The estimate is part of simulations to forecast the company’s debt in coming years, he said today on a conference call with analysts and investors.
“It was only an exercise,” he said. “Any estimate at this moment for the capital increase is mere speculation.”
Petrobras plans to invest between $200 billion and $220 billion in five years to tap Tupi, the Americas’ biggest crude find since Mexico’s Cantarell in 1976, and other discoveries. The plan depends on approval of the share sale by lawmakers, Gabrielli said.
The bill allowing the share sale is one of four proposals President Luiz Inacio Lula da Silva sent to Congress last year to govern the country’s oil reserves in the pre-salt area off Brazil’s southeastern coast. The offering also involves giving new shares to the government in return for oil reserves.
Gabrielli said the company expects final approval in Congress and a presidential sanction of Brazil’s new oil regulation by June 4. The company will need to seek an “alternative” if Congress doesn’t approve the offering, he said, without elaborating.
Petrobras expects to begin producing 100,000 barrels a day in October at Tupi, Gabrielli said. He also said the company has had “good results” drilling one well owned by the government as part of the oil-for-shares plan.
Petrobras rose 1.2 percent to 36.25 reais in Sao Paulo trading at 11:54 a.m. New York time. Earlier it gained 2.1 percent, the most since March 9.
