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This excerpt taken from the PBR 6-K filed Nov 28, 2008. 12. Project Financings The Company has utilized project financings to provide capital for the continued development of the Company’s exploration and production and related projects. The special purpose entities associated with the project finance projects are consolidated based on FIN 46(R) and the project financing obligation represents the debt of the consolidated SPEs with the third-party lender. The Company’s responsibility under these contracts is to complete the development of the oil and gas fields, operate the fields, pay for all operating expenses related to the projects and remit a portion of the net proceeds generated from the fields to fund the special purpose companies’ debt and return on equity payments. At the conclusion of the term of each financing project, the Company will have the option to purchase the leased or transferred assets from the consolidated special purpose company. The following summarizes the liabilities related to the projects that were in progress at September 30, 2008 and December 31, 2007:
(1) Codajás consolidates Transportadora Urucu - Manaus S.A. which is responsible for the Amazonia Project. 33 12. Project Financings (Continued) The Company has received certain advances amounting to US$322 which are recorded as project financings obligations and are related to assets under agreements with investors, which are included to the property, plant and equipment balance. Such asset and obligation amounts are presented gross as the obligation can only be settled through delivery of the fully constructed asset. At September 30, 2008, the long-term portion of project financings becomes due in the following years:
34 This excerpt taken from the PBR 6-K filed Sep 4, 2008. 12. Project Financings The Company has utilized project financings to provide capital for the continued development of the Company’s exploration and production and related projects. The special purpose entities associated with the project finance projects are consolidated based on FIN 46(R) and the project financing obligation represents the debt of the consolidated SPEs with the third-party lender. The Company’s responsibility under these contracts is to complete the development of the oil and gas fields, operate the fields, pay for all operating expenses related to the projects and remit a portion of the net proceeds generated from the fields to fund the special purpose companies’ debt and return on equity payments. At the conclusion of the term of each financing project, the Company will have the option to purchase the leased or transferred assets from the consolidated special purpose company. The following summarizes the liabilities related to the projects that were in progress at June 30, 2008 and December 31, 2007:
(1) Codajás consolidates Transportadora Urucu - Manaus S.A. which is responsible for the Amazonia Project. 35 12. Project Financings (Continued) The Company has received certain advances amounting to US$329 which are recorded as project financings obligations and are related to assets under agreements with investors, which are included to the property, plant and equipment balance. Such asset and obligation amounts are presented gross as the obligation can only be settled through delivery of the fully constructed asset. At June 30, 2008, the long-term portion of project financings becomes due in the following years:
36 This excerpt taken from the PBR 6-K filed Aug 13, 2008. a) Project Financings
This excerpt taken from the PBR 6-K filed May 22, 2008. 12. Project Financings The Company has utilized project financings to provide capital for the continued development of the Company’s exploration and production and related projects. The special purpose entities associated with the project finance projects are consolidated based on FIN 46(R) and the project financing obligation represents the debt of the consolidated SPEs with the third-party lender. The Company’s responsibility under these contracts is to complete the development of the oil and gas fields, operate the fields, pay for all operating expenses related to the projects and remit a portion of the net proceeds generated from the fields to fund the special purpose companies’ debt and return on equity payments. At the conclusion of the term of each financing project, the Company will have the option to purchase the leased or transferred assets from the consolidated special purpose company. The following summarizes the liabilities related to the projects that were in progress at March 31, 2008 and December 31, 2007:
37 12. Project Financings (Continued) The Company has received certain advances amounting to US$325 which are recorded as project financings obligations and are related to assets under agreements with investors, which are included to the property, plant and equipment balance. Such asset and obligation amounts are presented gross as the obligation can only be settled through delivery of the fully constructed asset. At March 31, 2008, the long-term portion of project financings becomes due in the following years:
This excerpt taken from the PBR 6-K filed Nov 29, 2007. 12. Project Financings Since 1997, the Company has utilized project financings to provide capital for the continued development of the Company’s exploration and production and related projects. The special purpose entities (SPEs) associated with the project financings projects activities are consolidated based on FIN 46(R), and the project financing obligation represents the debt of the consolidated SPEs with the third-party lender. The Company’s responsibility under these contracts is to complete the development of the oil and gas fields, operate the fields, pay for all operating expenses related to the projects and remit a portion of the net proceeds generated from the fields to fund the special purpose companies’ debt and return on equity payments. At the conclusion of the term of each financing project, the Company will have the option to purchase the leased or transferred assets from the consolidated special purpose company. The following summarizes the liabilities related to the projects that were in progress at September 30, 2007 and December 31, 2006:
