Petrobras Will Increase Production Capacity in 2013

Source: www.gulfoilandgas.com 10/30/2013, Location: South America

Petrobras will receive nine production units in a single year for the first time ever. The installed production capacity of the platforms amounts to 1 million barrels per day and the units coming on stream will be essential for the company to double its current production and achieve the target of 4.2 million barrels of oil per day for 2020. The information was highlighted by the Company's president, Maria das Gracas Silva Foster, during a lunch-lecture at the Offshore Technology Conference (OTC Brazil 2013) in Rio de Janeiro.

Of the nine units starting production or arriving at production site this year, the President pointed out that the FPSOs Cidade de Sao Paulo, Cidade de Itajai and Cidade de Paraty had already come on stream. Another two units - the FPSO P-63 and P-55 - are already in place and the P-58 should leave the Rio Grande shipyard going towards Parque das Baleias later this month.

Besides these, the P-61, the TAD (Tender Assisted Drilling) which was built in China, and the P-62 will arrive at their final locations in December, the President said, in the session called "Planning and Management of Offshore Opportunities in Brazil: the Petrobras Perspective".

"In five or six years time, The "P" for production will be more important for us than the "E" for exploration", the President said, comparing the effort and investment used to increase the Oil Company’s production with exploration activities aimed at new discoveries.

The President also highlighted the growth of the shipbuilding industry in recent years. "We are very proud of the shipyards in Brazil. 10 years ago, a lot of people laughed when we mentioned local content", she said. "In addition to the 17 stationary production units that are currently under construction in Brazil, we have 28 rigs and 41 transport ships being built in Brazil. To meet this (production) curve, we have 12 more contracts to do", said the executive. For her, one of the reasons for the success of the Brazilian shipyards is the association with experienced foreign companies, a criterion that has become a Petrobras demand to sign contracts.

Exploration success in the pre-salt is "spectacular", the President said

The President celebrated the success of pre-salt exploration, which reached 100% in 2013. She revealed that 13 wells have been drilled in the pre-salt this year, and the Company has found oil in all of them, which the executive rated as "spectacular". Altogether, 144 exploratory wells have been drilled in the pre-salt attaining an 82% success rate. "Our exploration success is impressive. If we count offshore and onshore wells, we have a 65% rate, which is far higher than the global average", she compared. She pointed out that Brazil accounted for 62% of large deepwater discoveries world-wide between 2007 and 2012.

On the newly auctioned Libra area, in which Petrobras has a 40% stake, the President expects the first oil to be extracted in 2020. "The regulatory framework (production sharing) is clear, objective and unambiguous", she said, noting that in 2017, when investments in Libra will be more significant, Petrobras will be producing 750,000 barrels per day more than the current 2 million barrels of oil produced daily, which will increase the Company's cash.

Graca Foster also highlighted the importance of partnerships with Brazilian universities and research institutes around the world: "We have spectacular universities in Brazil, we have an intelligence network and we have invested heavily in technology in Brazil." Between 2006 and 2013, the company invested US$ 1.1 billion in research and development. Finally, she talked about the importance of investing in professional training, mainly in the middle level, such as technicians, supervisors and workshop masters: "Middle level training is a major bottleneck", she said.

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