Petrobras raises $70bn in largest ever share offer

The group sold 1.87bn new preferred shares priced at 26.30 reais each, and 2.4bn common shares at 29.65 reais each. The capital raising will help finance its $224bn expansion plans, which will involve tapping into vast offshore oil reserves. This will double its oil output over the next four years to 3.9m barrels per day, making Brazil the world's fifth largest oil producer, and ranking it among the top 10 oil exporters. It will also enable the group to pay down its debt. Last year it borrowed a record $30bn, including debt issues, bank loans and an oil-for-loan deal with China Develo...