Petroleo Brasileiro S.A., Company Intelligence Report


#42398

127pages

GlobalData

$ 1000

In Stock

Petroleo Brasileiro S.A., Company Intelligence Report

Summary

Petroleo Brasileiro S.A. (Petrobras) is an integrated oil and gas company involved in the exploration, production, refining and transportation of crude oil and natural gas and the manufacturing of petroleum products and biofuels. The company is headquartered in Rio de Janeiro, and its major producing assets are located in Brazil. It also produces in North America, Asia, Africa and other South American countries. 

In South America, the company operates in Argentina, Bolivia, Colombia, Peru, Uruguay and Venezuela. In North America, it operates in the US and Mexico. In Africa, the company operates oil in Angola and Nigeria; and in Asia, it has refining operations in Japan. Petrobras’s business is divided into six segments - upstream, downstream, distribution, biofuels, gas and power. 

The upstream segment of the company is engaged in Exploration and Production (E&P) and the development of crude oil, Natural Gas Liquids (NGL) and natural gas resources, globally. The Refining, Marketing and Transportation (RTM) segment is engaged in activities related to logistics and the refining, transportation and export of oil and oil products. In 2012, the company’s E&P and RTM segments contributed around 55.4% and 86.9% of its total revenue respectively. 

Its total production and reserves were 948.3 million barrels of oil equivalent (mmboe) and 12,883.2mmboe respectively during 2012. In Brazil, the majority of the company’s production is from major basins, including Santos, Espírito Santo and Potiguar. These are the major contributors towards Petrobras’s total revenue. The company has strong growth plans in these areas to increase its upstream production in the future. 

Scope
  • Key Highlights: This section provides detailed analysis on the company’s overall oil and gas value chain, new projects, growth opportunities, new ventures, assets performance, hedging strategies, Capex funding, geographical results of oil and gas operations. 
  • Goals and Strategies: This section provides the upcoming goals and strategies of the company. The section mainly goals and strategies followed by the company in order to meet its upcoming goals. 
  • SWOT: The report’s SWOT section provides the internal strength, weakness, opportunities and threats of company to reflect its strategic positions in the market. 
  • Production and Development Overview: This section highlights the company’s crude oil and natural gas production forecast from its legacy and upcoming assets by region and commodity mix for next five years. The report also covers the detailed information and analysis on the company’s producing and development assets. 
  • Exploration: This section includes detailed explanation and analysis on the company’s exploration assets resulted due to new discoveries, new drilling and other activities. 
  • M&A trends: This section mainly provides information and analysis on the company’s recent assets transactions, joint ventures, acquisition, and divestment activities during the last one year. This section highlights the company’s status as a buyer or seller during the analyzed period. 
  • Financial Forecast and Valuation: This section highlights the detailed financial statement forecast for next five years. With the financial statement forecast, this section also provides intrinsic value of the company by using Valuation method. 
  • Financial and Operational Metrics: This section covers the company’s historical performance on several financial and operational parameters such as Production and Reserves, Reserves Replacement, Costs Incurred, Acreage, Wells, F&D Costs, Oil and Gas Revenue and Expenses etc.
Reasons to buy

The report will enhance the decision-making capability in a more rapid and time sensitive manner. It will allow you to - 
  • Provide detailed analysis to those who are interested in knowing the companies’ existing and future business strategies.
  • Provide in-depth analysis on the companies E&P profiles along with the exploration and M&A updates. 
  • Provide valuable insights to those who are tracking oil and gas markets and wants to know the intrinsic value of the companies. 
  • Use the analysis for strategy and planning, M&A identifications, and competitor analysis.
Table of Contents

1 Table of Contents 3
1.1 List of Tables 5
1.2 List of Figures 6

2 Petroleo Brasileiro S.A., Company Overview 9

3 Petroleo Brasileiro S.A., Key Highlights 12
3.1 Expanding Upstream Operations: Producing from Pre-salt Reservoirs will Drive Future Investment 12
3.2 Maintaining an Even Capex for Refineries; Still Sticking to an Integrated Status 14
3.2.1 Complexo Petroquímico do Rio de Janeiro 14
3.2.2 Abreu e Lima 14
3.2.3 Premium 1 Refinery 14
3.3 Increased Focus on Biofuels in Brazil; Diversifying Operations to Ensure Growth 17
3.4 Petrobras Cost Optimization Program 2012–2016 19

