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Petrobras to double oil, gas production by 2020: Foster

Keywords: Tags  Petrobras, Maria das Gracas Silva Foster, oil, gas, production, Brazil output, Thorsten Schier

NEW YORK — Petróleo Brasileiro SA (Petrobras) plans to double its oil and gas output by 2020 and become a significant exporter of oil, its top executive said.

"This path is not simple," chief executive officer Maria das Graças Silva Foster told attendees at the Offshore Technology Conference (OTC) in Houston.

Brazil’s output will total about 5.2 million barrels of oil equivalent per day by 2020, Foster said.

Of that, the state-run company plans to export about 2.1 million barrels of oil per day, she said, without disclosing whether the country will also be able to export natural gas.

Gas production currently makes up about 10 percent of Petrobras’ fossil fuel output, Foster said.

Petrobras averaged about 2.55 million barrels per day of oil and natural gas production during the first quarter, according to the company’s earnings results.

The company plans to invest $237.6 billion between 2013 and 2017 to increase output, Foster said.

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