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:

  • 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Your email address will not be published.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

Lula: "Brazil-China, a Model for the 21st Century"

Brazilian President Lula speaking in Beijing, said that relations between Brazil and China were ...

US Foundation Tells Brazil to Break Patents If Needed to Keep AIDS Program Going

On the heels of an article published yesterday, January 3, in the Boston Globe, ...

Marina for President of Brazil? Great, She’s Green! And She’s a Born Again

When Brazilian president Luiz Inácio Lula da Silva started showing signs that his presidential ...

Dollar Firms and Brazil Stocks Tumble Down

Brazilian shares tumbled, as investors took profits and the U.S. dollar strengthened. Brazilian stocks ...

Brazil and South America’s Soybean Reserves Reach Low Levels

According to Oil World latest forecast, Brazil and South America's soy bean reserves suffered ...

Brazil Ready to Punish the US: US$ 560 Million in Tariffs on 222 Products

In response to protectionist measures adopted by the U.S. government in the cotton sector ...

Brazil Company Linked to the Clintons Has Hundreds of Slave-Like Workers

Seventeen Brazilian workers hired by Brenco, a biofuel company in which former American president ...

Foreigners Invest Over US$ 10 Billion in Brazil, 67% More than Last Year

Foreign Direct Investment (FDI) in Brazil should exceed the US$ 25 billion target established ...

Brazil Publishes List of 222 Products for Retaliation Against the US

The Brazilian government is getting ready to retaliate against the United States for the ...

Pesticides Set Big Farms Against Small Farmers in Brazil

The municipality of Lucas do Rio Verde, the second largest producer of grains in ...