4 Petroleo Brasileiro S.A., SWOT Analysis 20
4.1 Strengths 20
4.1.1 Oil-Rich and Larger Upstream Portfolio 20
4.1.2 Holding Expertise in Exploring Offshore Projects Efficiently; Further Improving its Technical Base 21
4.1.3 Comparatively High Reserve Life Index 22
4.2 Weaknesses 23
4.2.1 Relatively High Operational Cost Compared to Peer Group 23
4.2.2 Consistently Low Exploration Drilling Success Ratio 24
4.3 Opportunities 25
4.3.1 Substantial Exploration Potential to Expand Resource Base in Brazil 25
4.3.2 New Projects to Increase Production 26
4.3.3 Refining Capacity Expansion 27
4.4 Threats 28
4.4.1 Dependence on External Funds 28

5 Petroleo Brasileiro S.A., Goals and Strategies 29
5.1 Growing Upstream Portfolio 29
5.2 Accelerating Production Volumes; New Techniques Playing an Important Role 29
5.3 Growing Investment in Research and Development 30
5.4 Expansion of Refining Capacity 31

6 Petroleo Brasileiro S.A., Production Overview 32
6.1 Production Profile 32
6.2 Brazil 34
6.2.1 Campos Basin 34
6.2.2 Santos Basin 35
6.2.3 Espirito Santos Basin 35
6.3 International 35
6.3.1 South America 35
6.3.2 North America 35
6.3.3 Africa 36

7 Petroleo Brasileiro S.A., Exploration and Development Overview 36
7.1 Brazil 37
7.2 International 39
7.2.1 South America 39
7.2.2 Africa 39
7.2.3 Middle East 39
7.2.4 Asia 39

8 Petroleo Brasileiro S.A., Capital Expenditure 41
8.1 Costs Incurred 42

9 Petroleo Brasileiro S.A., Acreage 45

10 Petroleo Brasileiro S.A., M&A Activity 47

11 Petroleo Brasileiro S.A., Forecast Production and Financial Statements 49
11.1 Income Statement (2010–2017) 50
11.2 Balance Sheet (2010–2017) 52
11.3 Cash Flow Statement (2010–2017) 53
11.4 Financial Ratios 54

12 Petroleo Brasileiro S.A., Valuation 57
12.1 DCF Methodology 57

13 Petroleo Brasileiro S.A., Peer Comparison 59
13.1 Share Price Performance 59
13.2 Operational and Financial Performance 60
13.3 Key Financial and Operational Ratio 64

14 Petroleo Brasileiro S.A., Production and Reserves Trends 66
14.1 Petroleo Brasileiro S.A., Total Oil and Gas, Reserves and Production 66
14.1.1 Total Crude Oil and Natural Gas Production and Reserves Trend, 2007-2011 66
14.1.2 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2007-2011 68
14.1.3 Total Crude Oil and Natural Gas Reserve Changes, 2007-2011 70
14.2 Petroleo Brasileiro S.A.,Crude Oil/Liquids Production and Reserve 71
14.2.1 Crude Oil/Liquids Production and Reserve Trend, 2007-2011 71
14.2.2 Crude Oil Production and Reserves By Country/Region, 2007-2011 72
14.2.3 Crude Oil/Liquids Reserve Changes, 2007-2011 73
14.3 Petroleo Brasileiro S.A., Natural Gas Production and Reserve 74
14.3.1 Natural Gas Production and Reserve Trend, 2007-2011 74
14.3.2 Natural Gas Production and Reserves, By Country/Region, 2007-2011 75
14.3.3 Natural Gas Reserve Changes, 2007-2011 76
14.4 Petroleo Brasileiro S.A., Total Crude Oil and Natural Gas Reserves Life Index 77
14.4.1 Total Crude Oil and Natural Gas Reserves Life Index, 2007-2011 77
14.4.2 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2007-2011 78
14.5 Petroleo Brasileiro S.A., E&P Costs Trends 80
14.5.1 Upstream Capital Expenditure, 2007-2011 80
14.5.2 Acquisition Costs By Country/Region, 2007-2011 81
14.5.3 Exploration and Development Costs, By Country/Region, 2007-2011 83
14.6 Petroleo Brasileiro S.A., Oil and Gas Cost Per boe, $/boe 85
14.6.1 Oil and Gas Cost Per boe, $/boe, 2007-2011 85
14.6.2 Oil and Gas Cost Per boe, $/boe, By Country/Region, 2007-2011 87
14.7 Petroleo Brasileiro S.A., Oil and Gas Production Replacement Ratio 90
14.7.1 Oil and Gas Production Replacement Ratio, 2007-2011 90
14.7.2 Oil and Gas Production Replacement Ratio, By Country/Region, 2007-2011 92
14.8 Petroleo Brasileiro S.A., Results of Oil & Gas Operations Trend 97
14.8.1 Oil and Gas Revenue and Expenses, 2007-2011 97
14.8.2 Oil and Gas Revenue and Expenses, By Country/Region, 2007-2011 98
14.9 Petroleo Brasileiro S.A., Oil and Gas Revenue and Expenses, Per boe 104
14.9.1 Oil and Gas Revenue and Expenses, By boe, 2007-2011 104
14.9.2 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2007-2011 105
14.10 Petroleo Brasileiro S.A., Oil and Gas Performance Metrics 110
14.11 Petroleo Brasileiro S.A., Land Holdings and Well Data 111
14.11.1 Gross and Net Developed and Undeveloped Acreage, 2007-2011 111
14.11.2 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2007-2011 112
14.12 Petroleo Brasileiro S.A., Well Statistics 115
14.12.1 Producible Oil and Gas Well, 2007-2011 115
14.12.2 Producible Oil and Gas Well, By Country/Region, 2007-2011 116
14.12.3 Exploration and Development Wells Drilled, 2007-2011 121
14.12.4 Exploration and Development Wells Drilled, By Country/Region, 2007-2011 123

