Brazil Credits Oil Self-Sufficiency to Having State Monopoly on Oil

The president of Brazil’s state oil company Petrobras, José Sérgio Gabrielli, said that the country’s achievement of self-sufficiency in petroleum production was obtained through the efforts of the company’s workforce and the Brazilian people, who never accepted putting Petrobras on the "privatization block."

In a speech at the National Historical Museum, where a ceremony was held to commemorate the conquest of self-sufficiency, Gabrielli took a retrospective look at the company’s history and pointed out that Petrobras is now the world’s fourteenth largest petroleum company and the seventh among petroleum companies that are publicly traded.

He also emphasized that, in 2005, when platforms P-43 and P-48 started up operations, the company raised its daily production to 1.8 million barrels, boosting annual production by 13%.

"Notwithstanding this production effort, we were able to replace our reserves in the proportion of 1.3 barrels for each barrel we produced."

Gabrielli also recalled that, to expand Petrobras’ foreign presence, the company acquired exploratory blocs in Africa, South America, and the United States, purchased assets belonging to Shell in Colombia, Paraguay, and Uruguay, and bought 50% of a refinery in the United States.

He concluded his speech by referring to the outlook for increasing biodiesel and ethanol production as an option to replace petroleum as energy sources.

Agência Brasil

Tags:

Ads

You May Also Like

Brazil’s Embraer Opens Center in Singapore to Train Asian Pilots

Embraer, the Brazilian aircraft manufacturer, officially inaugurated Tuesday, August 31, its jet pilot training center ...

Red Tape Is Choking Brazil

Analysts are on the lookout for events or circumstances that might blemish the favorable ...

120 Years After End of Slavery Brazilian Blacks Still Far from Getting Equality

Despite Brazil’s NIMBY attitude about racism, while trying to convince itself of being a ...

Brazil’s Underwear Uses Flower Power to Seduce the World

Thirty percent of the annual production of one million items of lingerie made by ...

Brazil’s Projection to Grow Falls for the 11th Time in a Row, Now to a Mere 0.81%

The projection of financial institutions for the Brazilian economic growth, this year, has been ...

Carnaval Biz: It Brings Close to US$ 500,000 to Rio, Brazil

The Rio de Janeiro Carnaval celebration, in Brazil, is certainly spectacular. It is also ...

Unemployment Rises to 7.2% in Brazil But Picture Is Still Bright

Brazil’s employment figures for January have just been released and Brazilians once again seem ...

What’s Eating Brazil

I have an offer from the bureaucrats in the port of Santos, Customs and ...

Brazilian Army Recovers Weapons Stolen by Drug Traffickers

Brazilian Army headquarters in Rio de Janeiro (Comando Militar do Leste) reports that they ...

Brazil Renews Pact With US’s CDC

Brazil’s National Secretary of Health Oversight, Jarbas Barbosa, said, December 15, that the partnership ...