Petrobras is Preparing Pre-Salt Mega Tender

Last Friday, it was announced that Petrobras subsidiary Petrobras Global Finance registered a 6K-petrobras-pre-salt-production-passes-500-000-bpd-markform with the US Securities and Exchange Commission (SEC) as the initial step to a tender of pre-salt fields in which the company will raise revenue to an early payment of securities due in 2019.

According to O Globo, the Brazilian government is confident a major hydrocarbons tender involving Santos basin pre-salt areas could raise up to USD 23 billion. To move forward, the government and Petrobras need to harmonize positions around an agreement entered in 2010 granting Petrobras rights to tap 5 billion barrels of pre-salt crude oil; it was later determined that the pre-salt area have 15 billion boe, dubbed as excess, which the government wants to offer for grabs. In 2010 Petrobras paid BRL 74.8 billion to secure the first of six pre-salt fields but now wants a compensation related to the decrease of crude prices. O Globo says that hopes are to resolve discrepancies and set the tender for next June.

Source: O Globo, Esmerk Latin America News, Valor Economico

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Emerging Markets Insights

a blog by Frontier Strategy Group

longandvariable

A blog on macroeconomics and public policy by Tony Yates.