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Luo Bao said that Brazil’s national oil company is currently negotiating with China’s credit line of US$100 to help develop oil reserves in its sub-alkaline formations.
Luo Bao also said that Brazil’s national oil company may also obtain funds needed to develop subsalt formation oil reserves from Brazil’s international reserves, which currently have reached US$200 billion.
Luo Bao told reporters at Folha de Sao Paulo that China’s loan of 10 billion U.S. dollars to Brazilian National Oil Company is a starting point.
Luo Bao said last month that the United Arab Emirates is willing to provide financial support to the Brazilian national oil company, and the two sides are currently in negotiations.
Luo Bao also hinted in the interview that Brazil is likely to move to a production-sharing contract after reforming the country’s huge regulatory system for new oil fields under the salt mine.
Luo Bao repeatedly said that his priority now is to form a new state-owned company to manage the government's participation in the development of subsalt formation oil reserves. A committee of the Brazilian government cabinet is expected to make a recommendation for this reform next week.
Luo Bao also said that even if the price of oil falls to 30 US dollars per barrel, the development of Brazilian subsoil formation oil reserves will still be feasible.
According to Norway's "Upstream Online," Rio de Janeiro, Brazil's Minister of Mines and Energy, Edison Robo, told Brazilian reporter Folha de Sao Paulo here on December 8 that Petrobras, Brazil's state-owned oil company, may receive 100 yuan from China. A billion U.S. dollar loan was used to help offset the company's 2009-2013 investment plan.