Brazil to Be Self-Sufficient in Oil by 2006

The Financial Director of Petrobras, José Sérgio Gabrielle, estimated that the Brazilian state petroleum enterprise will be selling over a million barrels of oil daily to foreign markets in 2010.

According to Gabrielle, Petrobras’s goal by 2010 is to expand its daily production abroad to 613 thousand barrels, which, when added to exports of 550 thousand barrels of oil derived from domestic fields, would give the company over a million barrels in daily exports at the end of this period.

In a speech before the American Chamber of Commerce in Rio de Janeiro on “The Insertion of Petrobras in the International Capital Market,” he revealed that between now and 2010 the company plans to invest US$ 7.5 billion, 80% of this total in the area of Petroleum Exploration and Production.

“Objectively, from the viewpoint of Petrobras, the company’s capacity to produce domestically and generate an export surplus is improving substantially, and the tendency is to improve even more, diminishing the company’s and the country’s outside vulnerability in terms of petroleum,” he concluded.


The executive manager of Exploration and Production at Petrobras – Petróleo Brasileiro, Francisco Nepomuceno, says the company will continue to increase production until the end of 2005, when production should reach 1.85 million barrels per day. And in 2006, with a further increase to 2.2 million barrels per day, Brazil will be self-sufficient.

Nepomuceno said that with the arrival of the P-43 platform in December in the Barracuda-Caratinga field in Campos, there will be a spike in production.


“We have the infrastructure to handle 1.85 million barrels per day by the end of next year,” he declared.

This year production is running at an average 1.56 million barrels per day, but should rise to 1.64 million barrels per day by this December.

Agência Brasil

Tags:

You May Also Like

A Series of Betrayals Have Placed Brazil Well Behind China and India

Some decades ago, Brazil was at the same level in space research as China ...

After a Year and a Half of Deficits Brazil Gets US$ 146 Million Surplus

Brazil's current transactions (all Brazilian operations overseas) resulted in a surplus of US$ 146 ...

Under New CEO, Santander Gets Full Control of Santander Brasil

Spanish banking giant Santander under its new executive chairperson, Ana Botin, announced earlier this ...

Brazil Starts a 10-City X-ray of Global Warming Perils

Brazilian researchers working with the National Institute of Science and Technology for Climate Change ...

Russia, the 2018 Host, More Prepared for World Cup than Brazil, Says FIFA

Preparations for the 2014 World Cup in Brazil have come under attack from FIFA ...

An American Temptation: US$ 600 Round Trip from Anywhere in the US to Brazil

US company American Airlines announced that it is offering a round-trip ticket to Brazil ...

Brazil Slashes Minimum Foreign Investment to US$ 50,000 or Less

The Brazilian government reduced the minimum amount necessary for the authorisation of foreign investments ...

Brazil’s 3-1 Win Over Croatia Wasn’t a Good Start. Just a Bad Omen

Well, we’re off to the races! This has turned out to be a season ...

Indian Beaten to Death by Three Boys in Brazil

Brazilian Indian Avelino Nunes Macedo, 35, from the Xakriabá tribe was brutally beaten by ...

Women from 12 Countries Gather in Brazil Looking for Gender Equality

Over 50% of the world’s food is produced by women, according to data from ...