15 Appendix 125
15.1 Abbreviations 125
15.2 Sources 126
15.3 Methodology 126
15.3.1 Coverage 126
15.3.2 Secondary Research 127
15.3.3 Primary Research 127
15.4 Contact Us 127
15.5 Disclaimer 127

Table 1: Petroleo Brasileiro S.A., Prospects in the Santos Basin, Brazil, 2012–2016 13
Table 2: Petroleo Brasileiro S.A., PROCOP, Brazil, 2012–2016 19
Table 3: Petroleo Brasileiro S.A., Major Discoveries, Brazil, 2012 25
Table 4: Petroleo Brasileiro S.A., Upcoming Oil Projects, Brazil, 2013 26
Table 5: Petroleo Brasileiro S.A., Upcoming Refineries, Brazil, 2012 31
Table 6: Petroleo Brasileiro S.A., Total Production by Geography, MMboe, 2009–2017 33
Table 7: Petroleo Brasileiro S.A., Exploration Projects, 2011 40
Table 8: Petroleo Brasileiro S.A., Capital Expenditure Classification ($m), 2010–2012 42
Table 9: Petroleo Brasileiro S.A., Costs Incurred ($m), 2009–2011 43
Table 10: Petroleo Brasileiro S.A., Recent Transactions as a Buyer, 2011–2012 47
Table 11: Petroleo Brasileiro S.A., Recent Transactions as a Seller, 2011–2012 48
Table 12: Petroleo Brasileiro S.A., Historic and Forecast Production, 20010–2017 49
Table 13: GlobalData, Price Forecasts, 2013–2017 49
Table 14: Petroleo Brasileiro S.A., Income Statement ($m), 2010–2017 50
Table 15: Petroleo Brasileiro S.A., Balance Sheet ($m), 2010–2017 52
Table 16: Petroleo Brasileiro S.A., Cash Flow Statement ($m), 2010–2017 53
Table 17: Petroleo Brasileiro S.A., Profitability Ratios, 2010–2017 54
Table 18: Petroleo Brasileiro S.A., Other Financial Ratios, 2010–2017 55
Table 19: Petroleo Brasileiro S.A., Capital Market Ratios, 2009–2011 56
Table 20: Petroleo Brasileiro S.A, Free Cash Flow Calculation ($m), 2012 57
Table 21 : Petroleo Brasileiro S.A., DCF Calculation, 2012 58
Table 22: Petroleo Brasileiro S.A. Vs. Peer Group, Operational and Financial Performance, 2011 60
Table 23: Petroleo Brasileiro S.A., and its Peers, Total Reserves and Production, mmboe, 2011 63
Table 24: Petroleo Brasileiro S.A. and its Peer Group Comparison, Financial Ratios, 2011 64
Table 25: Petroleo Brasileiro S.A., Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2007-2011 67
Table 26: Petroleo Brasileiro S.A., Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, MMboe, 2007-2011 69
Table 27: Petroleo Brasileiro S.A., Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2007-2011 70
Table 28: Petroleo Brasileiro S.A., Crude Oil Production and Reserves Metrics, MMbbl, 2007-2011 71
Table 29: Petroleo Brasileiro S.A., Crude Oil Production and Reserves, By Country/Region, MMbbl, 2007-2011 72
Table 30: Petroleo Brasileiro S.A., Crude Oil Reserve Changes, MMbbl, 2007-2011 73
Table 31: Petroleo Brasileiro S.A., Natural Gas Production and Reserves Metrics, Bcf, 2007-2011 74
Table 32: Petroleo Brasileiro S.A., Natural Gas Production and Reserves, By Country/Region, Bcf, 2007-2011 75
Table 33: Petroleo Brasileiro S.A., Natural Gas Reserve Changes, Bcf, 2007-2011 76
Table 34: Petroleo Brasileiro S.A., Oil and Gas Reserves Life Index, Years, 2007-2011 77
Table 35: Petroleo Brasileiro S.A., Oil and Gas Reserves Life Index, By Country/Region, Years, 2007-2011 79
Table 36: Petroleo Brasileiro S.A., Upstream Capital Expenditure, $m, 2007-2011 80
Table 37: Petroleo Brasileiro S.A., Proved and Unproved Acquisition Costs, By Country/Region, $m, 2007-2011 82
Table 38: Petroleo Brasileiro S.A., Exploration and Development Costs, By Country/Region, $m, 2007-2011 84
Table 39: Petroleo Brasileiro S.A., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2007-2011 86
Table 40: Petroleo Brasileiro S.A., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, By Country/Region, 2007-2011 89
Table 41: Petroleo Brasileiro S.A., Oil and Gas Production Replacement Ratio, %, 2007-2011 91
Table 42: Petroleo Brasileiro S.A., 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2007-2011 95
Table 43: Petroleo Brasileiro S.A., Revenue and Expenses, $m, 2007-2011 97
Table 44: Petroleo Brasileiro S.A., Revenue and Expenses, By Country/Region, $m, 2007-2011 102
Table 45: Petroleo Brasileiro S.A., Oil and Gas Revenue and Expenses, $/boe, 2007-2011 104
Table 46: Petroleo Brasileiro S.A., Oil and Gas Revenue and Expenses, $/boe, By Country/Region, 2007-2011 108
Table 47: Petroleo Brasileiro S.A., Oil and Gas Performance Metrics, 2007-2011 110
Table 48: Petroleo Brasileiro S.A., Land Holdings (Developed and Undeveloped Acreage), Acres, 2007-2011 111
Table 49: Petroleo Brasileiro S.A., Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2007-2011 114
Table 50: Petroleo Brasileiro S.A., Producible Oil and Gas Wells, 2007-2011 115
Table 51: Petroleo Brasileiro S.A., Producible Oil and Gas Wells, By Country/Region, 2007-2011 119
Table 52: Petroleo Brasileiro S.A., Exploratory and Developed Wells, 2007-2011 122
Table 53: Petroleo Brasileiro S.A., Exploratory and Developed Wells, By Country/Region, 2007-2011 123

