Petrobras’ CEO Speaks at Event in China

  • Business & Finance


Petrobras’ CEO, José Sergio Gabrielli de Azevedo, spoke this Tuesday (04/12) about the Brazilian energy scenario and future prospects at the seminar themed ‘Brazil-China, beyond complementarity,’ which was held in Beijing and brought together leaders and executives from both countries.

Gabrielli highlighted the opportunities for partnership with China. “Petrobras is undertaking the largest investment program in the world, and is interested in establishing new relationships with Chinese, such as new partnerships, not only in technological development, but also in building new segments,” he said.

During his address, the CEO emphasized both the success the company has achieved oil exploration and the new frontiers that may unfold as a result of the new discoveries that have been made. “Yesterday, Monday, we announced the results of the tests carried out in the Guará region, located to the south of the Lula Field, which confirmed the potential for high output rates there, topping-out at up to 50,000 barrels per day. Therefore, we are not only confirming huge volumes of recoverable oil in these areas, but also high rates of productivity in the tests. Because of this, the costs involved in implementing these projects will tend to fall, making them even more attractive in financial terms,” said the CEO.

Drawing a map of these new discoveries, Gabrielli showcased positive data on the Brazilian oil industry and on the pre-salt. He stressed that in terms of oil and gas output, there has been average growth of 4.5% over the past nine years. He also talked about Petrobras’ deepwater operations, telling seminar participants that the company’s current demand in deepwater drilling areas is equivalent to 47% of the global drilling rig production.

Gabrielli also described the demand Petrobras and its suppliers will have for services and equipment in the upcoming years. The prospect of sustained procurement is an incentive for Chinese companies to settle in Brazil.


Source:Petrobras , April 13, 2011

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