Annual Report on Form 20-F 2008 - Petrobras

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Thetablebelowshowsourexportsandimportsofcrudeoilandoilproductsin2008,2007and2006: 2008 2007 2006 (mbbl/d) Exports(1) Crudeoil................................................................................................................... 439 353 335 Fueloil(includingbunkerfuel)............................................................................... 152 160 168 Gasoline ................................................................................................................... 40 59 44 Other ........................................................................................................................ 42 43 34 Totalexports .................................................................................................... 673 615 581 Imports Crudeoil................................................................................................................... 373 390 370 Dieselandotherdistillates ..................................................................................... 100 83 56 LPG............................................................................................................................ 40 29 27 Naphtha ................................................................................................................... 23 17 20 Other ........................................................................................................................ 34 19 15 Totalimports ............................................................................................. 570 538 488 (1) IncludessalesmadebyPifCotounaffiliatedthirdparties,includingsalesofoilandoilproductspurchasedinternationally. LogisticsandInfrastructure Weownandoperateanextensivenetwork ofcrudeoilandoilproductspipelinesinBrazilthat connectourterminals,refineriesandotherprimary distribution points. On December 31, 2008, our onshore and offshore, crude oil and oil products pipelines extended 13,830 km (8,595 miles).We operate 26 marine storage terminals and 20 other tankfarmswithnominalaggregatestoragecapacity of65millionbarrels.Ourmarineterminalshandle anaverage5,000vesselsannually. Weoperateafleetofownedandchartered vessels.Theseprovideshuttleservicesbetweenour producing basins offshore Brazil and the Brazilian mainland, domestic shipping and international shipping to other parts of South America, the Caribbean Sea and Gulf of Mexico, Europe, West Africa and the Middle East. The fleet includes doublehulledvessels,whichoperateinternationally where required by law, and singlehulled vessels, which operate in South America and Africa only. According to our 20092013 Business Plan, we will contract with Brazilian shipyards to construct 49 newvesselsby2015.Thenewshipsareneededto upgrade our fleetand handle increased production volumes. Upgrades will include replacing single hulled tankers with doublehulled vessels and replacing vessels nearing the end of their 25year usefullife. We have signed contracts with three shipyards for 23 of these vessels for delivery between2010and2014,including: tenSuezmaxandfiveAframaxshipsto be constructed by the Atlantico Sul shipyard,inSuape,Pernambuco; fourPanamax ships to be constructed bytheEISAshipyardinRiodeJaneiro; and four tankers to be constructed by the MauáshipyardinNiterói. Weexpectthatwewillcontinuetocharter additionalvesselsasneededinthefuture. 39
ThetablebelowshowsouroperatingfleetandvesselsunderconstructionasofDecember31,2008. InOperation UnderConstruction 000Tons Deadweight 000Tons Deadweight Number Capacity Number Capacity Ownedfleet: Tankers.......................................................................... 45 2,666,082 23 2,620,450 LPGtankers ................................................................... 6 40,146 0 0 AnchorHandlingTugSupply(AHTS) ........................... 1 1,920 0 0 Floating,StorageandOffloading(FSO)....................... 1 28,903 0 0 Layedupvessel ............................................................. 1 143,929 0 0 Total ............................................................................... 54 2,880,980 23 2,620,450 Charteredvessels: Tankers........................................................................... 111 11,092.76 PGtankers..................................................................... 24 539.09 Total............................................................................... 135 11,631.85 Prior to the 1997 Oil Law, we held a monopolyonBrazilianoilandnaturalgaspipelines andshippingoilproductstoandfromBrazil.TheOil Law provided for open competition in the constructionandoperationofpipelinefacilitiesand gavetheANPthepowertoauthorizeotherentities totransportcrudeoil,naturalgasandoilproducts. We subsequently transferred our transportation andstoragenetworkandfleettoaseparatewholly owned subsidiary, Petrobras Transporte S.A.— Transpetro.The transfer was required by the Oil Lawandfacilitatesaccesstoexcesscapacitybythird parties on a nondiscriminatory basis. We enjoy preferred access to the Transpetro network based on our historical usage levels. In practice, third partiesmakeverylimiteduseofthisnetwork. We have distributed ethanol to the domesticmarketthroughourpipelinesfor30years. Astheglobaldemandforethanolhasincreased,we are investing to expand our ethanol pipeline and logisticscapacity,including: converting the existing oil products pipeline between Guararema and Guanabara Bay to transport 2.88 mmm 3 /yofethanolbyJune2010,with a plan to expand to 4 mmm 3 /y by December2010;and building a new ethanol pipeline from Paulínia to São Sebastião to transport 12.9mmm 3 /yofethanol,primarilyfor export. PetrochemicalsandFertilizers Our petrochemicals operations provide a growing market for the crude oil and other hydrocarbonsweproduce,increaseourvalueadded and provide domestic sources for products that would otherwise be imported.We aim to expand our petrochemicals operations in Brazil and elsewhereinSouthAmericaandtointegratethese intoouroverallbusiness. Ourstrategiesareto: increase domestic production of basic petrochemicals and engage in second generation and biopolymers activities through investments in companies in Braziland abroad, capturing synergies withinallourbusinesses;and increase production of fertilizers in ordertosupplytheBrazilianmarket. In the past, the Brazilian petrochemicals industry was fragmented into a large number of small companies, many of which were not internationallycompetitiveandwerethereforepoor customers for our petrochemical feedstocks. In 2008, we participated in the consolidation and restructuring of the Brazilian petrochemicals industry. InJune2008,wecombinedourinterestsin Suzano Petroquímica (Suzano), including our interest in Rio Polímeros S.A. and Petroquímica União, with certain petrochemical assets of União 40
Page 1 and 2: Pre-salt reservoir Annual</
Page 3 and 4: TABLEOFCONTENTS Page ForwardLooking
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: Thefollowingtableshowsourmostsignif
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
Page 53 and 54: and we guarantee delivery of the co
Page 55 and 56: As part of this national trend, we
Page 57 and 58: Renewable Energy and Reduction of G
Page 59 and 60: In 2008, our net production outside
Page 61 and 62: Tusan block. The discovery is not c
Page 63 and 64: inPasadena,Texas.InOctober2008,anar
Page 65 and 66: ports'locations, this process may b
Page 67 and 68: Property,PlantsandEquipment Petrobr
Page 69 and 70: Espadarte, Jubarte, Peroá and Golf
Page 71 and 72: We continue to evaluate and develop
Page 73 and 74: Our revenuesare principallyderived
Page 75 and 76: years: Thetablebelowshowstheamountb
Page 77 and 78: ImpairmentofOilandGasProperties For
Page 79 and 80: millionfor2008comparedtoU.S.$5,888m
Page 81 and 82: Corporate Our Corporate segment inc
Page 83 and 84: ResearchandDevelopmentExpenses Rese
Page 85 and 86: higher transfer prices to our other
Page 87 and 88: management, central administrative
Page 89 and 90: Management's Discussion and Analysi
Page 91 and 92: SalesofCrudeOilandOilProductsandSer
Page 93 and 94: fundsraisedbyPifCothroughtheissuanc
Page 95 and 96:
PifCo'sShortTermBorrowings PifCo’
Page 97 and 98:
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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Annual Report on Form 20-F 2008 - Petrobras

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