Finance & Investing
News Services
Newsletters
Get free industry updates via email.
Daily News
Weekly News
Equipment Updates
Weekly Job Register
Monthly Event Guide
Our privacy
pledge.


advertisement

BNDES: Requests for Oil-Field Innovation Loans at $1.3 Billion

change text size

RIO DE JANEIRO--Brazil's National Development Bank, or BNDES, said Thursday that demand for funding to produce state-of-the-art technologies to develop recently discovered offshore oil fields had nearly reached expectations.

Loan applications for projects under the Inova Petro program reached 2.7 billion Brazilian reais ($1.3 billion) in the first phase. Initial funding for Inova Petro, announced in August, was placed at BRL3 billion through 2016.

Inova Petro aims to boost technology development needed for state-run energy giant Petroleo Brasileiro (PBR, PETR4.BR), or Petrobras, to produce oil from the subsalt region, a cluster of oil fields found more than four miles deep off the southeast coast of Brazil.

The program is also designed to help support Brazil's nascent oil and natural gas supply chain, which will need to expand rapidly to meet demand for products and services under stringent local content rules. Brazil concession contracts require a certain percentage of goods and services used in oil exploration and production to be produced locally.

Companies submitted 58 projects for approval in the first phase of the program, with the approved projects expected to be announced Jan. 15.

Copyright (c) 2012 Dow Jones & Company, Inc.

Related Companies

Most Popular Articles
From the Career Center
Jobs that may interest you
Pipeline Utility Inspector - Plastic
Expertise: QA / QC / Inspection
Location: Phoenix, AZ
 
Water Truck\/Sewer Truck Driver
Expertise: Heavy Machinery Operator
Location: Midland, TX
 
Lead QA/QC Inspector
Expertise: QA / QC / Inspection
Location: Peace River, Alberta
 
search for more jobs