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PBR » Topics » a) Projects with assets in operation

This excerpt taken from the PBR 6-K filed Nov 19, 2009.

a) Projects with assets in operation

The assets and liabilities originating from these contractual commitments are recognized in the individual financial statements of Petrobras as from the entry into operation of these assets and they are inserted in notes 12.1 (1) and15, respectively.

Project    Description    Main guarantees 
     
Barracuda and    To make the development of the production of the Barracuda and Caratinga fields, in the Campos Basin viable. The SPE, Barracuda e Caratinga Leasing Company B.V. (BCLC) is responsible for setting up all the assets (wells, submarine equipment and production units) required for the project. It is also the owner of them.    Guarantee provided by Brasoil to 
Caratinga      cover BCLC's financial needs. 
   
NovaMarlim    Consortium with NovaMarlim Petróleo S.A. (NovaMarlim) which provides submarine equipment for petroleum production and reimburses operating costs arising from operating and maintaining the field assets through an advance already made to Petrobras.    30% of the production of the field 
      limited to 720 days. 
   
CLEP    Companhia Locadora de Equipamentos Petrolíferos (CLEP) provides, for the use of Petrobras, assets linked to petroleum production located in the Campos Basin, through a lease agreement for a period of 10 years, at the end of which Petrobras will have the right to acquire the shares of the SPE or the project's assets.    Lease prepayments, in the event 
      the revenue is not sufficient to 
      meet obligations with financiers. 
   
PDET    PDET Offshore S.A. is the owner of the project’s assets and its purpose is to improve the infrastructure for transfer of the oil produced in the Campos Basin to the refineries in the Southeast Region and for export. These assets have been leased to Petrobras until 2019.    All the project's assets. 
   
Malhas    A consortium between Transpetro, Transportadora Associada de Gás (TAG), formerly TNS, Nova Transportadora do Sudeste (NTS) and Nova Transportadora do Nordeste (NTN). NTS and NTN contribute to the consortium through building assets related to the transport of natural gas. TAG (a company fully owned by Gaspetro) provides assets already built previously. Transpetro contributes as operator of the gas pipelines.    Prepayments based on transport 
      capacity to cover any eventual 
      consortium cash shortages. 
   
Cabiúnas    Project with the purpose of increasing the transport capacity for the Campos Basin gas production. Cayman Cabiunas Investment Co. Ltd. (CCIC) provides the assets to Petrobras under an international lease agreement.    Pledge of 10,4 billion m3 of gas. 
   
Gasene    Transportadora Gasene S.A. is responsible for the construction and future ownership of pipelines for transport of natural gas with a total length of 1.4 thousand kilometers and a transport capacity of 20 million cubic meters per day, connecting the Cabiúnas Terminal in Rio de Janeiro to the city of Catu, in the state of Bahia. On August 10, 2009 new notes were issued in the amount of US$ 150 million and acquired by BB Fund. This was the first part of the issue authorized by the Executive Committee in June 2009, in an amount up to US$ 275 million. The first segment of the Gasene project, the Cabiúnas-Vitória gas pipeline, entered into operation on November 10, 2008. The second segment of the Cacimbas-Catu gas pipeline is in the construction stage.    Pledge of credit rights. 
Pledge of the shares of the SPE. 
       
   

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