This is a legacy page. Please click here to view the latest version.
Wed 8 May 2013, 06:59 GMT

Petrobras to double in size in seven years


CEO highlights 'pre-salt' layer and growing demand for aviation kerosene, gasoline and diesel.



Brazilian energy company Petroleo Brasileiro (Petrobras) S.A. predicts that it will double in size by 2020. The statement was made yesterday, May 7, by the company's chief executive officer (CEO), Maria das Graças Silva Foster, during the Offshore Technology Conference (OTC), in Houston, United States.

Silva Foster presented the lecture "The Future of Energy in Brazil: the role of Petrobras", during a panel session entitled "Global Energy Outlook - Shaping the Future", in front of more than 250 attendees.

The CEO said that production in Brazil, which was 2.2 million barrels of oil equivalent (oil and natural gas) per day in 2012, will reach 5.7 million in 2020. The 'pre-salt' layer - vast oil reserves trapped under thick layers of salt on the continental shelf off the coast of Brazil - was predicted to be largely responsible for the increase.

"We (Petrobras) have made 53 discoveries in Brazil during the last 14 months. In the pre-salt alone there were 15 discoveries", Silva Foster remarked. "Petrobras' reserves have the potential to double in size and reach 31.5 billion barrels of oil equivalent in the coming years," she added.

For Silva Foster, 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.

Investments in research and development during the period were significant: over the last twelve years, investments in this area have grown 18.3% per year, and in 2012 they reached US$ 1.1 billion. Petrobras' investment plan for the 2013-2017 period amounts to US$ 236.7 billion.

Silva Foster also highlighted the Brazilian market's growing demand, which has been well above the world average. Between 2000 and 2012, demand for gasoline in Brazil increased by 73%, compared to 17% globally. In the same period, demand for diesel in Brazil rose 52%, compared to 31% globally. "And when comparing aviation kerosene it is even more impressive: while demand in Brazil increased 58%, it decreased 3% globally", she said.

The CEO also noted that the company's investments, together with the local content valuation policy, encouraged foreign shipyards to go to Brazil and become technological partners of the shipyards that are being implemented in the country. Some of them include partners from Japan, China and Korea.

Also taking part in the panel was Angolan Oil Minister, José de Vasconcelos, Canadian Minister of Industry, Tourism and Investment, David Ramsey, and Pemex's Director of Exploration and Production, Carlos Morales-Gil. The panel was mediated by Gamal Hassan, the person responsible for OTC's event schedule.


Navios Turquoise vessel. Navios Partners takes delivery of second LNG- and methanol-ready boxship in newbuilding series  

Handover of 7,900-TEU Navios Turquoise follows delivery of sister ship Navios Cyan in May.

Yang Ming and Hanwha Ocean contract signing ceremony. Yang Ming orders six 13,000-TEU LNG dual-fuel vessels from Hanwha Ocean  

Taiwanese carrier expands green fleet with ammonia-ready newbuilds due for delivery by 2029.

AiP award ceremony for 12,500-cbm LNG bunker vessel design. LR awards approval in principle to Chinese yard for 12,500-cbm LNG bunker vessel design  

Lloyd’s Register validates new LNG bunkering vessel concept by CSSC Huangpu Wenchong at SMM 2026.

Santiago I vessel. Marflet Marine becomes first Spanish merchant fleet owner to operate wind-assisted suction sails  

Spanish chemical tanker operator installs bound4blue eSAILs, targeting 10–15% energy savings.

Teunis Visser, IBIA. IBIA appoints veteran fuel industry trainer Teunis Visser as advisor  

Association brings on board specialist with nearly 40 years of oil, gas and bunker sector experience.

AiP award ceremony for a 114,000-DWT tri-fuel-ready tanker concept. Lloyd’s Register and MARIC unveil tri-fuel-ready tanker concept at SMM 2026  

New 114,000-DWT tanker design offers conversion readiness for LNG, methanol or ammonia.

TFG Marine mass flow meter (MFM). TFG Marine fits two more US Gulf Coast barges with certified mass flow meters  

TFG Marine expands its mass flow meter rollout on the US Gulf Coast, adding ISO 22192 certification to two supply barges.

Hercules Vanessa vessel. HTM’s Hercules Vanessa begins maiden voyage as Ultra-Spec tanker series expands  

Vessel is the latest addition to Hercules Tanker Management’s 10-ship next-generation fleet renewal programme.

Steel-cutting ceremony for TRAnsverse 2600e vessels. Cochin Shipyard begins construction of Svitzer’s battery-electric tugs in India  

Four TRAnsverse 2600e vessels are claimed to be among the most advanced green tugs under construction globally.

TT-Line Green Ship 2.0 illustration. MacGregor wins ro-ro equipment contract for TT-Line’s battery-hybrid LNG ferries  

Company to supply cargo handling systems for two new LNG-powered ferries destined for Baltic Sea routes.


↑  Back to Top