Brazil to Be Self-Sufficient in Oil by 2006

The Financial Director of Petrobras, José Sérgio Gabrielle, estimated that the Brazilian state petroleum enterprise will be selling over a million barrels of oil daily to foreign markets in 2010.

According to Gabrielle, Petrobras’s goal by 2010 is to expand its daily production abroad to 613 thousand barrels, which, when added to exports of 550 thousand barrels of oil derived from domestic fields, would give the company over a million barrels in daily exports at the end of this period.

In a speech before the American Chamber of Commerce in Rio de Janeiro on “The Insertion of Petrobras in the International Capital Market,” he revealed that between now and 2010 the company plans to invest US$ 7.5 billion, 80% of this total in the area of Petroleum Exploration and Production.

“Objectively, from the viewpoint of Petrobras, the company’s capacity to produce domestically and generate an export surplus is improving substantially, and the tendency is to improve even more, diminishing the company’s and the country’s outside vulnerability in terms of petroleum,” he concluded.


The executive manager of Exploration and Production at Petrobras – Petróleo Brasileiro, Francisco Nepomuceno, says the company will continue to increase production until the end of 2005, when production should reach 1.85 million barrels per day. And in 2006, with a further increase to 2.2 million barrels per day, Brazil will be self-sufficient.

Nepomuceno said that with the arrival of the P-43 platform in December in the Barracuda-Caratinga field in Campos, there will be a spike in production.


“We have the infrastructure to handle 1.85 million barrels per day by the end of next year,” he declared.

This year production is running at an average 1.56 million barrels per day, but should rise to 1.64 million barrels per day by this December.

Agência Brasil

Tags:

  • Show Comments (1)

  • Guest

    Hurrah !!!
    Brazil will be exporting oil. That’s good news.
    I bet the first country in the line will be Saudi Arabia, begging for a bit of oil at a lower price.Then Iran, Iraq,Venezuela. Who else is missing in the list?

    Will it continue to be self sufficient in hunger, misery,etc?

    Blow me !!!!

Your email address will not be published.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

The Amazon Conundrum

She might have lost her cool and might have told him that it was ...

Gabrielli Cristina Eichholz was raped and killed inside a church in Brazil

Brazil Looks for Rapist Who Strangled 1-Year-Old Girl Inside Church

The Brazilian police have already interrogated without success over 20 people in connection with ...

Corruption Number One Concern for Brazilians. 70% Trust Armed Forces

A new poll in Brazil by the National Transportation Confederation (CNT) and the Sensus ...

Argentina’s 7.6% Growth Pushes LatAm Up, Despite Brazil’s 4% Increase

Latinamerica and the Caribbean region economies are forecasted to expand 5% in 2006, up ...

Minas Gerais Big Winner in Routes of Brazil Contest

Minas Gerais, a state in southeastern Brazil, won four of the eight Routes of ...

Indians from Brazil Get Land They Had for 400 Years

The homologation of Brazil’s Raposa Serra do Sol indigenous reserve last week legitimized the ...

Brazil: Sí£o Paulo’s Big Push to Export

The government of the state of São Paulo, Brazil, plans to increase the number ...

Brazilians and Arabs Looking for a Common Agenda

The Arab and South American countries, being developing nations, have common interests with regard ...

Brazilian state controlled company Furnas

Brazil’s Politicians Share the Spoils

Trying to explain Brazilian society to western Europeans and Americans can be frustrating. When ...

Brazil: The Meanness of Lula’s Regime

Brazilian House members may face the possibility of being sued and convicted for crimes ...