Brazil’s Petrobras to Invest US$ 15 Billion. Most Goes to US

Brazil Petrobras platform in Gulf of Mexico Brazil government managed oil corporation Petrobras announced international investments totaling US$ 15 billion US dollars in the 2008/2012 period, most of which in exploration and production in the Gulf of Mexico, Argentina and Western Africa.

Petrobras' international area director, Nestor Cerveró, said that overseas projects in these areas would absorb 70% of those funds, equivalent to US$ 10 billion. He added that Petrobras international oil, LNG, and natural gas production goals for 2012 are 436.000 barrels of oil equivalent per day, and 698.000 barrels per day by 2015.

Refining, Transportation, Marketing, & Petrochemicals, or (RTMP) will be allotted US$ 3.7 billion (25%) while other business segments involved the remaining 5%.

Regarding downstream (Refining, Transportation, marketing), the strategy is to increase the integrated performance in refining, marketing, logistics and distribution, focusing on the Atlantic Basin.

Petrobras will seek to boost its presence in Petrochemicals and Gas & Energy in South America. In the bio-fuel segment, meanwhile, the company hopes to become a global player, leading bio-diesel production and increasing participation in the global ethanol business.

Unites States in the Gulf of Mexico will attract most investments, US$ 4.9 billion, followed by Argentina, Nigeria and Angola.

Cerveró reiterated that Petrobras overall investment in the next five years will reach US$ 112 billion including all areas. "We're planning to be among the world's top five energy corporations by 2015."

Production goal for 2012 is 3.058 million bpd, 50% above 2006 production. By 2015 the volume should reach 3.455 million bpd.

In related news Petrobras announced that the Xerelete oil field to the south of the Campos Basin, offshore Rio do Janeiro, has become commercially viable, according to Brazil's National Petroleum Agency. The area involved is operated by Petrobras in partnership with Total and Devon.

Preliminary geological studies indicate the accumulated Xerelete oil field area may extend over 26 km² (10 square miles), holding an estimated in-place volume of some 1.4 billion barrels of oil equivalent. Additional studies are being carried out to define this new field's production development project.

The 1-EPB-1-RJS well at the Xerelete field was drilled at a water depth of 2,483 meters (8,156 feet), having reached sandy 17.5° API oil-bearing reservoirs at a depth of 3,478 meters (11,411 feet) .

The accumulation's productivity was confirmed via the delimitation well 3-RJS-648 (3-BRSA-481-RJS), where flows of up to 2500 barrels of oil per day were registered. A new world water depth record (2,460 m – 8,071) was set at this well with the use of the Submerged Submarine Centrifugal Pump.

Mercopress

Tags:

Ads

You May Also Like

Brazil Has 15% of the World’s Children Working in Mines: 146,000

A study by the International Labor Organization (ILO) reveals that one million children and ...

Bolivia Is Making More Than They Ever Dreamed Selling Gas to Brazil, Says Petrobras

Brazilian President Luiz Inácio Lula da Silva inaugurated Saturday, June 10, the lay out ...

Why Can’t Brazil Bashers Accept the Simple Fact that Lula Won Reelection?

For those who read the national and international news media, mainly the interactive media ...

For Brazil UN Human Rights Council Should Guarantee Life Free from Fear

The United Nations Human Rights Council is composed of 47 countries, elected among the ...

Favelas Growing 4.5% a Year in Brazil

What grew 4.5% a year in Brazil between 1991 and 2000? Unfortunately it was ...

For Some Brazilian Cosmetics Companies Arab is the Open Sesame for Exports

The Arab world doesn’t stop generating new business for Brazilian cosmetics industries. Vita Derm, ...

Brazilian President Lula and his Chilean colleague Bachelet

Brazil and Chile Agree: Education is Priority Number 1 in LatAm

Brazilian President Luiz Inácio Lula da Silva and his Chilean counterpart Michelle Bachelet called ...

Brazil Tax Evasion Prevention System Draws Curious Foreigners

Interested in knowing the anti-evasion system implemented by the Brazilian Federal Revenue representatives of ...

State-controlled Brazilian oil company Petrobras

In 19 Countries, Brazil’s Petrobras Learns to Play Global Game

Brazil's state-controlled oil company Petrobras will present its experiences at the Conference of the ...

Brazil Gets Ready to Cash Its Carbon Credits

Alongside India, Brazil holds a leadership position in the Clean Development Mechanism (CDL) market, ...