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Petrobras says it moves to pre-salt auctions, including costly assignment

by ace
Plataforma de exploração do pré-sal ; petróleo ;  (Foto: Pércio Campos/Agência Petrobras)

Pre-salt exploration platform (Photo: Pércio Campos / Petrobras Agency)

Petrobras "is moving to participate in pre-salt auctions", including megalicitation of surplus areas from the onerous assignment, which will take place on the 6th. The next day, 7, the government will hold the 6th Bidding Round.

The information comes from the director of Exploration and Production, Carlos Alberto Oliveira, in a conference call with analysts. He avoided, however, anticipating information about the strategy that the company will adopt in competitions.

Chief Financial Officer Andrea Almeida, who also participated in a conference call with analysts, said that Petrobras will depend on the reimbursement of R $ 34.6 billion by the Union, related to the assignment contract, to exceed the cash target of US $ 6, 6 billion at the end of the year. "We are seeing how will be the payment."

The question is whether the reimbursement by the Union will take place in the short term or if there will be a distance between holding the surplus auction for the assignment on the 6th and the payment. The Union will use the collection in the auction to reimburse Petrobras.

In the conference call, the director also stressed that the company needs to continue selling assets and reducing costs to reach the 1.5x leverage target, expected by 2020. The debt reduction to the level of US $ 60 billion will depend mainly on the sale of refineries.

According to Almeida, by 2020, the environment will still be challenging for the company's finances. Therefore, the distribution of a larger dividend will only happen from 2021 onwards.

. (tagsToTranslate) news (t) news (t) Petrobras (t) Energy (t) petroleum

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