Brazil Petrobras to Invest US$ 69 Billion up to 2012

    Petrobras platform

    Petrobras platform Brazilian state-controlled oil and gas multinational Petrobras has just started producing oil in the first well of the pre-salt layer in Jubarte field, in Campos Basin, in the state of EspÀ­rito Santo, in Southeast Brazil.

    According to information disclosed by Petrobras, the well is connected to platform P-34, in operation on the coast of the state of Espí­rito Santo since 2006. Until now the P-34 only had only extracted oil from shallower wells, above the pre-salt layer.

    Initial production should be around 10,000 barrels of oil a day, but the capacity is 18,000 barrels a day. The depth of the sea in the area is 1,400 meters and the platform is located 70 kilometers away from Anchieta, a city in the state, and 90 kilometers away from Espí­rito Santo state capital, Vitória.

    Petrobras makes use of the structure that already exists in the P-34 to extract oil from the well. It is not part of the most recent discoveries in the pre-salt layer, in Santos Basin, located further south, which include large wells like Tupi and others with great potential.

    The Federal Government of Brazil has not yet defined what will be the model of production of the reserves discovered in Santos Basin. An inter-ministry committee has been created to discuss the matter. According to the Brazilian president, his cabinet should present a report by the end of the month.

    Exploration and production in the pre-salt layer may expand the investment forecasted by Petrobras in coming years, as the reserves recently discovered promise to make Brazil into a net exporter of oil.

    In the first half of this year, the state-owned company invested US$ 12.3 billion (US$ 7.5 billion) in business in the country and abroad. From 2008 to 2012, the forecasted investment is US$ 112.4 billion (US$ 68.8 billion), not counting operations in fields like Tupi, which should cost more due to the great depth of the wells.

    In July, the company's production of oil and natural gas in Brazil and abroad was 2,420,414 barrels of oil equivalent a day, an increase of 3.9% over the same period in 2007 and stable when compared to June this year.

    In Brazil, average monthly production of oil was 2,195,855 barrels of oil equivalent, growth of 5% over July 2007 and stable when compared to June this year. The company had net profit of 15.7 billion reais (US$ 9.6 billion) in the first half, record for the period.

    Ethanol

    The Brazilian Ministry of Agriculture promoted this week the 1st Ethanol Week: Sharing Brazilian Experience. The event was held at the center of Agrarian Sciences of the Federal University of São Carlos, in the city of Araras, interior of the state of São Paulo,

    The aim of the event is to provide training to 70 representatives and leaders from countries such as Angola, Mozambique, Senegal, India, Mexico, Paraguay, Colombia and Honduras, in manufacturing ethanol from sugarcane. The project is in keeping with technical cooperation agreements signed by the Brazilian government with several countries.

    The course, simultaneously translated into Spanish and French, tackled matters such as the ethanol scenario within the context of global and Brazilian energy, the potential of sugarcane in energy production, the importance and the characteristics of the sugar and alcohol industry in Brazil, the ethanol production chain, distribution and commercialization of ethanol: transport, storage, supply and export.

    Anba/Abr

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