Petrobras’ CEO Takes Part in Business Summit During Obama’s Visit to Brazil

Petrobras’ president and CEO, José Sergio Gabrielli de Azevedo, participated in the “Creating a Secure and Sustainable Future for the Energy Sector” panel, held during the Brazil-United States Business Summit, sponsored by the Industry Confederation (CNI), in Brasilia, today (03/19).

In the event, Gabrielli said the global demand for oil is likely to increase with the resumption of economic growth in the United States.

Gabrielli highlighted the U.S. government’s approval of Petrobras’ oil and gas production project at the Cascade and Chinook fields, in the U.S. Gulf of Mexico. “We are taking the first FPSO production system to the Gulf of Mexico. The U.S. regulatory body acknowledged the project’s technology and safety.” All approvals have been given, and production should begin soon.

With regard to future projections, he said Petrobras has great prospects for increased production. “We will be a major oil producer; our discoveries will be the main sources of additional global output in the next 10 years.” He also underscored the fact that developing the pre-salt discoveries will require a robust volume of investments and the mobilization of the supply chain in Brazil, the United States, and in several countries around the world.

Concerning biofuels, he said production and demand are expected to grow, particularly in the transport sector. Gabrielli mentioned the project Petrobras is developing on a semi-industrial scale in partnership with a U.S. outfit to produce cellulosic ethanol from sugarcane bagasse.

Besides Petrobras’ CEO, the CEO of Westinghouse Electric Company, Aris Candri; the president of General Electric for Latin America, Reinaldo Garcia; the chairman of the Board of Cosan, Rubens Ometto Silveira Mello; and journalist William Waack, as the moderator, also took part in the panel.

At the end of the Summit, Gabrielli told reporters he considered the attention U.S. president Barack Obama has given to the business relations with Brazil in the energy area to be very positive. “It’s great news. The U.S. government is now starting to consider the strategic value of this relationship among businesses, one which is currently only taking place on a commercial, market basis. New channels and mechanisms are needed to assess and facilitate this relationship,” said Gabrielli.

[mappress]

Source: Petrobras,  March 21, 2011;