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Brazil needs more investment, Petrobras to concentrate its investments in Latin America, Africa, and in the U. S.
Petroleumworld
RIO
Petroleumworld.com 09 13 06
Brazil needs more investments in oil exploration and production to maintain current reserve levels and attain its self-sufficiency goal in oil, Jose Miranda, executive manager for exploration and production at Petrobras said Monday."At current production levels, Brazilian oil reserves would last 15.7 years," Miranda, said. "But consumption is estimated to increase by about 3% a year, that's not included in the estimate."
The country now produces approximately 1.8 million barrels of crude oil per day, with Petrobras accounting for 1.785 million b/d, Shell another 30,000 b/d and Repsol-YPF (REP) some 8,000 b/d. Brazil will be self-sufficient in oil once crude production surpasses 1.85 million b/d, .needed for national consumption.
Petrobras will concentrate its investments in Latin America, Africa, and in the United States
Petrobras' International Director, Nestor Cerveró, said, Tuesday, that Petrobras will concentrate its investments abroad in Latin America - more precisely and in South America -, in Africa, and in the United States (Gulf of Mexico). Petrobras has approved investments in the order of $12 billion in the international market for the 2007-2011 quinquennium. This amount is included in the total of $58 billion the company will invest in the same period.
"We have confirmed there is great potential in these locations. In fact, there has been a change in the international investment scenario since last year, when we diversified our investments abroad," explained Cerveró. The director also emphasized the recent acquisition of new drilling wells in Angola, for $400 million.
Petroleumworld 12 09 06
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