Brazilian oil giant Petrobras has raised more than $5billion in a new bond issue as it looks to fund its major projects for the next five years.
The state-run oil group has earmarked £132billion of investment in oil projects as it looks to to capitalise on the major oil finds off the country’s coast.
Key among them is the Libra ultra-deepwater prospect, thought to contain between eight and 12 billion barrels of recoverable oil.
The latest bond offering comes less than a year after the Brazilian firm raised £6.6billion, with part of the latest issue offered substantially above US treasury rates in a bid to attract more investment.
“Everyone knows they need the money, and it makes sense for them to raise it now,” said INTL FCStone Securities analyst Carlos Gribel.
Petrobras, which currently has debts of around $114billion, declined to comment on the bond deal.