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 Reporter August 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Del Mar Signs Agency Agreement with Ciramar

Del Mar Marine Corp. announced it has signed an agency agreement with Ciramar Shipyards allowing the company to promote Ciramar Shipyard´s docking and facilities

Bouchard Orders Two Newbuild ATB Tugs

Morton S. Bouchard III, President and CEO of Bouchard Transportation Co., Inc., today announced the next step in Bouchard Transportation Co., Inc.’s ongoing fleet

Great Lakes Shipyard Wins EPA Drydock Contract

Great Lakes Shipyard has been awarded a contract for the United States Environmental Protection Agency (EPA) vessel R/V Lake Explorer II. The scope of work will include drydocking,

Offshore

Japan Loans Petrobras $500m to Build Ship Platforms

Brazil's state-controlled oil company Petrobras signed on Friday a $500 million loan from Japan to build eight ship platforms for the oil industry, as part of the

ESS Lands Second Contract with Dolphin Drilling

ESS Support Services Worldwide, part of Compass Group, has won a new, three-year contract, worth £10.5 million, to provide hotel and catering services to Dolphin Drilling Ltd.

MNZ Opens New Office in Port Taranaki

Maritime New Zealand (MNZ) informs that for the first time in 5 years it has a permanent presence in New Plymouth on the opening of a new office at Port Taranaki

 
 
Maritime Contracts Maritime Security Maritime Standards Pipelines Port Authority Salvage Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1297 sec (8 req/sec)