Captação internacional de recursos pela Petrobras para a realização de seus investimentos após a descoberta do pré-sal

Abstract

This study aims to describe and analyze how the Cash Flow Petrobras influences in raising funds from Petrobras, highlighting international funding that, throughout the study, proved to be a great stake in the company. Part with it, the lack of cash flow as one of the main reasons that led between the years 2007-2013, the largest fund raising by Petrobras since the discovery of the Pré-Sal, with the magnification of its projections in investments as investments in fact, especially in regard to Exploration and Production. From this, with the identification of dependence on international funding for such investments, it was noted that one should not discard the national sources of funding, as BNDES, which proved to be a major national source of company resources, however, less intense international sources. This result, however, may stem from a lack of resources by national funding sources for the large Petrobras but also because of the interest rate variable that shows up on a higher level of international interest rates, such as the Libor, which was compared with the Selic rate in this study, thus, influencing the largest amount of international funding, which makes the company more dependent. Finally, the credit note was noticed another variable that influences the international funding of the company, given the importance of this both for the company and for Brazil as it facilitates in obtaining credit in the international scenery, with the highest reliability of investors being investing and lending capital.