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MarketScreener Homepage  >  Equities  >  Bolsa de valores de Sao Paulo  >  Petroleo Brasileiro SA Petrobras    PETR4   BRPETRACNPR6

PETROLEO BRASILEIRO SA PETROBRAS

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Petrobras : to invest $84.1bn to enhance production in Brazil

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12/07/2018 | 05:32am EST

Petrobras has unveiled plans to invest $84.1bn in deepwater exploration and production projects in Brazil, as well as raise $27bn through asset sales and partnerships by 2023.

Around $69bn of the planned investment will be channeled into the development of production in the pre-salt areas. Other key focus areas of investment include refining, transportation, trading, and natural gas and petrochemicals.

Petrobras stated that it will also seek partners for its refining, transportation and trading, as well as renewable energy businesses. The company will explore the potential of integrating petrochemicals with refining.

The total production growth for next year is projected to be 7% as a result of the commencement of operations of five new systems this year and three more next year. The total oil and natural gas output growth are expected to be around 5% per annum between 2020 and 2023.

Petrobras stated: The plan foresees repositioning in refining by means of partnerships in the North-East and South clusters, which represent 40% of the installed refining capacity in Brazil, allowing to share business risks and establish a more dynamic, competitive and efficient sector, in addition to generating liquidity for the company.

Petrobras also approved the 2040 Strategic Plan that outlines the companys vision of an integrated energy company that is aligned with demand for diversification in energy sources and uses.

The announcements come as Brazilian prosecutors alleged that global commodity traders Vitol, Trafigura and Glencore paid bribes exceeding $30m to Petrobras employees between 2011 and 2014.

This allegation is the latest embarrassment for Petrobras, which has been the focus of corruption allegations as part of wider criminal investigations involving bribes to businessmen and politicians in a case known as Operation Car Wash.

In September, the company reached a deal with the US and Brazilian authorities to settle longstanding investigations in the Car Wash corruption scandal.

As part of the settlement deal, the company agreed to pay $853.2m in penalties.

(c) 2018 ITP Media Group. All Rights Reserved Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials (BRL)
Sales 2018 352 B
EBIT 2018 68 575 M
Net income 2018 31 595 M
Debt 2018 285 B
Yield 2018 3,10%
P/E ratio 2018 10,73
P/E ratio 2019 9,23
EV / Sales 2018 1,91x
EV / Sales 2019 1,77x
Capitalization 386 B
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Mean consensus OUTPERFORM
Number of Analysts 9
Average target price 29,8  BRL
Spread / Average Target 8,8%
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Managers
NameTitle
Eduardo Bacellar Leal Ferreira Chairman
Rafael Salvador Grisolia Chief Financial Officer
Roberto Moro Chief Engineering & Technology Officer
Hugo Repsold Chief Technology & Production Development Officer
Segen Farid Estefen Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
PETROLEO BRASILEIRO SA PETROBRAS20.33%103 915
ROYAL DUTCH SHELL8.07%255 497
PETROCHINA COMPANY4.99%194 829
TOTAL7.21%147 709
EQUINOR ASA8.68%77 232
NK ROSNEFT' PAO--.--%64 847