Rio - The Financial Director of Petrobras, José Sérgio Gabrielle, estimated that the Brazilian state petroleum enterprise will be selling over a million barrels of oil daily to foreign markets in 2010.

According to Gabrielle, Petrobras's goal by 2010 is to expand its daily production abroad to 613 thousand barrels, which, when added to exports of 550 thousand barrels of oil derived from domestic fields, would give the company over a million barrels in daily exports at the end of this period.

In a speech before the American Chamber of Commerce in Rio de Janeiro on "The Insertion of Petrobras in the International Capital Market," he revealed that between now and 2010 the company plans to invest US$ 7.5 billion, 80% of this total in the area of Petroleum Exploration and Production.

"Objectively, from the viewpoint of Petrobras, the company's capacity to produce domestically and generate an export surplus is improving substantially, and the tendency is to improve even more, diminishing the company's and the country's outside vulnerability in terms of petroleum," he concluded.

Agência Brasil
Reporter: Nielmar de Oliveira
Translator: David Silberstein
08/31/2004