Rio, December 29, 2003 (Agência Brasil - ABr) - Petrobrás is expected to invest US$ 1.5 to 2 billion abroad in 2004, in order to consolidate its position on the international petroleum and gas market and attain an average daily production of around 500 thousand barrels of petroleum and gas equivalent (BOE) by 2007. This year investments came to a little less than US$ 1 billion. This information is from the director of Petrobras's International area, Nestor Cerveró. According to him, investments should amount to around US$ 5 billion between now and 2007.
Cerveró emphasized the expansion of Petrobras's activities abroad, consolidated through the conclusion of its aquisition of the Perez Companc company, which strengthens the Brazilian state enterprise's position in Argentina; access to the Middle East through Iran, which can be extended even more in 2004, through participation in bids to explore for gas in Saudi Arabia, and the expansion of drilling activities in the United States and Mexico, where Petrobrás will begin gas extraction next year.
According to Cerveró, the goals for 2004 will be to consolidate further the company's activities in South America, particularly Argentina, where Petrobrás is already one of the largest petroleum companies on the local market; increase the company's presence in Venezuela; and consolidate its presence in the MIddle East, where the company will start making investments next year that will make possible the beginning of production in Nigeria and on the American side of the Gulf of Mexico.
The director stressed the fact that production of petroleum and gas abroad will not grow much beyond the current daily output of 250 thousand barrels. "Slight growth is foreseen in Venezuela, and a little bit in Argentina. In any event, the growth will not be expressive, maybe around 10%. The 'boom' in international production will occur in 2007, when production starts up in Nigeria and the Gulf of Mexico, as well as a bigger increase in Venezuela. Then, we should indeed reach a daily output of 500 thousand barrels," he concluded. (DAS)
