Americas News
Petrobras Sells Record $11 Billion in Bonds
Petroleo Brasileiro SA (Petrobras), Brazil's state-run oil producer, has sold $11 billion in bonds to help finance the development of offshore oil, Bloomberg reports.
The sale, which included three-, five-, 10- and 30-year fixed-rate bonds and three- and five-year floating-rate notes, is the largest ever emerging-market corporate dollar-denominated deal.
The company is seeking financing for a five-year, $237 billion spending and investment plan, which includes plans to borrow $20 billion this year through bond sales and loans.
Petrobras said in March that it wants to more than triple oil production from deep-water fields to 962,500 barrels per day (bpd) by 2017, Agence France-Presse reported.
The company has set out a goal of producing 3.4 million barrels of oil equivalent per day, including natural gas as well as crude oil, by 2017, which would be 1 million bpd more than in 2012.
Petrobas President Graca Foster said that the company expects production to reach 4.2 million bpd by 2020, with 52 percent coming from reserves located off southeastern Brazil at a depth of 6,000 meters under a thick layer of salt.
