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Friday, March 19, 2010
Brazil Petrobras CFO: 2010 Output Target Set At 2.1 Million Bbl/Day
By Jeff Fick
Dow Jones Newswires
RIO DE JANEIRO -(Dow Jones)- Brazilian state-run energy giant Petroleo Brasileiro (PBR, PETR4.BR) set its 2010 domestic crude oil production target at 2.1 million barrels a day, Chief Financial Officer Almir Barbassa said late Friday.
In 2009, Petrobras narrowly missed its target of 2.05 million barrels of daily crude output after ramping up production at several platforms installed in late 2008 and early 2009. Domestic crude oil output was up 6.3% in 2009 at 1.971 million barrels a day on average.
Production growth in 2010, including the start-up of a pilot production project at the massive Tupi field, should help Petrobras reach its target, Barbassa said.
Tupi holds an estimated 5 billion to 8 billion barrels of recoverable reserves. The find, which was announced in November 2007, was the largest in the Western Hemisphere since Mexico's Cantarell field in 1976.
Copyright © 2009 Dow Jones Newswires
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