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:

You May Also Like

Brazil and Egypt Don’t Know Each Other

To consolidate trade between Egypt and Brazil it is necessary to find equilibrium in ...

This Brazilian’s Promise: To Become the Richest Man on the Planet

Brazil’s billionaire Eike Batista said that he expects to become the world’s richest person, ...

Brazil’s Furniture Industry Counting on Strong Dollar to Weather Crisis

To invest in design and new markets is the best strategy for furniture producers ...

South American Union Born Amid Disagreements and Controversies

Unasur, the South American Union of Nations was officially born Friday, May 23, in ...

Short story

João de Oliveira was moved. He didn’t care about the price anymore. All he ...

US Tourists Still Number 1 in Brazil

Rio de Janeiro remains Brazil’s most popular tourist destination. And Americans continue to be ...

Justice for One. In Brazil, Drug War Goes On.

{mosimage}The execution of a TV reporter by a drug trafficker sent shockwaves through Brazil. ...

Brazil’s Stagnant Revolution

The Left born in the São Paulo ABC assumed Brazil’s presidency with a project ...

Lula Tells Brazil Is Ready to Host Olympics While Rio Endures Daily Blackouts

Brazilian president Luiz Inácio Lula da Silva told reporters on Thursday, November 26, that ...

Argentina, Brazil and Venezuela Discuss Integrating Their Armies

Brazil, Argentina, and Venezuela resolved to step up efforts to integrate their supply chains ...