To signup, please click here


I already have an account, Go to login!

Forgot your password?

 



Dec 2014

Nov 2014

Oct 2014

Sep 2014

Aug 2014

Jul 2014

Jose Sergio Gabrielli—Chief Executive of Petrobras—says that Brazil’s oil production is comparable to the North Sea

Email Story!

Let friends in your network know what you are reading about

Petrobras CEO Says Brazil the New North Sea

  Brazil’s economy has remained relatively stable amidst a worldwide recession, and the main driver has been the discovery of plentiful offshore oil and gas reserves.  The...

http://www.energydigital.com/utilities/2274/Petrobras-CEO-Says-Brazil-the-New-North-Sea


Petrobras CEO Says Brazil the New North Sea

- Utilities - Aug 05, 2011

 

Brazil’s economy has remained relatively stable amidst a worldwide recession, and the main driver has been the discovery of plentiful offshore oil and gas reserves.  The country’s state-owned oil giant Petrobras has spearheaded offshore exploration and production in Brazil, and the company’s CEO Jose Sergio Gabrielli is bullish on Brazil’s oil output.

Brazil’s oil production has place the country “at the same slope of production as in the first 10 years of the North Sea,” claims Gabrielli.  He adds that Petrobras is growing faster than “Exxon, Shell, Saudi Aramco, Gazprom… you name it!”  Gabriellie eyes the title of world’s top producer by 2020, however, he recognizes that will depend “on the speed of the others.”

 

SEE OTHER TOP STORIES IN THE WDM CONTENT NETWORK

CFA Fights Against Anti-Fuel Standards Automakers

Oil Ministry Set on Fire in Oslo Bombing

Read the latest issue of Energy Digital!

North Sea production by both the U.K. and Norway reached peak production in 1999 of 6 million barrels per day (bpd).  By comparison, Petrobras has thus far discovered 15 billion barrels of proven reserves in pre-salt seabed layers off the coasts of Brazil.  It is estimated that the region could contain as much as 50 billion barrels of oil.  Petrobras is forecasting daily production of 6.42 million bpd of oil equivalent (which includes natural gas) by 2020, slightly more than the North Sea at its peak.

Petrobras expects to round out 2011 with an average production of 2.77 million barrels of oil equivalent per day.  The company plans to invest $224.7 billion between 2011 and 2015, with 57 percent going to exploration and production.  With a break even price of $45 a barrel, and world market price for crude still hovering above $100 a barrel, Petrobras is ideally positioned to take the lead in global production from a profits perspective as well.

Like what you see! Signup for our weekly newsletter

Comments(0)

POPULAR VIDEOS

Chevron Tests Solar Technologies
00:02:47 Chevron Tests Solar Technologies
ENERCON E 82

ENERCON E 82

00:02:00

COMPANIES

Dalkia Polska

Masovia, Poland

M+W Group

Wiltshire, United Kingdom

Leviton

D.F., Mexico