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.


J-ENG 6UEC35LSGH hydrogen-fuelled engine unveiling. Japan Engine completes land-based testing of landmark hydrogen-fuelled engine for large vessels  

Hydrogen co-firing rate of at least 95% achieved during factory testing.

Aerial view of tanker vessel at sea. Ethanol edges into shipping’s fuel mix as methanol crossover eases adoption barriers  

Rising interest from cargo owners, shared technology with methanol and Brazilian production growth push ethanol beyond regional niche status.

AiP award ceremony for multi-purpose fuel tank and FGSS design. ABS grants Hanwha Ocean approval for dual-fuel tank enabling LNG-to-ammonia switch  

In-principle approval awarded for fuel tank and supply system enabling LNG carriers to convert to ammonia without replacement.

Lloyd's Register issues Factual Statement (FS) for PureMetrics CEMS. Lloyd's Register confirms suitability of Daphne Technology's emissions monitoring system  

Factual Statement validates the PureMetrics design for monitoring greenhouse gas emissions from marine engines.

IMO building with national flags. IMO issues shipboard biofuel blend checklist developed by IBIA  

Checklist for FAME-based biofuels formally incorporated into IMO document, supporting crews handling biofuel blends for the first time.

YM Weight naming ceremony. Yang Ming names fourth LNG dual-fuel container vessel YM Weight  

Newbuild features high-pressure dual-fuel main engines capable of running on either LNG or low-sulphur fuel oil.

Bureau Veritas grants AiP to SDARI. Bureau Veritas grants AiP to SDARI’s LNG dual-fuel liquefied CO₂ carrier design  

Classification society approves 85,000-cbm vessel concept designed to support the growing carbon capture and storage sector.

Houston skyline at night. JuWonOil looking to strengthen with two Houston hires  

Texas-based firm is recruiting a marine lubricants sales executive and a marine fuels and distillates trader.

Lloyd's Register (LR), Seapeak, Kongsberg Maritime and Tunable JDP launch. Four firms partner to trial continuous emissions monitoring on LNG carrier  

LR, Seapeak, Kongsberg Maritime and Tunable will test onboard CO₂ monitoring against engine data and default emissions factors.

Bunker Holding logo. Bunker Holding reshuffles commercial leadership across brand portfolio  

Appointments announced across KPI OceanConnect, Glander International Bunkering and its digital sales operations.


↑  Back to Top