Singapore: Petrobras CEO Speaks About Challenges of Growing Energy Demand

This Monday, (31/10), in Singapure, Petrobras’ CEO, Mr. José Sergio Gabrielli de Azevedo talked about the the last 5 years increase in oil consumption, highlighting that markets such as China, India, Brazil, South America and Africa presented very promising opportunities for the oil and gas sector.

During the Singapore Energy Wekk 2011, Mr. Gabrielli stated 3 challenges to be faced by the industry in the next years: crescent investments on R&D to explore and produce new reserves; more efficiency in the use and production of oil products; and the need to upscale safety standards.

Touching on the trends for the global energy scene, Mr. Gabrielli stressed that the Company intends to meet the growing energy demands by increasing production from 2 million barrels per day to 4,9 million barrels per day (bpd) by 2020. During this period, Petrobras will further increase its refining capacity from 2 million to 3 million bpd.

Discussing the challenges faced by companies in the industry, Mr Gabrielli said that companies need to develop their supply chain systems. He went on to say “the biggest challenges in oil & gas is not what is beneath the ground but what is above it – the supply chains need to be strong to meet the demand for energy”. Adding on to that he also emphasized that technology and safety were key factors to ensuring the global demand for energy is met effectively.

On the back of this argument, the CEO suggested that efficiency and environmental responsibility were vital to maintaining the balance between the global demands for energy with climate change

[mappress]
Source: Petrobras, November 1, 2011;