Brazil’s Oil Production: Nothing to Call Home About

Petrobras reports that total gas and oil production rose to an average 2,075,000 barrels per day in September, an increase of 1.6%, compared to August. However, compared to September 2003, production remains stable.

September domestic production rose to 1,540,000 barrels per day, up 2.1% over August, but 1.2% less than September 2003.

Foreign production in the eight countries where Petrobras operates was 169,000 barrels per day, up 1.5%, compared to August, and up 0.5%, compared to September 2003.

Petrobras confirmed recently that Brazil will attain self-sufficiency in petroleum and natural gas production in 2006.

This assurance was given by the president of Petrobras, José Eduardo Dutra, during the announcement of the company’s new Strategic Plan for the period 2004/2010.

The forecast for the growth in demand through 2010 is on the order of 2.4% per year, whereas production should increase 5.9% per year, on the average, over the next seven years, when it will attain a daily average of 2.3 million barrels.

This represents a daily surplus of 550 thousand barrels in terms of the expected growth in demand.

To achieve this self-sufficiency, by 2005, when average daily production will be 1.78 million barrels, Petrobras will place in operation platforms P-38, P-43, P-48, and P-50, as well as an FPSO (Floating Production, Storage, and Offshore loading vessel), which will function in the South Marlin field.

Agência Brasil



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