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

Brazil Doing Bad, Lula Doing Good

At the beginning of the Lula term of office, the time people were willing ...

Brazil’s Chief of Staff Vs Finance Minister Feud Is Over

Brazil’s Minister Jaques Wagner, head of the Secretariat of Institutional Relations declared that "the ...

Unhappy, Striking Brazilian Civil Servants Get 16% Raise and Go Back to Work

In Brazil, last weekend (August 25 and 26) was the deadline for striking federal ...

Brazil and Amazon Nations Officials Discuss Science and Technology

Amazon region countries take another step toward achieving greater regional cooperation with the First ...

With High Inflation and Low Growth Brazil Doesn’t Know What to Do With Its Interest Rate

Brazilian analysts believe Brazil’s central bank will leave its benchmark interest rate unchanged at ...

Brazil: Despite Crisis Lula’s Popularity Reaches Record High: 84%

Luiz Inácio Lula da Silva, the president of Brazil, had a stunning 84% approval ...

On the Cutting Edge of Cattle Breeding in Brazil

Sant’Ana do Livramento is one of the most traditional cities of the southern Brazilian ...

US Treasury Secretary in Brazil to Discuss Growth

The Growth Group, consisting of Brazil and the United States, will have a meeting ...

Brazil Creates Company Just for Defense and Security Aircraft

Embraer, Brazil’s aircraft maker has just unveiled a new subsidiary that will be focused ...

Contrary to Experts Brazil’s Finance Minister Forecasts a Minimum 4% GDP Growth

Guido Mantega, Brazil’s  Finance Minister is still maintaining his estimate of growth of between ...