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Petroleum industry

BNDES to Finance $760 Million Oil Exploration and Production Project in Brazil

Strategic Insights

— 1 min read

The Brazilian development bank BNDES has approved a $760 million loan for an oil exploration and production project at the Barracuda and Caratinga fields in the Campos basin, Rio de Janeiro state. The project includes the construction of two offshore platforms, P-43 and P-48, which will have a combined daily production capacity of 350,000 barrels of oil. The project will require a total investment of $2.92 billion, with BNDES financing $760 million, and the remaining amount to be contributed by JBIC, Deutsche Bank, Itochi, Mitsubish, and Petrobras.

Key Takeaways:

  • The BNDES loan of $760 million will be used for the oil exploration and production project at the Barracuda and Caratinga fields.
  • The project includes the construction of two offshore platforms, P-43 and P-48, which will have a combined daily production capacity of 350,000 barrels of oil.
  • The platforms will require investments of $900 million for P-43 and $500 million for P-48.
  • The overall project will require a total investment of $2.92 billion, with BNDES financing $760 million.
  • JBIC will contribute $1.14 billion, a consortium led by Deutsche Bank will contribute $500 million, Itochi and Mitsubish will contribute $100 million, and Petrobras will contribute the remainder of $426 million.
  • Two shipbuilders, Verolme and Maua, are competing for a $500 million deal to build the platforms.
  • Brown & Root, a company contracted by Petrobras, is studying the proposal of both shipbuilders.

Statistics:

  • $760 million: BNDES loan for the oil exploration and production project
  • $2.92 billion: Total investment required for the project
  • 350,000 barrels per day: Combined daily production capacity of P-43 and P-48
  • $900 million: Investments required for P-43
  • $500 million: Investments required for P-48
  • $1.14 billion: JBIC contribution
  • $500 million: Consortium led by Deutsche Bank contribution
  • $100 million: Itochi and Mitsubish contribution
  • $426 million: Petrobras contribution
  • $500 million: Verolme and Maua competition deal
  • 200,000 barrels per day: P-43 daily production capacity
  • 150,000 barrels per day: P-48 daily production capacity

Sources:

  • Jornal do Brasil (http://www.jb.com.br)
  • SABI (South American Business Information) News Provided by COMTEX (http://www.comtexnews.com)

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