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Petrobras To Raise Up To $40B To Develop Pre-Salt Fields

Petrobras To Raise Up To $40B To Develop Pre-Salt Fields
Financial Times
Πεμ, 3 Φεβρουαρίου 2011 - 18:42
Brazil's state-run oil company Petroleo Brasileiro SA (PBR, PETR4.BR), or Petrobras, plans to raise as much as $40 billion in debt by 2014 as it prepares to develop "pre-salt" oil fields, the Financial Times reported, citing Chief Executive Jose Sergio Gabrielli.
Brazil's state-run oil company Petroleo Brasileiro SA (PBR, PETR4.BR), or Petrobras, plans to raise as much as $40 billion in debt by 2014 as it prepares to develop "pre-salt" oil fields, the Financial Times reported, citing Chief Executive Jose Sergio Gabrielli.

He told foreign journalists Wednesday that Petrobras will need between $30 billion and $40 billion to help finance capital expenditure, assuming an oil price of $80 a barrel, the newspaper said.

Gabrielli said the company isn't planning any further equity offerings.

Petrobras is exploring and developing pre-salt fields, so named because they lie beneath a layer of salt up to 2 kilometers thick on the floor of the Atlantic Ocean . The fields could help Brazil double oil production from its current 2 million barrels per day, the CEO said.

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