Figure 1: Petroleo Brasileiro S.A., Operational Overview, 2012 9
Figure 2: Petroleo Brasileiro S.A., Performance Charts, 2009–2012 10
Figure 3: Petroleo Brasileiro S.A., Share Price Performance, December 2011 – December 2012 11
Figure 4: Petroleo Brasileiro S.A., Operational Map, Santos Basin, Brazil, 2012 12
Figure 5: Petroleo Brasileiro S.A., Refining Capacity, mmboe/d, 2011 15
Figure 6: Petroleo Brasileiro S.A., Oil Products Demand and Refining Capacity, Brazil (mbd), 2009–2020 16
Figure 7: Petroleo Brasileiro S.A., Biofuels, Capex, Brazil (mbd), 2012–2016 17
Figure 8: Petroleo Brasileiro S.A, Reserves, Production and Share of Oil in Reserves/Production, 2009–2011 20
Figure 9: Petroleo Brasileiro S.A., Onshore and Offshore Production Mix, Brazil (mmboe), 2009–2011 21
Figure 10: Petroleo Brasileiro S.A., Reserve Life Index In Comparison with Peer Group (Years), 2008–2011 22
Figure 11: Petroleo Brasileiro S.A., Finding and Development Cost per boe and Exploration Cost per boe, Three-Year Average ($/boe), 2008–2011 23
Figure 12: Petroleo Brasileiro S.A., Exploration Drilling Success Ratio (%), 2008–2011 24
Figure 13: Petroleo Brasileiro S.A., Refining Capacity 27
Figure 14: Petroleo Brasileiro S.A., Comparison of Capital Expenditure with Cash Flow from Operations ($m), 2008–2011 28
Figure 15: Petroleo Brasileiro S.A., Proportion of R&D Investments, 2011 30
Figure 16: Petroleo Brasileiro S.A., Total Production Classification by Geography (mmboe), 2009–2017 32
Figure 17: Petroleo Brasileiro S.A., Total Production Mix (mmboe), 2009–2017 33
Figure 18: Petroleo Brasileiro S.A., Brazil Operational Map, 2012 34
Figure 19: Petroleo Brasileiro S.A., Deepwater Discoveries,1978–2011 36
Figure 20: Petroleo Brasileiro S.A., Comparison of Exploration Cost and Reserve Addition, 2008–2011 37
Figure 21: Petroleo Brasileiro S.A., Major Fields, Brazil, Operational map, 2011 38
Figure 22: Petroleo Brasileiro S.A., Capital Expenditure Classification ($m), 2010–2012 41
Figure 23: Petroleo Brasileiro S.A., Costs Incurred ($m), 2009–2011 43
Figure 24: Petroleo Brasileiro S.A., Reserve Replacement Ratio and Finding & Development Cost ($m), 2009–2011 44
Figure 25: Petroleo Brasileiro S.A. Versus Peers Total Net Acreage Comparison, (Million Acres), 2011 45
Figure 26: Petroleo Brasileiro S.A., Net Developed and Undeveloped Acreages, 2008–2011 46
Figure 27: Petroleo Brasileiro S.A. and its Peers, Relative Share Price Performance Index, December 2011–December 2012 59
Figure 28: Petroleo Brasileiro S.A., Operational and Financial Parameters in $/boe, 2011 61
Figure 29: Petroleo Brasileiro S.A and its Peers, Reserve Life Index, Years, 2011 62
Figure 30: Petroleo Brasileiro S.A., Total Reserves and Production, MMboe, 2011 62
Figure 31: Petroleo Brasileiro S.A. and its Peers, Valuation Ratios, 2011 65
Figure 32: Petroleo Brasileiro S.A., Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2007-2011 66
