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.