Rio de Janeiro, RJ - José Sergio Gabrielli de Azevedo, Petrobras’ CEO, has said that Petrobras’ will invest nearly a quarter trillion US (US$224.7 billion), in enhanced production capacity and the company’s supply chain. This does not include production or exploration work currently ongoing and scheduled.

 

Gabrielli added that "From 1980 to 2011, Petrobras’ crude oil production had a tenfold increase. By 2020, our oil production will increase from 2.1 million barrels per day (bpd) to 4.9 million bpd", he said. According to Gabrielli, According to the CEO, Brazil’s economy is growing faster than the world economy. Additionally, the country’s demand for oil products is growing faster than the worldwide consumption.

 

Reaching the production goal of 4.9Million bpd would rank Brazil ahead of Iran and Iraq, second only to Saudi Arabia. Stable levels of production in Iran and Iraq are far from assured with a very cloudy geopolitical picture, darkening daily. Saudi reserves and production have already peaked and are expected to begin tapering off by 2020 just as Brazil hits its stride.

 

“We will build another five refineries by 2020, and we will need seaports, airports, drilling rigs, platforms, support vessels, hundreds of wet Christmas trees, thousands of valves, etc. Therefore, we need to build a huge infrastructure in Brazil for the years to come”, he said. Mr. Gabrielli invited foreign businesses to invest in Brazil’s development. “Opportunities for foreign companies still exist in Brazil, and they are welcome but 65% of the capital will have to be domestic," he warned. Petrobras is one of the driving forces of Brazilian growth.  

Significantly, the three largest refineries shown in the table, Abreu and Lima, 230,000 barrels a day, and Premium I and II, 300,000 barrels a day each, are all located in the country´s Northeast region, spreading development to other areas away from the São Paulo – Rio corridor, currently the densest concentration of industrial activity.
There are almost daily announcements in the roll out of the pre-salt deep water deposits off the coast between Rio and São Paulo as exploration and development continues there. The immense deposits are in very deep water, like the latest find at a water depth of 2,694 meters or 8236 feet. Once at the sea bed crews then have to drill through another 1,000 meters or more of rock hard salt deposit to reach the reserves.  By necessity, Brazil has become the world´s acknowledged leader in deep water and other sophisticated technologies required to tap the pre-sal deposits, once considered unreachable.

 

In October Petrobras´ total output was 2,606,919 barrels per day, 2.9% ahead of last October and 0.59% ahead of September, and on the way to projected 2020 production targets set by the company. These figures include production from all sources, both outside and within Brazil. With the development and experience of these advanced technologies evolved out of the pre-sal experience, Petrobras has been invited to any number of deepwater joint ventures elsewhere in the world and now has production in far flung locations as a result.

 

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