Wednesday, May 21, 2008

Is Brazil's Petrobras the answer to 'peak oil'?

In April Brazil's National Petrolium Agency announced the discovery of a huge new oil field, Carrioca, holding about 30 billion barrels of oil equivalent. Today the CEO of Petrobras answers questions from CNBC's Maria Bartiromo.

"We have several exploratory wells drilled and we are finding very good results, however we cannot give precise data because we are still analysing data. We have discoveries in Anjupta , Tupi, Carrioca and other fields that are in the area. We are in the final stages of appraisal."
"...we are planning to increase production to 4.2 mln a day by 2015, after the discoveries we are going to have even higher targets and these are going to be beyond 2015."

"....if we have $35 per barrel (in free cash flow) in the long run we can generate something like 105 billion as free cash flow in the next four years."

click for video

video: Powering Brazil's Economy
Petrobras, Brazil's state-controlled oil producer, is rapidly emergin as a major player in the global energy empire, with Jose Sergio Gabrielli de Azevedo, Petrobras CEO and CNBC's Maria Bartiromo.

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