Barra secures Brazil investment funding

First Reserve Corporation has provided an equity commitment of up to $500 million to newly-established Brazilian E&P independent Barra Energia Petróleo e Gás.

Offshore staff

RIO DE JANEIRO -- First Reserve Corporation has provided an equity commitment of up to $500 million to newly-established Brazilian E&P independent Barra Energia Petróleo e Gás.

Barra Energia, based in Rio de Janeiro, is led by former Petrobras executives João Carlos de Luca, as Executive Chairman, and Renato Tadeu Bertani, as Chief Executive Officer.

The company aims to build a portfolio of assets in selected offshore and offshore basins in Brazil. “The Barra Energia team has an outstanding track record in building valuable E&P portfolios through innovative thinking and cost-effective project execution,” said Will Honeybourne, Managing Director at First Reserve.

De Luca is currently President of IBP (Brazilian Petroleum and Gas Institute), where he has helped advance and develop Brazil’s energy industry. Previously he helped found Repsol YPF Brazil in 1998. At Petrobras, he has served as Director of E&P and as a member of the Board of Directors.

Bertani is currently President and CEO of Thompson & Knight Global Energy Services, which provides consultancy services in regions including Latin America, West Africa, the UK and the Gulf of Mexico. He was most recently President of Petrobras Americas, and at present he is also Vice President of the World Petroleum Council.

05/03/2010

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