Brazil's Petrobras inked an agreement with Japan's export credit agency Nippon Export and Investment Insurance (NEXI) and Mizuho Bank to issue a $500 million loan guarantee for projects to construct and convert 12 floating production, storage and offloading (FPSO) platform hulls, Petrobras News Agency reported earlier this week.
The platforms are being built to develop pre-salt projects in the Santos Basin, offshore Brazil. Eight of these platform hulls -- P-66, P-67, P-68, P-69, P-70, P-71, P-72 and P-73 -- are assigned to blocks BM-S-9 and BM-S-11, while the remaining four -- P-74, P-75, P-76 and P-77 -- will be used in the onerous concession areas (Cessao Onerosa).
The previously signed documents for the loan guarantee was formally exchanged Aug. 1 at the Planalto Palace in Brasilia, Brazil in the presence of Brazilian President Dilma Rousseff, Japanese Prime Minister Shinzo Abe, Petrobras CEO Maria das Gracas Silva Foster, NEXI CEO Kazuhiko Bando, and Mizuho Bank Executive Manager Hiroshi Suchiro.
Pre-salt currently represents slightly more than 20 percent of Petrobras’ oil production in Brazil and will account for around half of its production in 2020, when output is expected to double to 4.2 million barrels of oil per day, according to projections made in the company's business and management plan.
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