Brazil: ANP boss Haroldo Lima
Brazil could up stake in Petrobras
Brazil could increase its stake in Petrobras to 55% from its current level of 32% if the company's capital were increased, said head of the National Petroleum Agency (ANP) Haroldo Lima.
Lima said that, in order to raise Petrobras capital, the government had decided upon a means of authorising the company to exploit an area of five billion barrels of oil in the pre-salt area in exchange for shares in the company.
"As a result, one perhaps could increase the federal government's stake in Petrobras," he said.
Brazil's pre-salt area has estimated reserves of between five and eight billion barrels of oil, reported Dow Jones.
Lima pointed to Norway as an example of where the government has more than a 50% share in its state oil company, StatoilHydro.
He also said the fact that 60% of Petrobras shares are in private hands meant the government considered the company to be an inappropriate choice to represent it in consortia exploring pre-salt oil.
Lima said this was the reason why the group working on Brazil's new oil law decided to create a special company, Petro-sal, for the reserves.
The new company would have 100% state capital and would act as the "eye" of the government on consortia.
The role of Petro-sal, Lima said, would include checking that production costs presented by the consortia were correct, so that the state receives its just share of oil revenue.
Lima also said that Petrobras' guaranteed 30% stake in oil exploration in new areas referred to the part where consortia operated and not the whole pre-salt area.
In an auction where a consortium wins a bid offering 60% of oil to the state, then the 30% due to Petrobras would be levied on the 40% that the consortium has, Lima said.