Figure 33: Petroleo Brasileiro S.A., Total Oil & Gas Reserves, End of Period, By Country/Region, MMboe, 2007-2011 68
Figure 34: Petroleo Brasileiro S.A., Total Oil & Gas Production, By Country/Region, MMboe, 2007-2011 68
Figure 35: Petroleo Brasileiro S.A., Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2011 70
Figure 36: Petroleo Brasileiro S.A., Oil Production, By Country/Region, MMbbl, 2007-2011 72
Figure 37: Petroleo Brasileiro S.A., Crude Oil Reserve Changes, MMbbl, 2011 73
Figure 38: Petroleo Brasileiro S.A., Gas Production, By Country/Region, Bcf, 2007-2011 75
Figure 39: Petroleo Brasileiro S.A., Natural Gas Reserve Changes, Bcf, 2011 76
Figure 40: Petroleo Brasileiro S.A., Oil and Gas Reserves Life Index, Years, 2007-2011 77
Figure 41: Petroleo Brasileiro S.A., Gas Reserve Life Index, By Country/Region, Years, 2007-2011 78
Figure 42: Petroleo Brasileiro S.A., Oil & Gas Reserve Life Index, By Country/Region, Years, 2007-2011 78
Figure 43: Petroleo Brasileiro S.A., Oil Reserve Life Index, By Country/Region, Years, 2007-2011 79
Figure 44: Petroleo Brasileiro S.A., Upstream Capital Expenditure, $m, 2007-2011 80
Figure 45: Petroleo Brasileiro S.A., Proved Acquisition Costs, By Country/Region, $m, 2007-2011 81
Figure 46: Petroleo Brasileiro S.A., Unproved Acquisition Costs, By Country/Region, $m, 2007-2011 81
Figure 47: Petroleo Brasileiro S.A., Development Costs, By Country/Region, $m, 2007-2011 83
Figure 48: Petroleo Brasileiro S.A., Exploration Costs, By Country/Region, $m, 2007-2011 83
Figure 49: Petroleo Brasileiro S.A., 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2007-2011 85
Figure 50: Figure 51: Petroleo Brasileiro S.A., Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, $/boe, 2007-2011 87
Figure 52: Petroleo Brasileiro S.A., Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, $/boe, 2007-2011 87
Figure 53: Petroleo Brasileiro S.A., Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, $/boe, 2007-2011 88
Figure 54: Petroleo Brasileiro S.A., 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2007-2011 90
Figure 55: Petroleo Brasileiro S.A., 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2007-2011 92
Figure 56: Petroleo Brasileiro S.A., 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2007-2011 92
Figure 57: Petroleo Brasileiro S.A., 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2007-2011 93
Figure 58: Petroleo Brasileiro S.A., 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2007-2011 93
Figure 59: Petroleo Brasileiro S.A., 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2007-2011 94
Figure 60: Petroleo Brasileiro S.A., 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2007-2011 94
Figure 61: Petroleo Brasileiro S.A., Revenue and Expenses, $m, 2007-2011 97
Figure 62: Petroleo Brasileiro S.A., Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, $m, 2007-2011 98
Figure 63: Petroleo Brasileiro S.A., Exploration Expenses, By Country/Region, $m, 2007-2011 98
