Inova Petro fosters the local oil&gas industry

FINEP* (Funding Authority for Studies and Projects), together with BNDES (National Bank for Economical and Sustainable Development) and Petrobras, released this week the second tender protocol of Inova Petro, a program worth BRL 3 billion.


The aim of the program is to foment projects on R&D, engineering, technology transfer, production and commerce of innovative products, processes and services, therewith developing the capacity of Brazilian oil & gas industry and the entire supply chain. Petrobras will be responsible for the technical support, aiming to reduce development risks.

The program will select companies under four categories: Surface Processing, Submarine Installations, Wells and Reservoirs. The projects shall be worth at least BRL 5 million, and the timeframe shall be no longer than 60 months.

Brazilian subsidiaries of Norwegian companies are able to participate if they prove to have had either a gross turnover equal to or over BRL 16 million, or net equity equal to or over BRL 4 million, in the last fiscal year.

Petrobras’ Chief Financial Officer and Investor Relations Executive Officer, Mr. Almir Barbassa said that both the oil companies and the supply chain are going to benefit from this program and highlighted the large oil reserves of the country.

“When there is a continuing demand, this is the best condition for the supplier” stated Barbassa during his speech on the opening ceremony of OTC Brasil 2013, in Rio de Janeiro.

Find further information in Portuguese about Inova Petro on:


Valor Econômico:

*FINEP is an organization of the Brazilian federal government under the Ministry of Science of Technology, devoted to funding of science and technology in the country.

Innovation Norway is responsible for promoting the Norwegian industry abroad. Our office in Rio de Janeiro manages Innovation House Rio, our business incubator office, and helps Norwegian companies in their efforts towards the Brazilian market.

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Posted in Brazil, Oil & Gas

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