Petrobras Settles $1 Billion Debt and Secures New Financing

Written by Paulo Nogueira

Published on 02/11/2018 at 08:44

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Petrobras, Brazilian State Oil and Gas Company, Paid Off a Debt with Banco Santander Worth US $ 1 Billion, Due by 2023

Petrobras announced on Wednesday that, simultaneously, it signed a new line of credit with the same institution worth US $ 750 million, maturing in October 2028 and with more competitive financial costs. “These transactions are in line with the company’s liability management strategy, which aims to improve the amortization profile and debt cost, considering the deleveraging target established in the 2018-2022 Business and Management Plan,” said Petrobras.

Also this week, a consortium led by Vitol agreed to acquire an offshore field from Petrobras in Nigeria for US $ 1.407 billion. The consortium purchasing the stake consists of Vitol, Africa Oil, and Delonex.

Under the agreement, the consortium will buy a 50% stake in Petrobras Oil and Gas B.V., a company that holds a stake in Nigeria’s offshore oil fields. BTG Pactual E & P B.V. will continue to hold the remaining 50% of POGBV.

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Petrobras Director Says That the Worst Phase for the State-Owned Company Is Over

Solange Guedes, head of the exploration and production department at Petrobras, was very emphatic in saying that “the worst is over.” As already stated in its business plan, an additional 13 platforms will be allocated to the newly discovered pre-salt assets that will come into operation in the coming years. The ability to design and build wells over these years has been crucial to ensure the high productivity it has now, and over time, this factor has only been decreasing. What used to take 300 days to build a well now takes about 100. Learn more about this phase here.

Petrobras Settles $1 Billion Debt and Secures New Financing

Petrobras, Brazilian State Oil and Gas Company, Paid Off a Debt with Banco Santander Worth US $ 1 Billion, Due by 2023

Petrobras Director Says That the Worst Phase for the State-Owned Company Is Over

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Petrobras Settles $1 Billion Debt and Secures New Financing

Petrobras, Brazilian State Oil and Gas Company, Paid Off a Debt with Banco Santander Worth US $ 1 Billion, Due by 2023

Petrobras Director Says That the Worst Phase for the State-Owned Company Is Over

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