Optimizing Exploration and Development Opportunities

We need to increase exploration in Brazil The COVID-19 pandemic impacted exploratory activities in Brazil, accelerated energy transition discussions and reinforced the sense of urgency in exploring our resources Bucaramanga VENEZUELA in Bogota OLOMBIA Georgetown Paramaribo Cayenn GUYANA SURINAME FRENCH GUIANA 0000 01 70 Only 5% of the sedimentary area is contracted and just 30 thousand wells have been drilled to date Manaus 02 03 Net zero scenarios imply a drastic drop in oil demand. As less capital will be available for investments in O&G the least competitive countries will quickly be highly impacted Brazil has seen a sharp decrease in exploration activities in offshore new frontiers. Focus is basically on the pre-salt due to its high potential and smaller carbon footprint Brazil has a fantastic geological potential still unexplored with great opportunities Valparaiso Mendoza Santiago BOLIVIA Cochabamba Sucre San Miguel de Tucumán Cordoba PARAGUAY Asunción BRAZIL Belém São Luis Brasilia Goiania 日 Fataleza Teresina Salvador ☐ Belo Horizonte Campo Grande Vita Rosario URUGUAY Rio de Campinas Janeiro Sao Paulo Santos Curitiba Florianópolis Porto Alegre Natal Recife B Maceió anp

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