Page 32: of Marine Technology Magazine (April 2013)

O shore Brazil Petrobras expects to raise a net $4.3 billion in global capital markets each year to fund its investment plan over the next Þ ve years, according to Chief Finan- cial OfÞ cer Almir Barbassa. During a presentation to analysts on March 19th, Barbassa explained that the expected increase in crude oil production during the 2013-2017 period, which covers the investment plan, had allowed Petrobras to re- duce its net Þ nancing needs by 50% compared with the 2012- 2016 investment plan. Petrobras also expects to raise about $9.9b from divestments as part of the plan. Petrobras has plans to invest $236.7b to develop massive offshore oil Þ elds recently discovered off BrazilÕs coast, virtu- ally the same level as their last investment plan. Of the total sum planned, $207.1b of the investments are classiÞ ed by the national operator as under implementation. Crude oil produc-tion is expected to reach 2.75 million barrels boe per day by 2017 and 5.7 million barrels boe per day by 2020.Barbassa added that the national operators gross debt needs are expected to be about $12.3b annually over the next Þ ve years. Petrobras is banking heavily in new technologies and increasing its investments in R&D in order to meet the challenges posed by deepwater pre-salt exploration. Cenpes Leading Petrobras R&D E ort By Claudio PaschoaFuturistic hallway at Cenpes illuminated by natural l ight.(Photo Claudio Paschoa) 32 MTRApril 2013MTR #3 (18-33).indd 32MTR #3 (18-33).indd 324/4/2013 9:07:06 AM4/4/2013 9:07:06 AM