Petrobras Will Issue R$3 Billion in Debentures to Fund Oil Exploration

Written by Paulo Nogueira

Published on 25/07/2019 at 01:00

Updated on 24/07/2019 at 17:51

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Petrobras Announced That Its Board of Directors Approved a Debenture Issuance in the Initial Amount of 3 Billion Reais

Petrobras reported that the objective of the board approving the issuance of debentures in the amount of 3 billion reais was to finance the exploration and production of oil and gas fields and to strengthen its cash position.

The state-owned company announced the news on the night of Tuesday, July 23. The company also stated that it expects to place at least 1 billion reais in the operation and that it may further increase the operation by up to 20% of the initial amount, or up to 600 million reais.

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Petrobras Sells 35% of BR Distribuidora for 2.5 Billion Dollars

Liquidation of national assets continues to accelerate; on Tuesday, July 23, Petrobras, under the leadership of Roberto Castello Branco, sold 35% of BR Distribuidora for US$ 2.5 billion, about R$ 9 billion; with the operation, Petrobras retained 37%, and thus, BR Distribuidora became a private company.

The state-owned company reduced its stake from 71.25% to 45.25% in the company. In practice, the state stops controlling BR.

The transaction attracted 160 investors from various countries, including the United Kingdom, Canada, and the United States, among others. The banks involved in the operation are Merril Lynch, Citi, Credit Suisse, JP Morgan, Santander, Itaú, and XP.

The resources are expected to enter the company’s cash to help reduce its indebtedness.

Operators are Expected to Drill Around 250 Development Wells in 2020. According to the National Petroleum Agency – ANP, 65 of the 250 wells will be drilled in the Santos Basin by operators next year. The remaining basins with development responsibilities scheduled for 2020 are Potiguar (53), Sergipe (46), Campos (41), Espírito Santo (29), Recôncavo (13), Parnaíba (3), and Alagoas (3).

Petrobras Will Issue R$3 Billion in Debentures to Fund Oil Exploration

Petrobras Announced That Its Board of Directors Approved a Debenture Issuance in the Initial Amount of 3 Billion Reais

Petrobras Sells 35% of BR Distribuidora for 2.5 Billion Dollars

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Petrobras Will Issue R$3 Billion in Debentures to Fund Oil Exploration

Petrobras Announced That Its Board of Directors Approved a Debenture Issuance in the Initial Amount of 3 Billion Reais

Petrobras Sells 35% of BR Distribuidora for 2.5 Billion Dollars

Seen from space, an image taken by an astronaut shows an unlikely oasis in the Saudi Arabian desert, protected by a terrain that slows the advance of sand, surrounded by green circles, remnants of an extinct lake and nearly 10,000 years of preserved history.

While the U.S. still faces limitations in deep space, China is developing unprecedented technology with strategic satellites that maintain communication with the far side of the Moon and aims for dominance by 2030.

In Botswana, a salt flat of up to 16,000 km² that was once an African megalake spends months as an absolute white desert, but during the rainy season it transforms into a shallow sea that reappears from nowhere and can be seen from space in the middle of southern Africa.

The Blood Falls of Antarctica hide a living ecosystem trapped under the ice for over 2 million years, where microbes survive without light, without oxygen, and without ever having seen the Sun.

Bavarian archaeologists unearthed a medieval skeleton that had an articulated iron hand in place of its left arm, and the discovery reveals that doctors were already creating sophisticated prosthetics over 500 years ago.

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