnergy(Gas,PowerandRenewables—Brazil)............................................................... 43 International............................................................................................................................. 52 InformationonPifCo................................................................................................................. 58 OrganizationalStructure ........................................................................................................... 60 Property,PlantsandEquipment................................................................................................ 62 RegulationoftheOilandGasIndustryinBrazil.......................................................................... 62 Health,SafetyandEnvironmentalInitiatives.............................................................................. 64 Insurance.................................................................................................................................. 66 UnresolvedStaffComments...................................................................................................... 66 OperatingandFinancialReviewandProspects.......................................................................... 66 Management'sDiscussionandAnalysisofPetrobras'FinancialConditionandResultsof Operations................................................................................................................................ 66 Overview .................................................................................................................................. 66 SalesVolumesandPrices .......................................................................................................... 67 EffectofTaxesonOurIncome................................................................................................... 68 InflationandExchangeRateVariation ....................................................................................... 68 ResultsofOperations................................................................................................................ 69 ResultsofOperations—2008comparedto2007........................................................................ 70 ResultsofOperations—2007comparedto2006........................................................................ 76 AdditionalBusinessSegmentInformation ................................................................................. 83 Management'sDiscussionandAnalysisofPifCo’sFinancialConditionandResultsofOperations84 Overview .................................................................................................................................. 84 PurchasesandSalesofCrudeOilandOilProducts..................................................................... 84 i
Page 1: Pre-salt reservoir Annual</
Page 5 and 6: Item16A. Item16B. Item16C. Item16D.
Page 7 and 8: Thecrudeoilandnaturalgasreservedata
Page 9 and 10: Presaltreservoir...................
Page 11 and 12: ABBREVIATIONS bbl .................
Page 13 and 14: Since December 31, 2008, PifCo has
Page 15 and 16: INCOMESTATEMENTDATA—PETROBRAS Fo
Page 17 and 18: ExchangeRates Subject to certain p
Page 19 and 20: drilling operations to be curtailed
Page 21 and 22: Natural gas demand is also influenc
Page 23 and 24: Our own financialcondition and resu
Page 25 and 26: Developments and the perception of
Page 27 and 28: were incorporated in a jurisdiction
Page 29 and 30: companies established in Brazil and
Page 31 and 32: Thefollowingtablessetforthourestima
Page 33 and 34: See Item 5. “Operating and Financ
Page 35 and 36: Thefollowingmapshowsourconcessionar
Page 37 and 38: On December 31, 2008, we held explo
Page 39 and 40: The following table describes our p
Page 41 and 42: totalrefiningcapacityandwesupplieda
Page 43 and 44: Thefollowingtableshowsourmostsignif
Page 45 and 46: Thetablebelowshowsouroperatingfleet
Page 47 and 48: Our fertilizer plants in Bahia and
Page 49 and 50: GasandEnergyKeyStatistics 2008 200
Page 51 and 52: Equity Participation in Distributio
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and we guarantee delivery of the co
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As part of this national trend, we
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Renewable Energy and Reduction of G
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In 2008, our net production outside
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Tusan block. The discovery is not c
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inPasadena,Texas.InOctober2008,anar
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ports'locations, this process may b
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Property,PlantsandEquipment Petrobr
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Espadarte, Jubarte, Peroá and Golf
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We continue to evaluate and develop
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Our revenuesare principallyderived
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years: Thetablebelowshowstheamountb
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ImpairmentofOilandGasProperties For
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millionfor2008comparedtoU.S.$5,888m
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Corporate Our Corporate segment inc
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ResearchandDevelopmentExpenses Rese
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higher transfer prices to our other
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management, central administrative
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Management's Discussion and Analysi
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SalesofCrudeOilandOilProductsandSer
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fundsraisedbyPifCothroughtheissuanc
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PifCo'sShortTermBorrowings PifCo’
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Between March 24, 2009, and May 20,
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ContractualObligations Petrobras Th
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in cash flows does not exceed our p
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DerivativeTransactions SFAS 133 req
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FASBFSPSFAS1404andFIN46(R)8 In Dece
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Item6. Directors,SeniorManagementa
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ofPetrobrasDistribuidoraS.A.—BR.H
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since June 2008. Mr. Pereira gradua
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Compensation Petrobras For 2008, th
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240.10A3. The third member of our A
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On July 1, 2007, we implemented the
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23toourauditedconsolidatedfinancial
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Item8. FinancialInformation Petrob
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are pending appeal at the administr
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2002, and the August 11, 2004 TAC,
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SharePriceHistory The following tab
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MandatoryDistribution that exceeds
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electordismissmembersofourboard ofd
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preferredshares,holdersofpreferreds
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DisputeResolution Ourbylawsprovidef
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Directorsarenotrequiredtoownshares.
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MaterialContracts Petrobras For inf
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BrazilianTaxConsiderations General
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exchanges by an investor registered
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decisions, all in effect as of the
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to a U.S. holder will be allowed as
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Inaddition,thissummarydoesnotdiscus
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CommodityPriceRisk Oursalesofcrudeo
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Thetablebelowprovidesinformationabo
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Item12. DescriptionofSecuritiesothe
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Item16C. AuditandNonAuditFees Petro
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Item16G. CorporateGovernance Compar
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Section NewYorkStockExchangeCorpora
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No. Description 2.12 Indenture,da
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No. 33314168)). Description 2.40
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SIGNATURES Pursuanttotherequirement
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Petróleo Brasileiro S.A. - Petrobr
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PETRÓLEO BRASILEIRO S.A. - PETROBR
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A Company’s internal control over
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Petrobras International Finance Com
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A company's internal control over f
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Annual Report on Form 20-F 2008 - Petrobras

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