Petrobras settles $1 billion debt, secures new financing

FPSO P-74, located in Búzios Field (Image by Petrobras)

Brazilian state-owned oil and gas company Petrobras has prepaid a debt with Banco Santander in the amount of $1 billion, which was due in 2023.

Petrobras said on Wednesday that, simultaneously, it had signed with the same institution a new line of credit worth $750 million, due October 2028 and with more competitive financial costs.

“These transactions are in line with the company’s liability management strategy, which aims to improve the amortization profile and the cost of debt, taking into account the deleveraging target set forth in its 2018-2022 Business and Management Plan,” Petrobras said.

Also this week, a Vitol-led consortium agreed to acquire a Petrobras’ offshore fields in Nigeria for $1.407 billion. The consortium buying the stake is comprised of Vitol, Africa Oil, and Delonex.

Under the deal, the consortium will buy a 50 percent share in Petrobras Oil and Gas B.V., a company owning a share in oil fields offshore Nigeria. BTG Pactual E&P B.V. will continue to own the remaining 50% of POGBV.

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Posted on November 2, 2018 with tags .

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