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Our oil output in the pre-salt cluster surpasses 1 million barrels per day

The oil output we operate in the Brazilian pre-salt set a new record last May 8, when it surpassed 1 million barrels per day (bpd). Of this total, we are responsible for over 70% of the produced volume. Thus, the pre-salt fields located in the Santos and Campos basin already account for about 40 percent of our oil output operated in Brazil.
This result was reached less than ten years after these deposits were discovered, in 2006. And in fewer than two years after reaching the 500,000-barrel-per-day mark, in July 2014. This proves not only the technical and economic feasibility of the pre-salt, but also its high level of productivity. In comparative terms, we reached the output of the first million barrels of oil per day in 1998, 45 years after we were established.

The current record was set with the contribution of only 52 producing wells, which proves the excellent return on investment in the pre-salt. It should be emphasized that the first million barrels the company produced per day, in 1998, was attained with the contribution of more than 8,000 producing wells.

 

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New CEO presents the pillars that should guide our management

Engineer Pedro Parente, who took over as CEO, said his priority is our economic and financial recovery. He highlighted three pillars that must guide our management: Governance to restore credibility; economic and financial responsibility, and risk management.

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First Quarter 2016 Results

Read our announcement:

Petrobras posted losses of R$1.2 billion in 1Q16, mainly due to:

• higher interest costs, and negative monetary and exchange rate variations;

• 7% reduction in oil and natural gas production (in Brazil and abroad);

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Credit Facility with China Exim Bank

Read our announcement:

Petrobras has signed a term sheet with China Exim Bank (Export-Import Bank of China) containing the main terms and conditions for a US$1 billion loan. The final loan agreement is already being negotiated, anticipating the funding planned for 2017.

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Sale of Petrobras Argentina

Read our announcement:

Petrobras has completed negotiations with Pampa Energía on the main terms and conditions of the sale of its stake in Petrobras Argentina (PESA), owned by Petrobras Participaciones S.L. ("PPSL").

Pampa Energía, a public traded company, is an integrated energy company in Argentina operating in the oil and gas sector as well as in the generation, transmission and distribution of electric energy sector.

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Sale of distribution assets in Chile

Read our announcement:

Petrobras has completed negotiations with the Southern Cross Group on the main terms and conditions for the sale of 100% of Petrobras Chile Distribución Ltda. (“PCD”), owned through Petrobras Caribe Ltd.

Southern Cross Group is a private equity fund, founded in 1988, with USD 2.9 billion of assets under management and focuses on investments in Latin America, in companies in the manufacturing, services, logistics and consumer goods sectors.

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Composition of the new Executive Board is approved

senadoRead our announcement:

This Wednesday (March 30th) the Petrobras Board of Directors approved the names put forward for executive posts at the company, in line with the new administrative structure that was outlined in January. With the company’s new governance and organizational management model, there will be a 43% cut in the approximately 5,300 administrative posts in non-operational areas, well over the initial target of 30%.

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2015 fiscal year result announcement

resultadoIn 2015, we posted a 25 percent increase in adjusted EBITDA; however, due to the write-offs we had a loss. Read the announcement we disclosed on Monday (Mar. 21).

Consolidated net loss was R$ 34,836 million in 2015 and R$ 36,938 million in the 4Q-2015, due to:

i) impairment of assets and investments, mainly generated by decreased crude oil prices and by higher discount rate, attributable to an increase in Brazil’s risk premium, resulting from a credit risk downgrade (losing its investment grade status (R$ 49,748 million); and

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We started the early production system in the Sépia area

FPSO Cidade de São VicenteWe have started the Sépia Anticipated Production System, previously the Northeastern area of Tupi, in the pre-salt cluster of the Santos Basin. The operation got underway with vessel platform FPSO Cidade de São Vicente, the output of which will be about 20,000 barrels of oil per day during the test period.

Installed in waters where depth is approximately 2,200 meters, the platform was connected to the 1-RJS-691 well and will remain in place for a period of 180 days.

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Negotiations for the sale of stakes in Petrobras Argentina

We announced to the market on Wednesday (Mar. 02) that insofar as the sale of stakes in Petrobras Argentina is concerned, announced through a Material Fact on 01/20/2016, our Executive Board approved the conducting of negotiations with Pampa Energia, on an exclusive basis, for 30 days - a term that may be extended for an equal period.

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