Brazilian state-run oil company Petroleo Brasileiro (PBR, PETR4.BR), or Petrobras, expects to raise a net $4.3 billion in global capital markets each year to fund its investment plan over the next five years, Chief Financial Officer Almir Barbassa said Tuesday.
Brazilian state-run oil company Petroleo Brasileiro (PBR, PETR4.BR), or
Petrobras, expects to raise a net $4.3 billion in global capital markets each
year to fund its investment plan over the next five years, Chief Financial
Officer Almir Barbassa said Tuesday.
Speaking during a presentation to analysts, Mr. Barbassa said increased crude
oil production during the 2013-2017 period covering the investment plan had
allowed Petrobras to reduce its net financing needs by 50% compared with the
2012-2016 investment plan. Petrobras also expects to raise about $9.9 billion
from divestments as part of the plan, Mr. Barbassa said.
Petrobras plans to invest $236.7 billion to develop massive offshore oil fields
recently discovered off
Brazil
's
coast, virtually the same level as last year's investment plan. Crude oil
production is expected to reach 2.75 million barrels per day by 2017, according
to the company.
Gross debt needs are expected to be about $12.3 billion annually over the next
five years, Mr. Barbassa added.
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