Petrobras Says Oil Revenue to Eliminate Need for New Debt After 10 Years
By Peter Millard - Jul 25, 2011 7:29 PM GMT-0300
Petroleo Brasileiro SA, Brazil’s state-controlled oil producer, said its plan to more than double output will boost cash flow and eliminate the need to tap debt markets after about 10 years.
The company’s profit from oil sales will be enough to cover operating and debt costs starting in about 10 years, Chief Financial Officer Almir Barbassa said yesterday in an interview at its headquarters in Rio de Janeiro. Petrobras’s exit from the bond market will increase the value of existing notes because the amount of total debt will start declining, he said.
Petrobras, as the company is known, said July 22 it will invest $224.7 billion through 2015, more than any other major oil producer in the world, as it develops the Western Hemisphere’s largest discoveries in about three decades. As part of the plan, the company said it will raise as much as $91 billion in debt and $13.6 billion through asset sales and cost cuts.
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The company’s profit from oil sales will be enough to cover operating and debt costs starting in about 10 years, Chief Financial Officer Almir Barbassa said yesterday in an interview at its headquarters in Rio de Janeiro. Petrobras’s exit from the bond market will increase the value of existing notes because the amount of total debt will start declining, he said.
Petrobras, as the company is known, said July 22 it will invest $224.7 billion through 2015, more than any other major oil producer in the world, as it develops the Western Hemisphere’s largest discoveries in about three decades. As part of the plan, the company said it will raise as much as $91 billion in debt and $13.6 billion through asset sales and cost cuts.
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