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Petrobras CEO Sees 100,000 bpd from Sergipe Area by 2018

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Reuters

RIO DE JANEIRO, Sept 27 (Reuters) - Brazil's state-run oil company Petrobras will produce 100,000 barrels a day from its offshore Sergipe prospects by 2018, Chief Executive Maria das Graças Foster said on Friday about one of the company's most promising new discoveries.

The executive told reporters at a news conference that the prospects from the northeastern state of Sergipe are "very good" but gave no estimate of the discovery's size.

Early drilling results show that the area controlled by Petroleo Brasileira SA and Indian partners Bharat Petroleum Corp (BPCL) and Videocon Industries Ltd likely holds more than a billion barrels of oil, government and industry officials told Reuters recently.

If confirmed, the new find could make the region the country's biggest new oil frontier since the government unveiled the massive subsalt discoveries off the coast of Rio de Janeiro and Sao Paulo states in 2007.

Graças Foster said the company has begun talks with Chinese officials over possible partnerships in constructing new refineries in the region, once oil production picks up there with the development of the offshore wells.

Copyright 2014 Thomson Reuters. Click for Restrictions.

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