Brazil Petrobras seeks to double oil production by 2020

07 May 2013 23:25  [Source: ICIS news]

CAMPINAS, Brazil (ICIS)--Brazil state energy producer Petrobras seeks to double its oil production by 2020, the CEO said on Tuesday.

By then, oil production should reach 5.7m bbl/day, up from 2.2m bbl/day in 2012, said CEO Maria das Gracas Foster. Foster made her comments during the Offshore Technology Conference (OTC) in Houston.

The forecast includes the production of Petrobras and its partners.

Petrobras' current business plan calls for investments of nearly $237bn (€180bn) in 2013-2017.

According to Foster, domestic demand for gasoline increased 73% from 2000 to 2012, while the world's demand grew 17% during in the same period.

The executive said domestic demand for diesel increased 52%, while world demand grew 31%.

($1 = €0.76)

By: Leo Siqueira
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