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GTU Plant View

In a 12-day production period in January and with only one turbine operating, we registered an average net gas production of 3.2 kboepd (0.5 M m³/d), while in February, operating with 2 turbines since February 9 th, we registered an average net gas production of 5.5 kboepd (0.9 M m³/d). The third turbine was synchronized with the system on March 16, 2013.

During 2012, we accelerated the project’s implementation, concluding the construction of the plant and most of the facilities for the GTU operation. We also obtained all necessary licenses (preliminary, installation and operation) authorizing the commencement of natural gas production in the Gavião Real and Gavião Azul fields.

The GTU commissioning was initiated at the end of November 2012, and lasted approximately two months. Performance was in-line with our expectations. In addition, the drilling and completion of all 16 production wells planned for this phase of the project have been concluded, and the wells which are not yet producing are in the process of connection to the GTU. We also concluded the drilling of the water disposal wells, GVR-15D and GVR-16D, which will be completed soon.

The table below shows the pro-forma GTU EBITDA after the first two months of operations. The EBITDA margin of approximately 73% reflects the asset’s profitability, still leaving space for margin increase with the full ramp-up of our production with the final commissioning of the two remaining turbines.

GTU Parnaíba         Jan-13     Feb-13     Total
Operation Period¹ 6 days 31 days
OGX Maranhão gas production - in Mm3         3.62       35.42       39.04  
R$ ('000)
Revenues² 4,259 18,504 22,763
Sales Taxes³         (433 )     (2,088 )     (2,521 )
O&M         (1,089 )     (1,246 )     (2,335 )
Royalties & Landowners' right         (272 )     (1,038 )     (1,310 )
EBITDA 2,465 14,132 16,597
% EBITDA / Revenue 57.88 % 76.37 % 72.91 %

EBITDA / Mm3 - (R$/Mm3)

        681.71       398.97       425.16  
¹ Closing date for accounting numbers: 25 th day of the month
² Gross revenue composed by gas sales revenue and GTU rental revenue
³ Sales taxes composed by: PIS/COFINS/ICMS



In 2012, we concentrated our exploration efforts on completing the assessment of the Waimea, Waikiki and Pipeline complexes. Simultaneously, we drilled new prospects, focusing on the BM-C-37 and BM-C-38 blocks, thus far relatively unexplored areas.

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