Petrobras to triple exports by 2020

1 November 2011, Sweetcrude, Singapore – Petrobras’ chief executive officer says the Brazilian company would be tripling its crude exports to between 1.5 million and 1.6 million barrels per day by 2020, from the current 520,000 bpd.

Jose Sergio Gabrielli said at the Singapore International Energy Week conference that Petrobras would be boosting crude output to 4.9 million bpd by 2020, from around 2 million bpd now, which would make Brazil one of the world’s three largest oil producers.

“We are forecasting to be a very big net exporter by 2020, not only of oil products but also of crude,” Reuters quoted Gabrielli as saying.

Crude exports to the US and China would double to 400,000-450,000 bpd, he added.

Petrobras plans to become one of the world’s largest publicly listed oil companies by tapping crude from the deep-water region known as the subsalt, which is believed to hold more than 50 billion barrels of oil.

Gabrielli also said he does not think Britain’s BG Group was planning to sell its stake in its Brazil subsidiary.

Brazilian media reported last month BG might sell part of its holdings in offshore blocks in Brazil. Gabrielli said at the time that BG may sells shares in its Brazilian subsidiary but not in its offshore oil blocks.

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