Petrobras Says It Will Double In Size By 2020

June 2013, Vol. 240, No. 6

Petrobras will double in size in the next seven years, said CEO Maria das Graças Silva Foster at last month’s Offshore Technology Conference in Houston. She said production in Brazil, which was 2.2 Mboe in 2012, will reach 5.7 million in 2020, largely due to the pre-salt.

“We have made 53 discoveries in Brazil during the last 14 months. In the pre-salt alone there were 15 discoveries. Petrobras’ reserves have the potential to double in size and reach 31.5 billion barrels of oil equivalent in the coming years.” She said “there is no doubt” that the results are due to the company’s investments, which have increased at a rate of 21.5% per year since 2000 and reached US$42.9 billion in 2012.