The president of Petrobras asked for the approval of PEC 98/2019, which ensures that the government can make transfers without breaking the spending ceiling
The president of Petrobras, Roberto Castello Branco, made an appeal to the Senate to approve the proposal for constitutional amendment (PEC) 98/2019, which allows the government to direct a part of the signing bonus of the Megaleilão of the surplus of the onerous assignment to the Company, states and municipalities.
The PEC 98/2019 was approved by the House of Deputies in a vote held in June, in two shifts, and now in the Senate. It ensures that the government can make transfers without disrupting the spending ceiling, which limits the union’s costs.
The auction will be held on November 6th and has a grant of R $106, 5 billion. Of this total, Petrobras will have R $33.6 billion, and states and municipalities will have R $21.7 billion.
“PEC 98/2019 makes it possible to pay the government to Petrobras,” he said during a public hearing at the Senate Infrastructure Commission. “We will use auction resources (surplus from the onerous assignment). We will not use them to reduce indebtedness or finance investments. ”
Castello Branco defended the company’s disinvestment policy, such as the sale of the TAG and NTS pipeline network in the northeast and southeast regions. According to him, it is portfolio management, since the return of oil and gas exploration in deep waters is greater than that of pipelines, refineries and mature and terrestrial fields.
According to the company’s president, the disinvestments should reach between US $30 billion and US $35 billion over the next five years, while investments in the period should reach US $100 billion. “This is the search for the optimal portfolio, which brings more return to shareholders,” he said.
Currently, Petrobras has 55% of its portfolio concentrated in deep water, and the forecast, for 2020, is to reach 88%. Land fields should have a reduced share of 37% to 10%, and shallow water exploration should decrease from 8% to 2%.
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