Wednesday, August 17, 2011

Petrobras fined on local content

Petrobras chief executive Jose Sergio Gabrielli said the company will likely be fined by the Brazilian government because it cannot prove that it met rules requiring some use of locally produced equipment. 

Petrobras had no way to document what portion of the oil-exploration equipment it used was produced in Brazil, the head of the state-controlled oil company said. 

"Petrobras will be fined because we didn't have a system in place to prove" the national content, he said. 

The government has determined that 55% to 65% of equipment used in deep-water exploration must be supplied by Brazilian companies. 

Gabrielli said that production platforms being built for the company now have between 68% and 72% of components produced locally.

Published : August 17, 2011

Source: Asiasis

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