Petrobras targets a tripling of offshore output

The Brazilian state oil giant, Petrobras, has stated that it intends to triple production from Brazil’s deepwater fields by 2017. At present, these fields produce approximately 300 000 bpd, but according to a newly released business plan, the company is looking to push this figure up to 962 500 bpd.

The company’s President, Maria das Gracas Silva Foster, said that by 2017 they expected to be producing a total of 3.4 million boe (including natural gas production); a figure that is “one million more than … 2012.”

Foster also stated that by 2020 this overall production figure would rise to 4.2 million bpd as the country’s giant pre-salt reserves finally come online.

In order to reach this significant target, the company has planned to invest US$ 147 billion (62%) of a US$ 237 billion investment fund solely on exploration and production. Foster echoed the need for additional discoveries and improved production rates: “We need to drill for oil (to reach the) exceptional results” that have been predicted for 2017.

Edited from various sources by David Bizley

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/20032013/petrobras_targets_a_tripling_of_offshore_output/