LIBRA Extended Well Test:

Getting Ready for First Oil

Francisco CostaJoint Venture Operator

EXTENDED WELL TEST IN LIBRA

� First FPSO dedicated for EWT with gas injection

� First use of 8” production flexible line� First Production line pre-laying with buoys� Largest External Turret in Ultra Deep Waters� Swivel operation with the highest gas

injection pressure

Slide 2

Several Industry Firsts:

EXTENDED WELL TEST IN LIBRA

EWTs: Reduction of uncertainty by understanding dynamic behavior is crucial to optimizefinal production systems.

WellsProduction Well

Production UnitOil Capacity: 50 mil bbl/dGas Compression: 4.0 MM m3/d

WellsGas Injection Well

NW-2

NW-3

NW REGION DEVELOPMENT PLAN CONSIDERS FOUR PRODUCTION UNITS (PILOT + 3 MODULES)

2017 2018 2019 2020 2021 2022 2023

EW

T /

EP

S

PR

OG

RA

MLI

BR

A 1

LIB

RA

2LI

BR

A 3

LIB

RA

4

FPSOLOI

OPERATION

DP WELLS CAMPAIGN

FPSOGTD

FPSOLOI

DP WELLS CAMPAIGN

FPSOGTD

FPSOLOI

FPSOGTD

FPSOLOI

OPERATION OPERATION

1ST OIL

Ref: Forecast Apr/17, Petrobras Business Plan 17-21 and Libra Business Plan 2017

1ST OIL

DP WELLS CAMPAIGN

1ST OIL

DP WELLS CAMPAIGN

1ST OIL

Injection Line

Drilled Wells

Completed Wells

Libra 2

Libra 3

Libra 1

Libra 4

NW1

NW5

NW2

NW3

NW4

Production Line

EWT

SPA 1

SPA 2

1ST OILJUL/17

EWT MAIN IMPACTS

MAIN UNCERTAINTIES X INFORMATION ACQUIRED

� Long term dynamic performance of wells and reservoir.

� Minimum “connected” oil in place, reservoir boundaries and detection of sealing faults

� Detection of conductive fractures and/or super-K layers.

� Flow assurance issues and efficiency of mitigating actions

� Drainage plan - optimal number and location of wells & subsea design.

� Production and injection strategy.

� More reliability in the production forecasts..

WE

LLSS

lide

6

Duration (days)

source: Halliburton

INTELLIGENT COMPLETION

Source: Halliburton

Flexibility for different tests

during EWT

Pressure & Temperature for

each interval

Flow / Static control

Intervals can be closed and monitored downhole

Remote control from FPU

Source: Petrobras

3-RJS-742A COMPLETION WITH WEST CARINASlide 8

Opened ICV Packer Feed Through...

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SUBSEA

Slide 9

Acquisition of Key Components

Slide 10

Torpedo

Flexible Lines

Mooring Chains

Triplate

Xmas Tree

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EWT Mooring Instalation

Torpedo #3 installed

Slide 13

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Libras ´́́́s First ANM stackup installed

EWT: 8” PRODUCTION

FLEXIBLE LINES

EWT: 8” PRODUCTION FLEXIBLE LINES

Slide 15

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TYPICAL RISER INTERMEDIATE BUOYS INSTALLATION

Slide 16

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FIRST PRODUCTION LINE PRE-LAYING & ABANDONMENT WITH BUOYS

PO

SV

SV

PO

SV

UEH

UEH

PO

UEH

Scenario 1without

pre-laying

Scenario 2Pre-laying

withoutbuoyancymodules

Scenario 3Pre-laying

withbuoyancymodules

22

39

51

1217

Base Case

Optimization

17 days in advance

675 M

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CONFIDENTIAL

Subsea Activities

LIBRA | Comitê de Gestão | EWT Update| April 27th 2017

CONFIDENTIAL

Subsea Activities

LIBRA | Comitê de Gestão | EWT Update| April 27th 2017

CONFIDENTIAL

Subsea Activities

LIBRA | Comitê de Gestão | EWT Update| April 27th 2017

CONFIDENTIAL

Subsea Activities

LIBRA | Comitê de Gestão | EWT Update| April 27th 2017

CONFIDENTIAL

Subsea Activities

LIBRA | Comitê de Gestão | EWT Update| April 27th 2017

CONFIDENTIAL

Subsea Activities

LIBRA | Comitê de Gestão | EWT Update| April 27th 2017

CONFIDENTIAL

Subsea Activities

LIBRA | Comitê de Gestão | EWT Update| April 27th 2017

CONFIDENTIAL

Subsea Activities

LIBRA | Comitê de Gestão | EWT Update| April 27th 2017

CONFIDENTIAL

Subsea Activities

LIBRA | Comitê de Gestão | EWT Update| April 27th 2017

CONFIDENTIAL

Subsea Activities

LIBRA | Comitê de Gestão | EWT Update| April 27th 2017

CONFIDENTIAL

Subsea Activities

LIBRA | Comitê de Gestão | EWT Update| April 27th 2017

CONFIDENTIAL

Subsea Activities

LIBRA | Comitê de Gestão | EWT Update| April 27th 2017

CONFIDENTIAL

Subsea Activities

LIBRA | Comitê de Gestão | EWT Update| April 27th 2017

CONFIDENTIAL

Subsea Activities

LIBRA | Comitê de Gestão | EWT Update| April 27th 2017

CONFIDENTIAL

Subsea Activities

LIBRA | Comitê de Gestão | EWT Update| April 27th 2017

CONFIDENTIAL

Subsea Activities

LIBRA | Comitê de Gestão | EWT Update| April 27th 2017

CONFIDENTIAL

Subsea Activities

LIBRA | Comitê de Gestão | EWT Update| April 27th 2017

CONFIDENTIAL

Subsea Activities

LIBRA | Comitê de Gestão | EWT Update| April 27th 2017

FPSO PIONEIRO DE LIBRA

Slide 36

TURRET

Production slot 1

Production slot (spare) 1

Gas injection slot 1

PROCESSING CAPACITY

Oil 50 kbpd

Liquid 50 kbpd

Produced water(up to 50% BSW)

25 kbpd

Gas 4 MMsm 3/d

Storage 756.000 bbl

CONTAMINANTSH2S – gas phase 170 ppmv

CO2 – gas phase ≤ 60 %

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TURRET

Slide 37

� One of the heaviest external cantilever Turret

� The largest (approximately 47m x 16m) external cantilever Turret in ultra deepwater(up to 2.400m)

� Pull in capacity: 700 ton

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SWIVEL

Slide 38

Swivel Test:Operating pressure= 550 barg;Design pressure = 605 barg.

Swivel Stack-Terminated Cables (Feb 2017)

Swivel Integration Spool

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FPSO PIONEIRO DE LIBRA

FPSO PIONEIRO DE LIBRA

Slide 41

Thank You

FPSO Sail Away (03.28.2017)