Brazil Reaches Oil Self-Sufficiency by Year’s End

    Brazilian petroleum output should be enough by the end of 2005 to meet the country’s demand reported in BrasÀ­lia José Sérgio Gabrielli, CEO of Petrobras, Brazil’s government owned oil corporation.

    Mr. Gabrielli said Petrobras output (domestic and overseas) will reach a daily production of 2.231 million BOE barrels per day and “will be able to sustain that level, and even above, for many years to come. The level of developed reserves should remain stable for at least the next twenty years”.


    Petrobras is currently developing new reserves and expanding production as part of a US$ 56 billion 2006/10 investment plan announced last August.


    “By 2010 Petrobras is estimated will have a daily production of 3.4 million barrels, equivalent to Mexico’s current output”, indicated Mr. Gabrielli who nevertheless added that even with self sufficiency Brazil will continue to import oil because domestic production is mostly heavy crude and the company’s refineries operate mostly with lighter oil.


    Petrobras August domestic production of oil and natural gas is 1.96 million BOE bpd which represents 10.6% over August 2004 but 2.8% less that last July.


    International oil and natural gas production from eight countries with Petrobras operations totaled 263,834 BOE bpd, a slight 0.7% increase over last month, with Bolivia and Venezuela compensating output contractions in Ecuador and United States.


    Domestic oil production totaled 1,695 million bpd, a 2.9% drop from July because of maintenance jobs in several oil rigs in the Marlim, Caratinga and Albacora fields. Natural gas domestic daily production last August in Brazil reached 43,318,000 cubic meters and overseas oil production 165,824 bpd.


    Mr. Gabrielli also announced that the company’s subsidiary, Petrobras America had discovered offshore high quality natural gas reserves at its Garden 244 block in the Gulf of Mexico. Gas was struck at a water depth of 640 meters and the well should be producing by early 2007.


    Petrobras has an 80% stake in the project and is the operator. Independent oil and gas explorer Marine Energy Inc has the remaining 20%. The Garden Banks is one of the four focal areas for Petrobras in the Gulf of Mexico. Last month Petrobras won exploration rights for 53 blocks in the Gulf of Mexico including a new block close to the Cottonwood find.


    The Brazilian oil company has plans to invest US$ 1.5 billion in the next five years in the Gulf of Mexico to reach an output target of 100.000 bpd in 2010.


    This article appeared originally in Mercopress – www.mercopress.com.

    Tags:

    • Show Comments (0)

    Your email address will not be published. Required fields are marked *

    comment *

    • name *

    • email *

    • website *

    This site uses Akismet to reduce spam. Learn how your comment data is processed.

    Ads

    You May Also Like

    Maracanã stadium in Rio, Brazil

    Brazil’s Once World’s Largest Stadium Gets Olympic Face-lift

    Nicknamed the Soccer Temple by Brazilians, Rio de Janeiro's Maracanã Stadium, which is due ...

    Elections in Brazil: Time for Wheeling and Dealing

    Twenty-one states had completed their vote counts by 1.30 yesterday afternoon, but that didn’t ...

    Brazil’s TAM Airlines Reelects Two Women as Chairman of the Board and Chairman

    TAM S.A., Brazil’s largest airline company, reelected the members of its Board of Directors ...

    Brazil’s Petrobras Shares Grew 45% in New York in 2006

    Brazil's mostly government owned oil corporation Petrobras celebrated this week its entry to the ...

    Raul Castro and Lula

    OAS: For Brazil’s Lula, Cuba Is Not the Ugly Duckling Anymore

    Brazilian president Luiz Inácio Lula da Silva called the unanimous decision by the Organization ...

    Despite Brazil and Mercosur, Miami Vies to Become FTAA’s Headquarters

    Recent trade developments in the Americas continue to renew prospects for a hemisphere-wide trade ...

    Brazil Can’t Compete on Cost or Gumption with China

    So as to reach Arab consumers, most of the Brazilian companies face a challenge: ...

    Brazil Salmaso’s Eloquent Simplicity

    An interpreter whose air of intimacy, unmatched timbre, and unique sense of phrasing entices ...

    US president elect Barack Obama

    What Brazil Wants from Obama: End to Farm Subsidies and to Cuba’s Embargo

    Barack Obama's victory in the United States presidential election represents most of all the ...