Petrobras to have US$ 10 billion from China for the pre-salt and may pay in oil
DCI 02/20/2009
In search of new funds to finance the exploration of the pre-salt reserves, starting in 2010, Petrobrás executed an agreement yesterday in which it can obtain up to US$ 10 billion from the China Development Bank (CDB). The memorandum of understanding was signed yesterday, in Brasilia, but the negotiations for the release of such amount must go on until May, when Brazilian President Luiz Inácio Lula da Silva should visit the Asian country. The possibility of the Brazilian State Company supplying the Chinese demand of oil for the duration of the contract between the countries, which should be 10 years, was also decided. The funds should start being invested only in 2010, since, for this year, Petrobras has the amounts assured with US$ 12.5 billion from the Brazilian Development Bank (BNDES) and another US$ 5 billion from a bridge loan from Brazilian banks, US$ 1.5 billion of which have already launched in the capital market. This way, the company and its partner companies should increase the total production in Brazil by one third, or nearly 500 thousand daily barrels of oil and by 19 million cubic meters of natural gas, with the beginning of operation of at least eight new operational systems located in Basins of Campos, Santos, and Espírito Santo. Petrobras has also executed its greatest export agreement with a company, Sinopec, which will receive between 60 thousand and 100 thousand barrels a day still in 2009 and another with the state company China National Petroleum Corporation (CNPC) for supplying from 40 to 60 thousand barrels/day. The pre-salt will still be the target of an agreement of technical cooperation between the state company and Schlumberger, in the amount of US$ 10 million for a term of three years.