32 12. Project Financings (Continued)
(1) Charter Development - CDC is responsible for Marlim Leste (P-53 project). The Company has received certain advances amounting to US$324 which are recorded as project financings obligations and are related to assets under agreements with investors, which are included to the property, plant and equipment balance. Such asset and obligation amounts are presented gross as the obligation can only be settled through delivery of the fully constructed asset. At September 30, 2007, the long-term portion of project financings becomes due in the following years:
33 12. Project Financings (Continued) This excerpt taken from the PBR 6-K filed Sep 6, 2007. 9. Project Financings Since 1997, the Company has utilized project financings to provide capital for the continued development of the Company’s exploration and production and related projects. The special purpose entities associated with the project financings projects are consolidated based on FIN 46(R), and the project financing obligation represents the debt of the consolidated SPEs with the third-party lender. The Company’s responsibility under these contracts is to complete the development of the oil and gas fields, operate the fields, pay for all operating expenses related to the projects and remit a portion of the net proceeds generated from the fields to fund the special purpose companies’ debt and return on equity payments. At the conclusion of the term of each financing project, the Company will have the option to purchase the leased or transferred assets from the consolidated special purpose company. The following summarizes the liabilities related to the projects that were in progress at June 30, 2007 and December 31, 2006:
(1) Charter Development - CDC is responsible for Marlim Leste (P-53 project). 27 9. Project Financings (Continued) The Company has received certain advances amounting to US$322 which are recorded as project financings obligations and are related to assets under agreements with investors, which are included to the property, plant and equipment balance. Such asset and obligation amounts are presented gross as the obligation can only be settled through delivery of the fully constructed asset. At June 30, 2007, the long-term portion of project financings becomes due in the following years:
This excerpt taken from the PBR 6-K filed Jun 13, 2007. 9. Project Financings Since 1997, the Company has utilized project financings to provide capital for the continued development of the Company’s exploration and production and related projects. The special purpose entities associated with the project financings projects are consolidated based on FIN 46(R), and the project financing obligation represents the debt of the consolidated SPEs with the third-party lender. 26 9. Project Financings (Continued) The Company’s responsibility under these contracts is to complete the development of the oil and gas fields, operate the fields, pay for all operating expenses related to the projects and remit a portion of the net proceeds generated from the fields to fund the special purpose companies’ debt and return on equity payments. At the conclusion of the term of each financing project, the Company will have the option to purchase the leased or transferred assets from the consolidated special purpose company. The following summarizes the liabilities related to the projects that were in progress at March 31, 2007 and December 31, 2006:
(1) Charter Development – CDC is responsible for Marlim Leste (P-53 project). 27 9. Project Financings (Continued) The Company has received certain advances amounting to US$382 which are recorded as project financings obligations and are related to assets under agreements with investors, which are included to the property, plant and equipment balance. Such asset and obligation amounts are presented gross as the obligation can only be settled through delivery of the fully constructed asset. At March 31, 2007, the long-term portion of project financings becomes due in the following years:
This excerpt taken from the PBR 6-K filed Nov 28, 2006. 9. Project Financings Since 1997, the Company has utilized project financings to provide capital for the continued development of the Company’s exploration and production and related projects. The special purpose entities associated with the project finance projects are consolidated based on FIN 46 (R), and the project financing obligation represents the debt of the consolidated SPEs with the third-party lender. The Company’s responsibility under these contracts is to complete the development of the oil and gas fields, operate the fields, pay for all operating expenses related to the projects and remit a portion of the net proceeds generated from the fields to fund the special purpose companies’ debt and return on equity payments. At the conclusion of the term of each financing project, the Company will have the option to purchase the leased or transferred assets from the consolidated special purpose company. 27 9. Project Financings (Continued) The following summarizes the liabilities related to the projects that were in progress at September 30, 2006 and December 31, 2005:
28 9. Project Financings (Continued) The Company has received certain advances amounting to US$375 which are recorded as project financings obligations and are related to assets under agreements with investors, which are included to the property, plant and equipment balance. Such asset and obligation amounts are presented gross as the obligation can only be settled through delivery of the fully constructed asset. At September 30, 2006, the long-term portion of project financing becomes due in the following years:
