Key Developments: Petroleo Brasileiro Petrobras SA (PBRa.N)
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Latest Key Developments (Source: Significant Developments)
Petroleo Brasileiro Petrobras SA Signs Letter of Intent with CHINA PETROCHEMICAL CORPORATION SINOPEC for Establishment of Joint Venture
Petroleo Brasileiro Petrobras SA (Petrobras) announced that on June 11, 2013 it signed a letter of intent with CHINA PETROCHEMICAL CORPORATION SINOPEC (SINOPEC) for the development of a joint study on the Refinaria Premium 1 Project, in the Maranhao state, Brazil. SINOPEC together with Petrobras will perform a feasibility study of eventual establishment of a joint venture between the companies, aimed at the implementation of Refinaria Premium 1 Project. Full Article
Petroleo Brasileiro Petrobras SA's Subsidiary Establishes Joint Venture with BTG Pactual for E&P Operations in African Continent
Petroleo Brasileiro Petrobras SA announced that on June 14, 2013 Petrobras International Braspetro B.V. (PIBBV), controlled by the Company, and an investment vehicle managed and advised by BTG Pactual (BTG Pactual Vehicle), entered into a binding agreement to establish a 50/50 joint venture for oil and gas exploration and production in Africa (E&P). The joint venture will be formed upon the acquisition, by BTG Pactual and its clients acting through the BTG Pactual Vehicle, of 50% of the shares issued by Petrobras Oil & Gas B.V. (PO&G), wholly owned by PIBBV, for USD 1.525 billion. Once the corporate restructuring in progress is concluded, the operation will involve the branches located in Angola, Benin, Gabon and Namibia, as well as the subsidiaries Brasoil Oil Services Company (Nigeria) Ltd, Petroleo Brasileiro Nigeria Ltd. and Petrobras Tanzania Ltd. Full Article
Petroleo Brasileiro Petrobras SA Announces Proposal of Merger by Incorporation of Its Wholly-Owned Subsidiaries
Petroleo Brasileiro Petrobras SA announced that its Board of Directors on June 14, 2013 approved a proposal for reorganization of its petrochemical holdings portfolio and, in consequence, a proposal of merger by incorporation of its wholly-owned subsidiaries Comperj Participacoes SA, Comperj Estirenicos SA, Comperj MEG SA and Comperj Poliolefinas SA. The proposals will be submitted to the Extraordinary General Meeting of the Company. Full Article
Petroleo Brasileiro Petrobras SA Signs Letter of Intent with Energy Corporation for Establishment of Joint Venture
Petroleo Brasileiro Petrobras SA (Petrobras) announced that on May 29, 2013 it signed a letter of intent with GS Energy Corporation (GSE) for the development of a joint study on the Refinaria Premium 2 Project, in the Ceara state, Brazil. GSE together with Petrobras will perform a feasibility study of eventual establishment of a joint venture between the companies, aimed at the implementation of Refinaria Premium 2 Project. Full Article
Petroleo Brasileiro Petrobras SA Starts Commercial Production at Lula Nordeste Field Operated in Consortium
Petroleo Brasileiro Petrobras SA (Petrobras) announced that with the start up of platform Cidade de Paraty, on June 6, 2013 it initiated the commercial production of Lula Nordeste field, in the pre-salt of Santos Basin. The new platform is a part of production projects considered for 2013 in Business and Management Plan (PNG 2013-2017). Cidade de Paraty is a FPSO platform (Floating, Production, Storage and Offloading). It is anchored at a water depth of 2,120 meters, approximately 300 kilometers off the coast, and is capable of processing up to 120,000 barrels of oil and 5 million square meters of gas per day. Well 7-LL-11-RJS, the first one to be interconnected to the platform, can produce over 25,000 barrels of oil per day. Its production, however, will be restricted to 13,000 barrels of oil per day in the first month of operation, until the commissioning of natural gas processing and reinjection systems is concluded. The produced oil is of intermediate density of 290 degrees API. Block BM-S-11 is operated by Petrobras (65%), in partnership with BG E&P Brasil Ltda (25%) and Petrogal Brasil SA (10%). Full Article
