Question-and-Answer Session
Unidentified Company Representative
[Operator Instructions]. Let me check if someone has a question here in the audience. First there.
Unidentified Analyst
On the reserves, do you guys foresee it necessary to support those production targets in 2012 and 2015? Now the second one is regarding debt. You said that --
Unidentified Company Representative
Could you repeat please?
Unidentified Analyst
Sure. The question was regarding the production targets, what amount of crude reserves do you guys foresee to be necessary to support the 2012 and 2015 targets? The second one was regarding the incremental debt load about 8 billion, how much... how do you guys see that being loaded from now to 2012 what's the curve, and with that is the if you guys are looking to extend the maturity of your average life of your debt, thank you.
José Sergio Gabrielli de Azevedo - President and Chief Executive Officer
I'm going to leave the debt question to our CFO, and I would talk a little bit about production and proven reserves. Our proven reserves production ratio is around 19 years. We are going to increase our production from the current 2.3 to 3.5 in 2012 and 4.5 in 2015. Our plan is to have a internal recovery rates... how to call it... replacement rate, the replacement ratio about one, which means that we are going to increase our reserves in the minimal and the same amount that we have produced until 2015. And we are probably, this is not our target, but this is our projection that we are going to be above 15 years of the reserve production ratio by 2018.
Almir Guilherme Barbassa - Chief Financial Officer and Investor Relations Director
Regarding the financing of the extra $8 billion of cash, we are going to leave it to finance this plan. Petrobras has a long experience to access every different market. And but as we got the investment grade rating the capital market becomes more accessible and a deeper pocket. So, these maybe the main source but would not be for sure the only source. Month long [ph], sometime is more competitive, this is... there are situation as we buy lots of large very expensive products we may get special conditions for ECA financing. DNBS in Brazil is a good source, we saw very competitive price, so we have really very many different opportunities here. Probably the capital market is going to be the one that would be... can have the chance to present the largest growth in the set of sources we have.
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