BNDES to Loan Petrobras US $896mn to Boost Campos Oil Output

Brazil's national development bank BNDES could start disbursing US$896mn in loans to federal energy company Petrobras (NYSE: PBR) in coming months to finance the construction of three offshore oil and gas production units, a BNDES spokesperson told BNamericas, confirming a report in local daily Valor Econômico. On December 5, BNDES plans to sign a US$402mn loan contract with Petrobras for the construction of the P-51 semi-submersible platform being built in Brazil. The P-51 will produce oil at the Marlim Sul field in the Campos basin with capacity to produce 180,000 barrels a day (b/d) of oil. BNDES will sign contracts for two more platforms in the first half of 2006, the paper reported. The bank will sign a US$214mn loan contract with Petrobras for the construction of the P-54 floating production, offloading and storage vessel (FPSO) in the first quarter of 2006, the newspaper reported. The loan was approved in May 2005. The P-54 has the same capacity as the P-51 and will be located in the Roncador field, also in the Campos basin. By the end of the second quarter 2006, BNDES is expected to sign another US$280mn loan contract for the P-53 FPSO, which will be located at the Marlim Leste field, also in the Campos basin. The P-53 will have capacity to produce 180,000b/d of oil and 6 million cubic meters of gas a day.

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