This excerpt taken from the PBR 6-K filed Sep 6, 2006. 9. Project Financings Since 1997, the Company has utilized project financings to provide capital for the continued development of the Company’s exploration and production and related projects. The special purpose entities associated with the project finance projects are consolidated based on FIN 46 (r), and the project financing obligation represents the debt of the consolidated SPEs with the third-party lender. 24 9. Project Financings (Continued) The Company’s responsibility under these contracts is to complete the development of the oil and gas fields, operate the fields, pay for all operating expenses related to the projects and remit a portion of the net proceeds generated from the fields to fund the special purpose companies’ debt and return on equity payments. At the conclusion of the term of each financing project, the Company will have the option to purchase the leased or transferred assets from the consolidated special purpose company. The following summarizes the liabilities related to the projects that were in progress at June 30, 2006 and December 31, 2005:
(1) At June 30, 2006 and December 31, 2005, the Company had amounts invested abroad in an exclusive investment fund. These securities are considered to be extinguished, and thus the related amounts, together with applicable interest have been removed from the presentation of marketable securities and project financings (See also Note 7). 25 9. Project Financings (Continued) The Company has received certain advances amounting to US$377 which are recorded as project financings obligations and are related to assets under agreements with investors, which are included to the property, plant and equipment balance. Such asset and obligation amounts are presented gross as the obligation can only be settled through delivery of the fully constructed asset. At June 30, 2006, the long-term portion of project financing becomes due in the following years:
As of June 30, 2006, the amounts of cash outlay commitments assumed related to consolidated structured project financings are presented as follows:
26 This excerpt taken from the PBR 6-K filed Jun 28, 2006. 8. Project Financings Since 1997, the Company has utilized project financings to provide capital for the continued development of the Company’s exploration and production and related projects. The special purpose entities associated with the project finance projects are consolidated based on FIN 46 (r), and the project financing obligation represents the debt of the consolidated SPEs with the third-party lender. 23 8. Project Financings (Continued) The Company’s responsibility under these contracts is to complete the development of the oil and gas fields, operate the fields, pay for all operating expenses related to the projects and remit a portion of the net proceeds generated from the fields to fund the special purpose companies’ debt and return on equity payments. At the conclusion of the term of each financing project, the Company will have the option to purchase the leased or transferred assets from the consolidated special purpose company. The following summarizes the liabilities related to the projects that were in progress at March 31, 2006 and December 31, 2005:
(1) At March 31, 2006 and December 31, 2005, the Company had amounts invested abroad in an exclusive investment fund. These securities are considered to be extinguished, and thus the related amounts, together with applicable interest have been removed from the presentation of marketable securities and project financings. See also Note 6. 24 8. Project Financings (Continued) PETROBRAS has received certain advances in the amount of US$376 which are recorded as project financings obligations and are related to assets under agreements with investors, which are included to the property, plant and equipment balance. Such asset and obligation amounts are presented gross as the obligation can only be settled through delivery of the fully constructed asset. At March 31, 2006, the long-term portion of project financing becomes due in the following years:
As of March 31, 2006, the amounts of cash outlay commitments assumed related to consolidated structured project financings are presented as follows:
25 This excerpt taken from the PBR 6-K filed Nov 23, 2005. 8. Project Financings Since 1997, the Company has utilized project financing to provide capital for the continued development of the Company’s exploration and production and related projects. Project financing special purpose entities are consolidated on a line by line basis and the project financings obligation represents the debt of the consolidated SPE with the third-party lender. The Company’s responsibility under these contracts is to complete the development of the oil and gas fields, operate the fields, pay for all operating expenses related to the projects and remit a portion of the net proceeds generated from the fields to fund the special purpose companies’ debt and return on equity payments. At the conclusion of the term of each financing project, the Company will have the option to purchase the leased or transferred assets from the consolidated special purpose company. The following summarizes the liabilities related to the projects that were in progress at September 30, 2005 and December 31, 2004:
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8. Project Financings (Continued) At September 30, 2005, the long-term portion of project financing becomes due in the following years:
As of September 30, 2005, the amounts of cash outlay commitments assumed related to consolidated structured project financings are presented as follows:
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