Petrobras Chairman Details Future E&P Plans at
OTC Brasil 2013

Rio de Janeiro, Brazil (30 October 2013) ‒ At a topical luncheon held on Tuesday, opening day of OTC Brasil 2013, Petrobras Chairman Maria das Graça Foster said that the company must reach 4.2 million barrels/day of total oil production by 2020 – the year that the state-owned company’s Libra field begins first oil production. According to Foster, Petrobras will double its size to meet the growing demand for oil and gas, and an estimated minimum of 12 drill rigs will be required for Libra.

“In six years, it (Petrobras) will double its size. Our ultimate priority is the E&P area. In the following six years, 'P' will be more important than the 'E',” Foster said. Libra has estimated reserves of at least 8 billion BOE. In addition, she estimates that between 2016 and 2019, the extraction of the first oil from production units intended for onerous assignment – the transfer of 5 billion barrels of oil as part of the company’s capitalization process, between 2010 and 2011.

She pointed out that the country is structuring the shipyard chain for the construction of drill rigs and tankers, as well as new refining plants that will be capable of doubling the current capacity. She also presented the schedule of drill rigs such as the P-63 (concluded), and the P-61, to be ready for operation in December.

Before an audience of more than 100 representatives from local and international companies, Foster emphasized the success of the Bidding Round 11 and pointed out that there are no means to build new production units with 100% local content, confirming their interest in partnerships with foreign exploration companies.

Foster said that Brasil may increase its participation in the global pricing formation, in particular, 2020, when new and large pre-salt reserves and other relevant discoveries in several parts of the world will begin production. Among other details, analysis shows that the average Brent oil price may drop to approximately USD 80 by 2020 due to the increase in reserves along with a greater idle capacity of  production units. She estimates that Petrobras’ participation in this process will be significant with pre-salt and new reserves in a future scenario that will observe higher prices beginning in 2020 when the idle capacity is expected drop.

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