Petrobras Eyes GOM Market For Expansion

Wednesday, August 29, 2001
Petrobras plans to invest $5.2 billion in foreign acquisitions, mainly in the Gulf of Mexico, to meet a 2005 foreign output target of 300,000 barrels per day (bpd), Reuters reported. Jorge Marques de Toledo Camargo, head of Petrobras' foreign operations, also said other purchases would focus on offshore drilling projects in which he said the Brazilian company had a competitive advantage. "We cannot meet this goal (of 300,000 bpd) only with our existing portfolio. We need to accumulate new assets," Camargo said in a recent interview while visiting Colombia. "In South America and Western Africa ... we have built a portfolio as we had planned. The area that would be most challenging for our growth is the Gulf of Mexico, where we are focusing," he said. Petrobras' foreign production -- now just 70,000 bpd -- represents a tiny fraction of its total output, forecast in 2001 at 1.39 million bpd. But even with its large and growing output -- up from 1.27 million bpd last year -- Petrobras is still importing oil from abroad for domestic consumption. Last year, the company's oil imports reached 350,000 bpd. Last week, Petrobras bought 30 oil exploration areas in the Western Gulf of Mexico at an auction in Houston for over $17 million. -- (Reuters)

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Swiber Applies for Judicial Management Instead of Liquidation

Singapore oilfield services company Swiber Holdings Ltd said on Friday it has applied to place itself under judicial management instead of liquidation.   Swiber

Cenac Marine to Christen New Vessel, Donate Barge

A ceremony will be held July 29 at Cenac Marine Services headquarters in, Houma, La. To commemorate the christening of its newest vessel, M/V Quincey Cenac, as

Concordia Maritime Posts Q2 Profit

Facing a “gradually deteriorating market,” Sweden based tanker shipping company Concordia Maritime said it was able to post a profit in Q2 2016 based on high vessel

Offshore

Swiber Applies for Judicial Management Instead of Liquidation

Singapore oilfield services company Swiber Holdings Ltd said on Friday it has applied to place itself under judicial management instead of liquidation.   Swiber

US Oil Drillers Add Rigs for 5th Week in a Row

U.S. drillers this week added oil rigs for a fifth consecutive week, Baker Hughes Inc said on Friday, but the oilfield services provider and some analysts cast

Det Norske to Restore Production at Alvheim after Leak

Norwegian oil firm Det norske said it expected to reach full production at its Alvheim FPSO (floating storage, offloading and producing unit) overnight after a leak,

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Pipelines Port Authority Ship Electronics Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0947 sec (11 req/sec)