Situation	Fluid	Water Depth
Exploration	Oil	470 m

Consortium

QGEP – 30%;
Petrobras (operator) – 70%.

Year discovered

2008.

Total disbursements (2013)

No relevant investment made.

Performance in 2013

Alternatives for the block are under analysis. No operational activities were executed during the year.

Estimate for 2014

The Consortium decided to return Block BM-S-12 to the ANP in early 2014, considering that development of production in this Block included utilization of a gas distribution infrastructure that would serve adjacent fields, which have been returned to the Agency. Therefore, the gas in BM-S-12 cannot be distributed, meaning the project had no significant economic value.

Situation	Fluid	Water Depth
Exploration	Oil	2.025 m

Consórcio

QGEP – 10%; Petrobras (operator) – 66%;
Petrogal – 14%; Barra Energia – 10%.

Year discovered

Bem Te Vi (2008), Biguá (2011), Carcará (2012).

Total disbursements (2013)

US$5 million.

Performance in 2013

Drilling of the first extension well in the major Carcará discovery began in December 2013 and was interrupted as a result of operational issues at the drilling unit, in the early stages of the well. In October 2013, the Consortium decided to return the Bem Te Vi discovery area.

Estimate for 2014

Drilling of the Carcará extension well is scheduled to begin at the end of the year, with later testing of the formation of the covered well. In March 2014, the Consortium returned the area related to the Biguá discovery to ANP.

Situation	Fluid	Water Depth
Exploration	Oil	1.550 m

Consórcio

QGEP (operator) – 30%; OGX – 40%; Barra Energia – 30%.

Year discovered

Atlanta (2001) and Oliva (1993).

Total disbursements (2013)

US$27 million.

Performance in 2013

Drilling began on the first horizontal well, at 800 meters in length within the reservoir. A line of credit was obtained from the Funding Authority for Studies and Projects (FINEP) in the amount of BRL266 million, based on the technological innovation employed in the anticipated production system.

Estimate for 2014

Testing of formation and top completion of the first well was done in the first half along with drilling and testing of formation of the second well with the descent of the de Subsea Horizontal Christmas Tree (Árvores de Natal Horizontal Molhada – ANHM). The bid for the FPSO will be launched with two possible scenarios: implementation of the Early Production System or moving directly to the Full Development.