Petrobras Announces Discovery of Hydrocarbons (Oil) at Pioneering Well in the Pre-Salt Layer of the Santos Basin

The Brazilian Oil Giant Petrobras Announces New Hydrocarbon Discovery in the Pre-Salt of the Santos Basin. Discovery Reinforces the Potential of the Asset, Where the State-Owned Company is the Operator with 80%

The Brazilian oil giant Petrobras announced in a Material Fact to the market, this Friday, November 19, that it identified the presence of hydrocarbons (oil) in the pre-salt of the Santos Basin, at a pioneering well in the Aram block. According to the oil company, the well 1-BRSA-1381-SPS (Curaçao) is located 240 km from the city of Santos-SP, at a water depth of 1,905 meters.

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Petrobras is the Operator of the Oil Block and Holds 80% Interest, in Partnership with Company CNODC (20%).

The consortium will continue operations to complete the drilling project of the well to the planned depth and verify the extent of the new discovery, as well as characterize the conditions of the reservoirs found.

“This data will allow for the evaluation of the potential and direct the next exploratory activities in the area. The consortium will continue operations to complete the drilling project of the well to the planned depth and verify the extent of the new discovery, as well as characterize the conditions of the reservoirs found,” the company said in a statement.

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The Aram block was acquired in March 2020, in the 6th bidding round of the National Agency of Petroleum, Natural Gas and Biofuels (ANP). Petrobras is the operator of the block and holds an 80% interest, in partnership with company CNODC (20%).

Petrobras’ Gross Debt of Over 160 Billion Dollars Drops to 59.6 Billion, and the State-Owned Company Reaches Its Stipulated Goal Over a Year Ahead!

Petrobras informed the market, in a Material Fact, last Tuesday (11/16), that it is significantly reducing the amount with interest and charges on its financial debt. Expenses with these financings fell to US$ 669 million in the 3rd quarter of 2021, a number about 31.1% lower than the US$ 971 million spent in the 3rd quarter of 2020. When comparing the first nine months of 2021 with the same period last year, the reduction was also significant: a drop of approximately US$ 2.8 billion to about US$ 2.3 billion, a reduction of 17.9%.

For Many, the Debt Seemed Unpayable. Reduction of Debt Servicing Costs is Another Demonstration of the Financial Rebalancing Achieved by the Brazilian Oil Giant

“The reduction of debt servicing costs is another demonstration of the financial rebalancing achieved by Petrobras. These are interest and charges related to loans that the company took out, amounts that were reverted to creditors. Now, part of these resources are available for allocation in profitable projects that generate value for the company or to be distributed to shareholders, with Brazilian society being the biggest beneficiary, receiving about 37% of the returned amounts, which add up to almost R$ 180 billion in taxes that we expect to pay in 2021,” emphasizes Rodrigo Araújo, Chief Financial Officer and Investor Relations Officer.

In 2014, Petrobras Had a Debt of Over 160 Billion Dollars

The decrease in expenses with interest and charges is another reflection of the significant drop in the total amount of Petrobras’ debt. In 2014, these expenses reached values of around US$ 1.7 billion per quarter solely in financing costs, and the total amount of its debt reached over US$ 130 billion, or more than US$ 160 billion when including the charters of oil platforms and other assets that began to be considered as debt starting in 2019 with the adoption of the 16 (Leases).