Thursday, March 1, 2018

Brazilian passion dream of subsalt

Brazilian passion: the dream of subsalt oil buried under the corruption scandal

the coast of Brazil, a few miles
Sea water, stones and salt, lie
huge reserves of oil, not less than 50 billion
barrels. This so-called subsalt
oil, which was opened here at all
recently, in 2008. Theoretically, these
deposits could bring untold
wealth Brazilians but, as is often
is here, early optimism gave way
place to despondency. Only eight
years after the discovery of Brazilian stocks
the ability to master their wealth,
raise their whole economy is under the
the big question. State
oil giant Petroleo
Brasileiro SA is
sinking under the weight of public
interference, corruption and total

also coincided with the collapse of world prices
oil, and with the growth of the national
unrest and the collapse of national hopes.
not only the power of the oil
industry in Brazil, but also the spirit of the country,
its capacity to enter into
the number of major players in the world
energy arena.

unprofessional management

For several decades,
official government policy
based on the use of mineral resources
on how to manage the Petrobras
using the state to take
accelerated efforts to develop oil
deposits. oil wealth
in the states and cities of the country, billions
dollars went to the development of social
and economic programs.

This policy is now exposed
questioned as never before. Costs
on programs subsidizing hold
Low gasoline prices soared debts
record levels. assigned
Government managers were
absolutely useless managers -
It broke out in the country, perhaps the biggest
and the most expensive in the history of Brazil
corruption scandal.

characteristic for what is happening,
- chaos "- says Vander Guimaraes,
Macae city administration's secretary,
which Petrobras
as a base for their operations
production. Oil projects mothballed,
at least 3,000 jobs were

The president
country Dilma Rousseff is trying to minimize the
damage to the oil giant, which it
developed and defended. she's shaken up
before the foundation of all the company's management,
replacing it with a friendly experienced myself

It is not that simple. 135-billion debt
the company is higher than the national
debt, such as Denmark. her loss
as a result of a corruption scandal
forcing management to reduce
investments and assets put up by 13.7
billion dollars for sale - and this against the background
collapsed oil prices.

The patient is alive or dead?

increased by 40% over the past month
- this is a sign that the way out of the impasse
visible. This is due to the publication
financial results and guarantee
reform. But the scandal yet nowhere
still here and can become an obstacle
the company's activities for years to come
forward. Critics say that Rousseff
It is doing enough to
destroy the company due to the government,
which many consider the main problem

"The current
situation - only wine
intervention by the authorities. It started with
fuel subsidy policy
nature, which, in turn,
led to the corruption scandal "-
said Pedro hall counselor who
thirty years in Petrobras.
"If it were not for this intervention,
the company would not have to sell securities
assets now at low oil prices,
at the wrong time for this. "

politicians and businessmen urge Dilma
Rousseff liberalize policies and
away from Petrobras
the actual
monopoly on the development svezheotkrytyh
oil fields, which
stretched under the continental shelf
approximately 150 miles from the Brazilian
beaches. Now
Foreign oil companies are
to take part in these projects, but
only under the control of Petrobras.
they should provide a situation in which
about 65% of the equipment and service
be purchased on the domestic market

Dilma Rousseff, agreeing that
reforming Petrobras
"Resolute measures", but still
He sees no need to change these
rules. In turn, Petrobras
that is on the mend. The new CEO
company Aldemir Bendayn very quickly
gaining such funding is needed now.
The yield on the pre-salt fields
It exceeded its own forecasts Petrobras,
the company now produces about
three times more than expected in 2010
year. "Subsalt oil economically
viable even at the current low
prices ", - commented the representatives
company situation for the agency
its partners are absolutely sure
the profitability of production. "

Juan Pablo Spinetto, Anna Edgerton, for Bloomberg

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