Petrobras in US$ 76.3 billion rig lease deal.

Brazilian state giant Petrobras has revealed that it is set to pay US$ 26 billion over the next 15 years for the leasing of 26 deepwater rigs.

The Brazilian company will lease 21 rigs from Sete Brasil for US$ 530 000 pd and 5 rigs from Ocean Rig at US$ 548 000 pd. Petrobras will receive the rigs over a 45 – 90 month period, all of which will be constructed in Brazilian shipyards.

The decision to hire the rigs comes as part of Petrobras’ plan US$ 225 billion expansion programme with an end goal of tripling output to 6.4 million bpd by 2020, a figure that would see Brazil likely becoming the third biggest oil producer in the world.

The rigs will be used to continue unlocking the massive hydrocarbon reserves present in the vast Santos and Campos subsalt basins.

Additionally, Petrobras has plans to build approximately 300 more oil tankers and other support vessels as part of the expasion programme; this looks to be very good news for the Brazilian economy as contract clauses requiring minimum percentages of local content could encourage more businesses to set up office in Brazil.

Published on 10/02/2012

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