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PBR » Topics » 9.1 Special purpose entities

This excerpt taken from the PBR 6-K filed Aug 18, 2009.

9.1 Special purpose entities

a) Project financing

Project / Estimated             
investment    Purpose    Main guarantees    Current stage 

Barracuda and Caratinga 

US$ 3.1 billion 
To make the development of the production of the Barracuda and Caratinga fields, in the Campos Basin viable. 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 cover BCLC’s financial needs. 
Operating. 
   

NovaMarlim 

US$ 834 million 
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. 
Operating. The exercise of the option for purchase of the shares of Nova Marlim Participações (holding company of Nova Marlim) by Petrobras is forecast for the second half of 2009. 
   
CLEP US$ 1.25 billion    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.    Operating. 
   
PDET US$ 1.18 billion    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    Operating. 
   
Malhas    A consortium between Transpetro, Transportadora Associada de Gás (TAG), ex TNS, Nova Transportadora do Sudeste (NTS)   Prepayments based on transport    Operating. 

This excerpt taken from the PBR 6-K filed Aug 19, 2005.

f) Special Purpose Entities

Project    Purpose    Main Guarantees    Investment
 Amount 
     
 
 
Albacora   
Consortium between PETROBRAS and Albacora Japão Petróleo Ltda. (AJPL), which furnishes to PETROBRAS oil production assets of the Albacora field in the Campos Basin. 
  
Pledge of assets 
   US$ 170 million 
 
 
Albacora   
Consortium between PETROBRAS and Fundação PETROS de Seguridade Social, which furnishes to PETROBRAS oil production assets of the Albacora field in the Campos Basin. 
  
Pledge of assets 
   US$ 240 million 
 
 
Marlim   
Consortium between Companhia Petrolífera Marlim (CPM), which furnishes to PETROBRAS submarine equipment for oil production of the Marlim field. 
  
70% of  the  field production limited to 720  days 
   US$ 1,5 billion 
 
 
NovaMarlim   
Consortium with NovaMarlim Petróleo S.A. (NovaMarlim) which supplies submarine oil production equipment and refunds PETROBRAS for operating costs resulting from the operation and maintenance of field assets. 
  
30% of  the field production limited to 720 days  
   US$ 834 million 
 
 
Malhas   
Consortium between TRANSPETRO, Transportadora Nordeste Sudeste (TNS), Nova Transportadora do Sudeste (NTS) and Nova Transportadora do Nordeste (NTN). NTS and NTN supply assets related to natural gas transportation. TNS (a 100% GASPETRO company) supplies assets that have already been previously set up. Transpetro is the gas pipes operator. 
  
Prepayments based on transportation capacity to cover any  consortium cash insufficiencies 
   US$ 1 billion 
 
 
PCGC   
Companhia de Recuperação Secundária (CRSec) supplies assets to be used by PETROBRAS in the fields Pargo, Carapeba, Garoupa, Cherne and others through a lease agreement with monthly payments. 
  
Additional lease payment if revenue  is  notsufficient to coverpayables to lenders 
   R$ 198 million 
 
 
PDET   
PDET Offshore S.A. is the future owner of the Project assets whose objective is that of improving the infrastructure to transfer oil produced in the Campos Basin to the oil refineries in the Southeast Region and export. The assets will be later leased to PETROBRAS for 12 years. 
  
Assets set up inconnection with theProject of more than US$ 10 million 
   US$ 910 million 
 

22

Project    Purpose    Main Guarantees    Investment Amount 
     
 
 
CLEP   
PETROBRAS will sell assets related to oil production located in the Campos Basin, which will be supplied by Companhia Locadora de Equipamentos Petrolíferos – CLEP through a lease agreement for the period of 10 years, and at the end of which period PETROBRAS will have the right to buy shares of the SPC or project assets. 
  
Leaseprepayments incase revenue is notsufficient to coverpayables to the lenders 
   R$ 5,1 billion 
 
 
EVM   
Project with the objective of allowing set up of submarine oil production equipment in the fields Espadarte, Voador, Marimbá and other seven smaller fields in the Campos Basin. EVM Leasing Co. (EVMLC), supplies assets to PETROBRAS under an international lease agreement. 
  
Pledge of certain oilvolumes 
   US$ 1,076 
billion 
 
 
Cabiúnas   
Project with the objective of increasing gas production transportation from the Campos Basin. Cayman Cabiunas Investment Co. Ltd. (CCIC), supplies assets to PETROBRAS under an international lease agreement. 
  
Pledge of 10,4 billion m3 of gas 
   US$ 850 illion consolidated in the lease agreement 
 
 
Barracuda
 and
Caratinga 		  
To allow development of production in the fields of Barracuda and Caratinga in the Campos Basin the SPC Barracuda and Caratinga Leasing Company B.V. (BCLC), is in charge of building all of the assets (wells, submarine equipment and production units) required by the project. 
  
Pledge of certain oilvolumes and payment by BRASOIL if BCLC does not meet its obligations towards the lenders 
   US$ 3,1 billion 
 
 
Amazônia   
Development of two projects in the Gas and Energy area: construction of a gas pipe with length of 395 km, between Coari and Manaus, under the responsibility of Transportadora Urucu - Manaus S.A. and construction of a thermoelectric plant, in Manaus, with capacity of 715 MW through Companhia de Geração Termelétrica Manauara S.A. 
  
Being negotiated 
   R$ 3 billion 
 

23

EXCERPTS ON THIS PAGE:

6-K
Aug 18, 2009
6-K
Aug 19, 2005

RELATED TOPICS for PBR:

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