RIO DE JANEIRO - Brazilian state-run oil company Petroleo Brasileiro, or Petrobras, expects to raise a net $4.3 billion in global capital markets each year to fund its investment plan over the next five years, Chief Financial Officer Almir Barbassa said Tuesday.
Speaking during a presentation to analysts, Mr. Barbassa said increased crude oil production during the 2013-2017 period covering the investment plan had allowed Petrobras to reduce its net financing needs by 50% compared with the 2012-2016 investment plan. Petrobras also expects to raise about $9.9 billion from divestments as part of the plan, Mr. Barbassa said.
Petrobras plans to invest $236.7 billion to develop massive offshore oil fields recently discovered off Brazil's coast, virtually the same level as last year's investment plan. Crude oil production is expected to reach 2.75 million barrels per day by 2017, according to the company.
Gross debt needs are expected to be about $12.3 billion annually over the next five years, Mr. Barbassa added.
Copyright (c) 2012 Dow Jones & Company, Inc.
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