Petrobras Could save $18K mln between 2015 and 2021

Posted by Joseph R. Fonseca
Saturday, June 28, 2014
Four oil surplus subsalt areas could save $ 18,000 mln


Brazil's Petrobras estimates it will save costs for 18,000 million dollars between 2015 and 2021 findings with direct contracting to explore four oil surplus subsalt areas of the country, the company said Friday .

The company expects investment required would be for about 26,000 million dollars to acquire areas, discover and define the potential surplus oil, according to a filing with the Securities and Exchange Commission (CVM).

The presentation was used this afternoon by the president of Petrobras, Maria das Graças Foster, in a meeting with analysts at the headquarters of the state company in Rio de Janeiro.

On Tuesday, the National Energy Policy Council (CNPE) Petrobras chose to remove, without notice and in a shared system, an estimated 10,000 million and 15,000 million barrels of oil in the subsalt area over volume.

To qualify for exploring the surplus oil subsalt areas Buzios, Environment Iara, Florim and Tupi Northeast, the state will have to cancel this year a bonus 2,000 million reais, in addition to an advance payment by the Government estimated 13,000 million reais in 2015 and 2018.

Investors received the agreement in bad shape and Petrobras preferred shares have accumulated a fall of 6 percent from the decision of CNPE.

For the company, the surplus oil from that area of ​​the subsalt region "says reserve replacement and production sustainability 2020-2030, with greater profitability."

Petrobras will increase investments from 2019 to ensure the start of oil production surplus from the sale in 2021, and is not provided a new issue of shares after the new agreement with the union subsalt region.

The company said it planned no additional investments related to oil surplus area by 1.200 million in 2014-2018; 9,700 million in 2019-2020;and 39,800 million from 2021 to 2030.

The president of Petrobras also suggested that the incorporation of reserves to Petrobras portfolio could lead the company to reduce its appetite for new areas in future auctions of exploration blocks and oil production.

In a report sent to clients, the bank Itau BBA said, according to the state, the Government should take the decision to exercise the prepayment of surplus oil between 2015 and 2018 within the next three or four months, but the company believes that in any way the financial result of the agreement will be positive. 

(Reporting by Marta Nogueira Article in Spanish by Ricardo Figueroa)

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