Petrobras 1.92Mb/d Output Goal Depends on 8 Projects

Brazil's federal energy company Petrobras (NYSE: PBR) will rely on eight new or recently implemented oil production projects to reach its 1.92Mb/d average output target for 2007, Petrobras E&P director Guilherme Estrella told local daily Valor Economico.

The 2007 target would be an 8% increase over the 1.78Mb/d average last year, the newspaper reported.

Among new production units coming on line are the P-52 semi-submersible platform, the P-54 floating, production, storage and offloading vessel (FPSO) and the Piranema FPSO that will have combined capacity of 390,000b/d, the report said.

On January 19, Petrobras increased its overall investment budget for 2007 to 55bn reais (US$26.1bn) from the previously announced 47.5bn reais.

The company's exploration and production budget was increased to 25.9bn reais from 23.5bn reais, Petrobras said in a statement at the time.

The 23.5bn reais previously announced for E&P included 21bn reais in direct Petrobras investments and 2.3bn reais through joint ventures.

The budget was increased to speed some development projects including for natural gas under the country's gas supply increase program Plangas, the company said.

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