Brazilian oil giant Petroleo Brasileiro SA (PBR, PETR4.BR), or Petrobras, will need to raise $32 billion by 2014 to complete its 2010-2014 business plan, local Estado news agency said, citing Chief Executive Officer Jose Sergio Gabrielli.
Brazilian oil giant Petroleo Brasileiro SA (PBR, PETR4.BR), or
Petrobras, will need to raise $32 billion by 2014 to complete its 2010-2014
business plan, local Estado news agency said, citing Chief Executive Officer
Jose Sergio Gabrielli.
Petrobras currently has $38 billion in debt and is investing $224 billion in
the 2010-2014 period, Estado said, citing Gabrielli. The company expects to
generate cash of $155 billion during this period, after dividend payments, if
international oil prices stay around $80 a barrel, Estado said.
Petrobras had recently said it might have to borrow as much as $60 billion over
the next five years.
In September Petrobras raised around $67 billion in a sale of new shares
designed to help finance the company's current expansion plan, which should
allow it double production by 2014, including from Brazilian presalt offshore
oil deposits.
Gabrielli said Petrobras will fall slightly under its 2010 oil production
target of 2.1 million barrels a day from its Brazilian fields due to
maintenance work at rigs, Estado reported.
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