OTC 2024 : Petrobras Experience on CCUS

PETROBRAS' EXPERIENCE ON CCUS

Jaime Naveiro / Head of Energy Transition and Sustainability R&D&I at Petrobras Technology Centre

INTERNA

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CAUTIONARY

STATEMENT

-

We present certain data in this presentation, such as oil and gas resources and reserves, that are not prepared in accordance with the United

States Securities and Exchange Commission (SEC) guidelines under Subpart 1200 to Regulation S-K, and are not disclosed in documents filed with the SEC, because such resources and reserves do not qualify as proved, probable or possible reserves under Rule 4-10(a) of Regulation S-X.

CCUS - A KEY PATH TO DECARBONIZATION

CCUS is a must-have solution to achieve net-zero goals

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CCUS INVESTMENT RECORD IN 2023

A 95% increase in 2023, yet a 46-fold jump is still projected to be necessary

CCS investment

exceeded $11 billion in

record year

		Global new	+95%
		investment
	12	in CCS:	from 2022
	10
	8
$ billion	6		11,1
	4
	2	5,7
	0
		2022	2023

To reach Net Zero Scenario (NZS), CCS is projected to experience the most significant growth, with investment increasing by 45 times from current levels.

Source: BloombergNEF. Future values are obtained from the New Energy Outlook 2022, except electrified transport, which is from the Electric Vehicle Outlook 2023 Net Zero Scenario.

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PRE-SALT: PIONEER AND LARGEST CCUS PROJECT IN THE WORLD Reducing emissions and increasing reservoir's recovery

Operation of

the world's

largest

CCUS project

• 13 million tons of reinjected CO2 in 2023
• > 25% of the world's CO2 injection*
• 23 FPSOs with CCUS technology + 7 new FPSOs until 2025

ACCUMULATED CO2 REINJECTION (Million ton CO2)

80

From 2023 to 2025:
expectation to double the	53,8
amount of injected CO2
	40,8

2008 -	2016	2017	2018	2019	2020	2021	2022	2023	2025
2015

	* According to the Global CCS Institute, the total stored in CCUS projects in operation worldwide in 2022 was 49 million tCO2 per year. The injection into pre-salt
PÚBLICA	reservoirs in 2023 corresponds to more than a quarter of the reported global injection.

A LONG TECHNOLOGICAL JOURNEY IN ULTRA-DEEP WATERS

Pioneering technologies for CCUS-EOR in Brazil's pre-salt reservoirs

First CO2 Separation from

Deepest Offshore Well -

First water alternating

HISEPTM, separation and

Associated Natural Gas in

2,173 m Water Depth

gas management (WAG)

reinjection of CO2-rich

Ultra-deepwater with

Injecting Gas with CO2

in ultra-deepwaters

associated gas on the

CO2 Re-injection

seabed

NEW

2027 +

TECHNOLOGIES

2008

2015 - Distinguished Achievement Awards for Companies, Organizations, and Institutions -

Petrobras pre-salt successful implementation of ultra-deepwater solutions

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DRIVING CCUS BEYOND NET ZERO EMISSIONS New opportunities and business models

		DECARBONIZATION STRATEGY
	TODAY			TOMORROW

DECARBONIZATION/NEW BUSINESS MODEL

POSSIBLE FUTURE

The Largest Offshore CCUS

in the World

CO2 reinjected into reservoirs for enhanced oil recovery (EOR)

Oil+gas

CO+ CO2 2

EOR - active

Reservoir

images merely illustrative

Reduction of

GHG emissions

Reuse infrastructure:

CCUS hub (Pilot) focused on abatement of own emissions

OWN

OPERATIONS

CO2

CO2

Depleted

Reservoir or

aquifer

CCUS Hub

POWER		ETHANOL	STEEL AND
REFINERY	PRODUCTION	CEMENT
PLANT

CO2

CO2	USE or
sequestration

onshore

Depleted

Reservoir or

aquifer

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Several

opportunities to

capture CO2 along the Brazilian coast

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Rio de Janeiro CCS Hub - First of a kind

An opportunity to kick-start Brazil's decarbonization

Rio de Janeiro state

• Home to several industrial clusters
• Existing pipeline network and gas facilities
• Proximity to potential geological storage sites

This R&D project will serve as a testing ground to better understand the behavior of CO2 in deep saline formation. It will involve testing various technical solutions while also contributing to the development of a regulatory framework.

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GOVERNMENT ENABLEMENT AND REGULATORY INCENTIVES CAN SIGNIFICANTLY INFLUENCE CCUS BUSINESS

Regulations regarding carbon market and CCS activity are currently underway in Brazil, with bills awaiting approval.

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