Petrobras lands $13.3 billion from Brazilian state bank BNDES

National oil company Petrobras today announced a 25 billion Brazilian real ($13.3 billion) funding agreement with the Brazilian Development Bank (BNDES) for its business plan through 2013.

Offshore staff

HOUSTON -- National oil company Petrobras today announced a 25 billion Brazilian real ($13.3 billion) funding agreement with the Brazilian Development Bank (BNDES) for its business plan through 2013. Petrobras plans to spend some $174.4 billion over the next four years to develop its infrastructure and carry out operations offshore.

Global research consultants Wood Mackenzie say financing is one key to unlocking major Brazilian infrastructure projects as the country develops the subsalt hydrocarbons of the Santos basin over the next 20 years. One of the major projects planned is the development of Tupi, a mammoth field in the Santos basin with commercial production set to begin in 2013.

For detailed analysis of Brazil’s subsalt development program, see the July issue of Offshoremagazine.

07/30/2009

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