Petrobras' Strategic Plan has metrics to increase security and lower leverage

Plan_Estratégico-homeWe have announced our Strategic Plan for 2017-2021 with two main indicators. The reportable accident rate (RAR) - an industry indicator that measures all kinds of accidents and incidents - should be reduced from 2.2 per million man hours in the company's operations in 2015 to 1.4 in two years, then dropping to 1 in 2021. The financial target, meanwhile, determines that the company's net debt be equivalent to 2.5 times its cash generation in 2018. According to the 2015 annual balance sheet, this index reached 5.3 times.

 

The goal of having two priority metrics in our management is to make sure significant progress is made in safety indicators while, at the same time, we speed up the company's financial recovery in the shortest period of time possible.

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Monthly oil and natural gas output sets record in August

Our total oil and natural gas output in August was 2.84 million barrels of oil equivalent per day (boed), of which 2.72 million boed produced in Brazil, while 120,000 boed abroad.

The total oil and gas output in Brazil set a monthly record, as did the average oil output in the country, which topped out at 2.22 million barrels per day (bpd) in August. In addition, we also set a new daily record on Aug. 19, with a volume of 2.33 million bpd, surpassing the previous daily record, which had been set on December 22, 2014 and totaled 2.30 million bpd.

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We signed a memorandum of understanding with Norwegian state-owned company Statoil

We signed a memorandum of understanding with Norwegian state-owned company Statoil today under which the two companies undertake to evaluate partnership opportunities to deepen their strategic actions.

The companies will work to advance proposals for joint participation in future bids in the exploration area. This gives continuity to the partnership that we have in Brazil and abroad, in addition to capturing value through the use of new technologies to increase oil recovery and by simplifying operating activities. "The outcomes that we have already achieved in our partnerships in the exploration area are proof that Petrobras is able to maintain its strategic interests while finding ways to work around the obvious current capital constraints," noted Parente.

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Total output operated in the pre-salt layer grows 6%

In July, the oil and natural gas output that we operate in the pre-salt layer was up 6 percent over the previous month and set a new monthly record, closing at 1.32 million boed.
 
This result is mainly due to the entry into operation, on July 8, of the Central Lula production system, by means of FPSO Cidade de Saquarema, and to the increased production of new wells connected to FPSOs Cidade de Maricá and Cidade de Itaguaí, also installed in the Lula field.
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We posted R$370 million in profit in the second quarter of the year


We announced our results for the second quarter and the first half of this year. Our net income reached R$370 million between April and June. In the first quarter, the company had posted a loss of R$1.2 billion. Contributing positively to this result was the 30 percent reduction in net financial expenses, the 7 percent growth in total oil and natural gas output, the 14 percent increase in oil and oil product exports, and lower costs with natural gas imports. On the other hand, expenses of the new Voluntary Termination Incentive Program (VTIP) and the impairment of Comperj had a negative impact on results.

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$2.5 billion deal with Statoil reaffirms our partnership and divestment goal

We hereby announce the sale, for $2.5 billion, of 66 percent of the stake in exploratory block BM-S-8, where the area of ​​Caracara is located in the pre-salt Santos Basin, to the Norwegian state-owned oil company Statoil. Our Finance and Investor Relations Officer, Ivan Monteiro, and Exploration and Production Officer, Solange Guedes, explained that the operation is based on our portfolio management strategy, which aims to prioritize assets that allow us to maintain equipment standardization to reduce investment costs while seeking assets that generate revenue in the short term in order to improve the profile of our debt. They also stressed the importance of the operation to achieve the partnership and divestment goal set at $15.1 billion for the 2015-2016 period.

 

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We have completed the sale of Petrobras Argentina

 We have completed the sale of our entire 67.19 percent interest in Petrobras Argentina (PESA), owned via Petrobras Participaciones S.L. (PPSL), to Pampa Energía. 

The operation was completed with the payment of $897 million by Pampa, made on Wednesday (07/27), after all conditions precedent stipulated in the contract signed on 05/13/2016 were fulfilled.

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We set a record monthly output record in June

Our total oil and gas output in June was 2.90 million barrels of oil equivalent per day (boed), a monthly record. We surpassed the milestone of 2.88 million boed reached in August 2015. This June’s amount was 2 percent higher than the volume produced in May (2.83 million boe), 2.70 million boed of which was produced in Brazil, while 200,000 boed abroad.

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New well in Libra confirms extension of the oil discovery

The Libra Consortium has completed the drilling and evaluation of the seventh well in the block, located in the Santos Basin pre-salt cluster. With it, the Consortium found the largest oil column (net pay) ever discovered in Libra, measuring 410 meters thick. This column surpasses the last one found, which came in at 301 meters and was announced last March.

 
The new well, located in the northwestern part of the block and 180 km off the coast of Rio de Janeiro, confirmed the good quality oil discovery (27º API) in reservoirs with excellent productivity.
 
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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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