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Pre-Salt

 

Previously threatened by privatization, Petrobras gained strength from the pre-salt and will double output by 2020

In addition to giving away part of the wealth from petroleum to foreign companies, the PSDB almost gave away Petrobras. The government of Fernando Henrique began the process of privatization by selling almost 70% of the shares of the company on the New York and São Paulo stock exchanges, which carry the right dividends on their profits. They were very closed to giving up state control of the company and selling the most valuable of our companies as they had done with countless other riches of the Brazilian people. They even tried to change the name “Petrobras” to “Petrobrax” - because “bras” does not sound right to those who prefer to write Brazil with a “z”.

But Petrobras fought back. With Lula and Dilma the company was reborn, believed in its own worth and invested like never before in technology, becoming a company capable of searching for petroleum at more than 7000 m below the surface, petroleum and that would be transformed into more education, health, and economic and social development for Brazil.

With the pre-salt our average daily production will increase from 1.9 million bpd in 2013 to more than 5.2 million bpd in the 2020/2030 period. This means that there will be more and more books, schools, hospitals, doctors and teachers. With Lula and Dilma, Petrobras began to produce one of the great transformations in our history.

What was “their” Petrobrax is now Petrobras do Brasil

In 2002, that the end of the opposition party government, Petrobras was worth no more than US$15.4 billion. Lula and Dilma multiplied this by seven: US$110.8 billion was, at the beginning of August 2014, the market value of a company that is in fact, priceless, and if left to the Brazilian people and the PT governments will never be sold.

With Allawi on the immediate profits of the large shareholders and their entrance in Brazil, the opposition government’ s Petrobrax invested less than R $19 billion in 2002; with Lula and Dilma, investment jumped to R $104 billion in 2013. Thanks to the strategic decision, production, which was 1.5 million barrels per day in 2002, rose to 1.9 7 million barrels per day in 2013 and has not stopped growing.

Another fundamental difference: with the PSDB opposition party, profits from the petroleum extracted went to the company; with the new production-sharing model under Lula and Dilma the exploration of trolling is subordinated to the interests of Brazil, and will majority of the dividends are used for the education and health of the Brazilian people, as opposed to the wishes of powerful foreign interests.

Could it be that this is why “they” campaign so hard against Petrobras?

The long-term interest of the Brazilian people versus the immediate profits of the market

Even though they fare badly in the comparison with the Lula and Dilma Governments, the PetroBrax supporters in the opposition party - who drove down the value of Brazil's largest company - complain about the "devaluation" of  the current "low market value" of Petrobras.

During the Lula government Petrobras in fact reached a record market value, mainly thanks to the discovery of pre-salt. It turns out that the market reflects the immediate interests of shareholders. They, the shareholders, were happy with the discovery of pre-salt, but some of them do not view the heavy investments that Petrobras makes today for yields in 2020, when Brazil will more than double the total production of oil and gas. These investments temporarily reduce the profits of the company - and the market wants to earn as much as possible in the shortest possible time. Lula and Dilma, on the other hand, think of the future of Brazil and the Brazilian people.

If the market still had the influence on Petrobras decisions that it had in the past, it would require that the government continue buying ships and platforms abroad, as it did before, because it is less expensive (for whom?). Short-term (always the short term). Lula and Dilma, in contrast, are concerned about the technological development of Brazil, the strengthening of our industries and in the generation of employment and income for Brazilian workers.

An Accident at Sea and an ecological disaster: how “they” almost sunk the largest company in Brazil

With Lula and Dilma, the shipbilding industry was reborn. The federal government now requires that at least 60% of the equipment is produced in Brazil, generating jobs and income for the Brazilians, while "they" thought it more profitable (for whom?) to purchase equipment overseas.

With Lula and Dilma, platforms made in Brazil produce more and more wealth; in the opposition government in 2001, the imported P-36 platform exploded, killing 11 workers and sending an investment of US$ 350 million to the bottom of the sea. Fate? No: Errors engineering design and in maintenance and operation, according to a report by the National Petroleum Agency (ANP) and the Navy.

The year before, the company had caused two serious ecological disasters, spilling 4 million liters of oil into the Barigui and Iguaçu (Paraná) rivers and throwing 1.3 million liters in Guanabara Bay (Rio de Janeiro), damagine mangrove swamps and killing tons fish, among other damage to flora and fauna to large to estimate.

• Pre-Salt: the Wealth of the Brazilian people

Petrobras is a leader in technology and petroleum reserves

In June 2014, the Dilma government announced direct contracting of Petrobras to produce in four areas of the pre-salt. The decision, taken to defend the sovereignty and interests of Brazil, set up in the largest contraction of oil in the world, including the oil from Libra. Together, the areas of Buzios, Florin, the Entorno de Iara and the Nordeste de Tupi are estimated to produce volumes of between 10 and 14 billion barrels of oil equivalent. Added to the mega field of Libra, acquired in 2013 by an international consortium led by Petrobras, the potential production of the pre-salt, under the production sharing regime comes to a total volume of 18 to 26 billion barrels.

In the same month of June, only eight years after its discovery, the production of pre-salt surpassed 500,000 barrels, countering critics who said the pre-salt was electioneering fiction, Petrobras and the federal government made a grave mistake in seeking  a differentiated regime for the exploration and production of this enormous wealth. The production - sharing scheme adopted for the new contracts in the pre-salt, in addition to being the most suitable for lower risk areas also allows a better distribution of oil wealth for the entire Brazilian society.