Epstein Secrets

sive layoffs (a macro rather and a company-specific concern). But the key question about asset sales has to do with undeveloped pre-salt reserves. Wood Mackenzie estimated in 2014 that Petrobras could have about 25bn barrels of crude oil recoverable reserves in its pre-salt fields and estimated that they cou

least when the company needs it the most. But maybe the company will be able to raise at least USD10-15bn of those in the next four years. Page 8 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0079290 CONFIDENTIAL SDNY_GM_00225474 EFTA01380761

sive layoffs (a macro rather and a company-specific concern). But the key question about asset sales has to do with undeveloped pre-salt reserves. Wood Mackenzie estimated in 2014 that Petrobras could have about 25bn barrels of crude oil recoverable reserves in its pre-salt fields and estimated that they cou

least when the company needs it the most. But maybe the company will be able to raise at least USD10-15bn of those in the next four years. Page 8 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0075665 CONFIDENTIAL SDNY_GM_00221849 EFTA01378485

a drop of -25% in the value of the Krone YoY. If we assume that 20% of spend in the NCS is denominated in local currency (a rough estimate used by Wood Mackenzie for offshore fields driven chiefly by labor costs) the FX tailwinds from the devalued NOK will contribute -4% of a targeted 20% (as an example) red

% 30% 40% % of Spend Denominated in Local Currency Sower Dash., Ark Moe hArcionno. Afar Analyse Awn.. Target Al% YOY Owe Coro Na Spred Page 16 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0058867 CONFIDENTIAL SDNY_GM_00205051 EFTA01367335

removal), 2) the actual amount of floating storage holding Iranian barrels (IEA references reports suggesting -30 mmbbl's, or 180kb/d for 6 months. Wood Mackenzie offers a smaller estimate), 31 the amount of reservoir and facility degradation in the key mature oil fields (main source of Iranian crude producti

y, -550 Mb/d higher than 2014 levels amid strong production from Northern Iraq following the December agreement with the Kurdish Regional Page 34 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0058885 CONFIDENTIAL SDNY_GM_00205069 EFTA01367352

ent of the oil and gas pipelines production is expected to ramp to -400 mboe/d. Completion of pipeline replacement work is targeted for 2H2016 with Wood Mackenzie anticipated first oil production by mid-2017, reaching - 300 mboe/d by 2019. Figure a% Key growthProject;. 2014-2020 Valed urea., C..etro 1•04(

.(1011,1400101 OW IS Wigs Fina•••••••••• OrinaMIti V al IPASMILn C••••••• MPS* II Nil all 0 it Sane Oatsets Sn lited Afecianoi Page 48 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0058899 CONFIDENTIAL SDNY_GM_00205083 EFTA01367366

ess on the lowering of the cost curve and a higher level of conviction in the sustainability of higher crude prices. • Extension of Rig Contracts: Wood Mackenzie estimates that -28 DW GoM rig contracts are set to expire over the next 3 years. About 1/3 of the rigs to expire in 2015 have already been released

wan Rosokio Stone ketiMX Sane Wood /Araelmnir. Belo ofonsuant 01207•••/••••• Page 52 Stet* Mal Admatais* 'Ara* OW/..* a 44t r••••••4 a MOW nom Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0058903 SDNY_GM_00205087 EFTA01367370

ger- term growth will be supported mostly by the heavy crude producing Ku- Maloob Zaap fields (Ayatsil and Tekel) in the Northeastern business unit. Wood Mackenzie estimates a production start in 2017 with peak production of oil reaching -102 mboe/d by 2021. The fields are expected to be tendered as part of Me

% 0% 2005 AVE 2037 33309 2010 2011 2012 2013 2014 • Disc Raw re Woll613.16041 0%04 Co.. C4so Resew. Stang dint* Bs* 110005facitas 1 Deutsche Bank Securities Inc. Page 5/ CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0058908 CONFIDENTIAL SDNY_GM_00205092 EFTA01367375