Figure 64: Petroleo Brasileiro S.A., Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, $m, 2007-2011 99
Figure 65: Petroleo Brasileiro S.A., Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, $m, 2007-2011 99
Figure 66: Petroleo Brasileiro S.A., Oil & Gas Revenue, By Country/Region, $m, 2007-2011 100
Figure 67: Petroleo Brasileiro S.A., Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, $m, 2007-2011 100
Figure 68: Petroleo Brasileiro S.A., Production Costs, By Country/Region, $m, 2007-2011 101
Figure 69: Petroleo Brasileiro S.A., Total Expenses From Upstream Oil & Gas Operations, By Country/Region, $m, 2007-2011 101
Figure 70: Petroleo Brasileiro S.A., Oil and Gas Revenue and Expenses, $/boe, 2007-2011 104
Figure 71: Petroleo Brasileiro S.A., Exploration Expenses per boe, By Country/Region, $/boe, 2007-2011 105
Figure 72: Petroleo Brasileiro S.A., Income Tax/(Benefit) per boe, By Country/Region, $/boe, 2007-2011 105
Figure 73: Petroleo Brasileiro S.A., Lifting Cost per boe, By Country/Region, $/boe, 2007-2011 106
Figure 74: Petroleo Brasileiro S.A., Annual Net Income per boe, By Country/Region, $/boe, 2007-2011 106
Figure 75: Petroleo Brasileiro S.A., Oil & Gas Revenue per boe, By Country/Region, $/boe, 2007-2011 107
Figure 76: Petroleo Brasileiro S.A., Total DD&A per boe, By Country/Region, $/boe, 2007-2011 107
Figure 77: Petroleo Brasileiro S.A., Total Revenue per boe, By Country/Region, $/boe, 2007-2011 108
Figure 78: Petroleo Brasileiro S.A., Oil and Gas Performance Metrics, 2007-2011 110
Figure 79: Petroleo Brasileiro S.A., Land Holdings (Developed and Undeveloped Acreage), Acres, 2007-2011 111
Figure 80: Petroleo Brasileiro S.A., Total Gross Undeveloped Acreage, By Country/Region, Acres, 2007-2011 112
Figure 81: Petroleo Brasileiro S.A., Total Net Undeveloped Acreage, By Country/Region, Acres, 2007-2011 112
Figure 82: Petroleo Brasileiro S.A., Total Gross Developed Acreage, By Country/Region, Acres, 2007-2011 113
Figure 83: Petroleo Brasileiro S.A., Total Net Developed Acreage, By Country/Region, Acres, 2007-2011 113
Figure 84: Petroleo Brasileiro S.A., Producible Oil and Gas Wells, 2007-2011 115
Figure 85: Petroleo Brasileiro S.A., Gross Productive Gas Wells, By Country/Region, Number, 2007-2011 116
Figure 86: Petroleo Brasileiro S.A., Gross Productive Oil & Gas Wells, By Country/Region, Number, 2007-2011 116
Figure 87: Petroleo Brasileiro S.A., Gross Productive Oil Wells, By Country/Region, Number, 2007-2011 117
Figure 88: Petroleo Brasileiro S.A., Net/Gross Oil & Gas Ratio, By Country/Region, %, 2007-2011 117
Figure 89: Petroleo Brasileiro S.A., Net Productive Gas Wells, By Country/Region, Number, 2007-2011 118
Figure 90: Petroleo Brasileiro S.A., Net Productive Oil & Gas Wells, By Country/Region, Number, 2007-2011 118
Figure 91: Petroleo Brasileiro S.A., Net Productive Oil Wells, By Country/Region, Number, 2007-2011 119
Figure 92: Petroleo Brasileiro S.A., Exploratory and Developed Wells, 2007-2011 121