07 Nov 2009 - by PreSalt.com - Source: Petrobras News
The president of Petrobras [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA, BCBA: APBR/APBRA], José Sergio Gabrielli de Azevedo, participated on Friday (6 / 11) of the seminar "Brazil in the Age of the Pre-salt", promoted by the "Correio da Bahia" in Salvador. In the presentation, Gabrielli defended the new regulatory framework under discussion in Congress and cited the advantages of Petrobras is only operator in areas not yet provided of the pre-salt.
When talking about the process of capitalization of the Company, Gabrielli said that all the company's shareholders will have their rights guaranteed and may keep the share stake in Petrobras. To do this, probably will have the option of using titles. "Since they are the same titles used by the government," he said.
The president also pointed out that Petrobras is the largest operator in the blocks of pre-salt already granted (28% of total). "The operator is the company responsible for technical decisions and the project decisions. Petrobras is who else knows the Brazilian pre-salt, "he said. Gabrielli also recalled the importance of the Company for the development of national industry, "With Petrobras as operator, the government ensures the effective implementation of a policy of national content".
Gabrielli differentiated of concessions and sharing models. Because of low risk exploration in the pre-salt, "the government is proposing a re-division of the gains". He recalled that in the model concession the concessionaire owns the oil after removal of the underground, while the new model, the gains are divided between the Federal Union and the Companies.
In tracing a history of the legislation governing the sector, Gabrielli noted that, with the law 9478 of 1997, oil exploration in the country is no longer the exclusive allocation of Petrobras. Even so, most of the Brazilian oil production is the result of the previous system of concessions. After the changeover, the Company maintained its leadership in the exploration and production wells in Brazil: "Petrobras has been involved in two thirds of areas allocated, directly or in partnership."
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