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Petrobras Sees 2014 Crude Oil Production 'Significantly Higher'

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RIO DE JANEIRO - Brazilian state-run oil company Petroleo Brasileiro, or Petrobras, expects crude oil production to surge in 2014 as the company ramps up output on seven new production platforms that will be installed this year, the company's exploration director said Monday.

"Production in 2014 will be significantly higher than what we have been doing in 2013 and 2012," said Jose Miranda Formigli, Petrobras's exploration and production director, said during a conference call with analysts.

Petrobras reported a 4% decline in crude oil output in the first quarter compared with the fourth quarter of 2012, primarily because of ongoing maintenance shutdowns at aging offshore platforms. Petrobras expects output to remain stable for a third-consecutive year in 2013 at about 2 million barrels per day.

But the company has already installed two new platforms, with a third expected to start production by the end of May. An additional four platforms will follow throughout the rest of 2013. Petrobras plans to add more than 50 production wells at offshore platforms this year, Mr. Formigli said.

"All the benefits of these systems that have been installed we will get next year," Mr. Formigli said.

Copyright (c) 2012 Dow Jones & Company, Inc.

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