Petroleo Brasileiro Petrobras SA Signs Farm-Out Contract for Sale of 12% Stake in Block 6 to Statoil Tanzania AS
Petroleo Brasileiro Petrobras SA (Petrobras) announced that its wholly-owned subsidiary, Petrobras Tanzania Ltd, has signed a farm-out contract for the sale of a 12% stake in the Block 6 on the coast of Tanzania to Statoil Tanzania AS. Before the transaction, a consortium of the block comprised Petrobras as an operator with a 50% stake and Shell Deepwater Tanzania B.V. with the remaining 50% stake. After conclusion of the farm-out agreement, Petrobras will hold a 38% stake as an operator, Statoil will have a 12% stake, and Shell - a 50% stake. This transaction is subject to approval of the authorities of Tanzania. Full Article
Petroleo Brasileiro Petrobras SA Concludes Drilling in Cessao Onerosa Area
Petroleo Brasileiro SA Petrobras announced that it has completed the drilling of the 1-BRSA-1116-RJS (1-RJS-704) well in the Cessao Onerosa area called Florim in the pre-salt Santos Basin. Informally known as Florim the well 1-BRSA-1116-RJS (1-RJS-704) is located in water depth of 2,009 meters 206 kilometers from the Coast of Rio de Janeiro proved the existence of oil at 29 degrees on the American Petroleum Institute (API) scale located immediately below the salt layer. The well reached the level of 6,004 meters. Tests revealed oil of good quality, without carbon dioxide and hydrogen sulfide. Full Article
Petroleo Brasileiro Petrobras SA Announces FY 2012 Own Capital Interest Payment Dates
Petroleo Brasileiro Petrobras SA announced that on May 27, 2013 it will proceed with the payment of the second installment of own capital interests for fiscal year 2012. The payment of the third and the last installment will be done on August 30, 2013. Record date is April 29, 2013. Full Article
Petroleo Brasileiro Petrobras SA Prices Global Notes
Petroleo Brasileiro Petrobras SA announced that it has priced different tranches, registered in SEC (US Securities and Exchange Commission), of global notes in USD, issued by the Company’s wholly-owned subsidiary, Petrobras Global Finance BV. BB Securities Ltd, Citigroup Global Markets Inc, HSBC Securities (USA) Inc, Itau BBA USA Securities Inc, J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley & Co are the lead coordinators of the transaction, and Mitsubishi UFJ Securities (USA) Inc and Standard Chartered Bank act as co-managers. The terms of the transaction are as follow: USD 1,250,000,000 global notes, maturing on May 20, 2016, with coupon of 2%; USD 1,000,000,000 global notes, maturing on May 20, 2016; USD 2,000,000,000 global notes, maturing on January 15, 2019, with coupon of 3%; USD 1,500,000,000 global notes, maturing on January 15, 2019; USD 3,500,000,000 global notes, maturing on May 20, 2023, with coupon of 4.375%, and USD 1,750,000,000 global notes, maturing on May 20, 2043, with coupon of 5.625%. Full Article
Petroleo Brasileiro Petrobras SA Confirms Plans For Multi-Tranche Bond Issue-DJ
Dow Jones reported that Petroleo Brasileiro Petrobras SA will wade back into the international debt market in an effort to raise billions of dollars toward an ambitious capital spending program. In a filing with the U.S. Securities and Exchange Commission, Petrobras said it will offer six separate dollar-denominated bonds, including fixed-rate bonds with maturities in 2016, 2019, 2023 and 2043. Two other tranches will feature floating rate notes due 2016 and 2019. The Company hired BB Securities, Bank of America Merrill Lynch, Itau BBA, Morgan Stanley, Citi, HSBC, and JP Morgan to coordinate the operation. Petrobras said it intends to use the proceeds to finance capital expenditures under its 2013-2017 Business Plan and for general corporate purposes. Full Article
UPDATE 1-Petrobras, Sinopec in talks to build $20 bln refinery
SAO PAULO, June 19 - Petróleo Brasileiro SA, Brazil's state-run oil company, and China Petroleum and Chemical Corp are in talks to build a $20 billion, 300,000-barrels-a-day refinery in the South American country, according to a securities filing on Wednesday.
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