The company’s main problem, which was obtaining foreign loans,
has already been solved

The president of Petrobrás, José Sérgio Gabrielli, said on Wednesday (25), in a public hearing at the Chamber of Deputies, that the investment plan of Petrobrás for the 2009/2013 period has already gotten a loan for its first year. Gabrielli was at the Chamber to present the plan to the Committee on Mines and Energy; and on Economic Development, Commerce and Industry.

In the midst of the financial crisis, the company presented optimistic figures and got to raise US$ 6 billion (R$12 billion), with a group of large foreign banks, and with the participation of Banco do Brasil Bank. Moreover, R$25 billion will be raised with the Brazilian Development Bank and R$23 billion will be invested from the very cash of the company.

The amount, R$61 billion, is higher than the R$53.4 billion invested in 2008, and got to make the company’s stock to rise in the international market, despite of the crisis. “As soon as we presented the investment plan, Petrobrás’ stock has gotten detached from the crisis’ effects and even from the price of oil”, said Gabrielli.

Investment growth
Some of the projects were already ongoing, but even though the plan represents an investment growth of 55% regarding the former one – for the 2008-2012 period – which was US$112.2 billion, and is now forecast in US$174.4 billion.

Deputy José Guimarães (PT-CE), one of the deputies who proposed the hearing to listen to Petrobrás’ president, challenged the effects of the crisis on investments, but Gabrielli said that the main problem for the company was to keep raising loans abroad, which has already been solved.

The president of Petrobrás suggested that, even if the current price of crude oil is US$37 per barrel, the investments are guaranteed. From 2011 on, the plan works with a forecast of US$ 45 per barrel, as a safety value, but the future market already forecasts US$66 for that period.

Pre-salt
Gabrielli told the deputies that the investments in the pre-salt layer are guaranteed and are not frozen, although he admitted that the financial crisis has changed the rules of the game.

Even with the drop in the prices of the barrel, Gabrielli guaranteed that the exploitation in that area is feasible, with prices ranging from US$40 to US$50, which would be, in his opinion, a “robust” estimate, or be it, very conservative.

There are seven areas indicating large reservoirs, and the tests are already being performed, aiming at verifying if the production is feasible in some of them. “We cannot consider that the current crisis will prevent the world’s development. Thus we need to prepare for the future demand, which is growing, and it will take from 7 to 8 years to start producing”, he said.

Report - Marcello Larcher
Editing - Newton Araújo
Translation - Positive Idiomas Ltda