The CEO of Total, Patrick Pouyanné (d) and Maxime Rabilloud, one of the leaders of Petrobras, at a press conference on the 24th October 2016 in Rio de Janeiro ( AFP / YASUYOSHI CHIBA )
“It is an agreement of a new kind because the idea is good to develop with Petrobras in Brazil, not only in lamont, lexploration and production, but also in laval, particularly in the gas and electricity, where Total is also looking to expand,” explains lAFP the CEO of the French group, Patrick Pouyanné.
“The two companies undertake to jointly assess the opportunities in Brazil and abroad in the key areas of interest for mutual,” said Petrobras in a statement.
Before initial officially the protocol agree, in Rio de Janeiro, Mr Pouyanné has met with the president of Brazil, Michel Temer, who, in a speech in the morning, assured that”after a period of major recession, the government is taking measures to create a favourable business environment”.
A message received loud and clear by the CEO of Total. “Brazil has experienced two years a little tricky, because the price of oil, and also for reasons domestic. But there is a new dynamic that wants to be open to private interests and international”.
“We know that the future is not a long quiet river”, added the boss of Total. “The price of oil has fallen from 100 to 50 dollars, Brazil was the economy that had the highest growth there are 4/5 years old and has more difficulties in this time. The fundamentals will come back: there is oil, there is gas in Brazil, it is a great market. The world needs oil and to have oil, it is necessary to invest”, he argues.
“This agreement sinsert in an important moment of revival of our sector here in Brazil,” said Pedro Parente, president of Petrobras since may.
- shared Risks -
The giant brazilian has recently announced a discount of 25% from its investments over the period 2017-2021.
But its share price has soared Friday, the agency Moody’s has raised its rating from B3 to B2, with a perspective that moves from “negative” to “stable”.
Faced with a massive debt related to the consequences of the vast corruption scandal financial policy which the shakes and falling oil prices, the giant brazilian has initiated a program of sale of assets.
“The new boss of Petrobras has put in place a new strategy, in which partnerships with major international groups have their place. As this also corresponds to what we seek to do, we have been able to meet,” describes Mr. Pouyanné, who provides first announcements of concrete “by Christmas”.
“This is not a transaction to a strictly transactional. It is a partnership through which we share the risks, while reducing costs, not to mention the exchanges of technologies,” says Mr. Parent.
- “very competitive” -
“As there are no oil and gas in France, Total has developed through major partnerships with national companies. It is done in the middle East, with Abu Dhabi, in Africa, with angola. There we met with Petrobras, with whom we share common values, including excellence in the Deep Water, very large Off-shore,” recalls the CEO of Total.
The CEO of Petrobras, Pedro Parente, Rio de Janeiro, October 24, 2016 ( AFP / Yasuyoshi CHIBA )
The two companies are already partners in 15 consortia exploration and production, nine of them in Brazil and six other countries.
one of the projects-lighthouse is the field pre-saline Libra, whose reserves are estimated between 8 to 12 billion barrels of crude.
“Libra is a giant project with huge deposits. We are going to achieve to exploit the Libra for less than $ 20 per barrel, so it’s a project very competitive. Is this the kind of project we need,” concludes Mr Pouyanné.
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