Petrobras plans to boost Argentinean oil output by 30%

Oct 30, 2007 01:00 AM

State-run oil firm Petroleo Brasileiro, or Petrobras, plans to boost its oil output in Argentina by 30% through the recovery of mature oil fields, International Director Nestor Cervero is quoted as saying.
Petrobras wants to increase its Argentine output from 14 on-land blocks to 136,000 bpd from the current 104,000 bpd, Cervero said.

In its 2008-2012 business plan, Petrobras has earmarked $ 2.8 bn for investment in Argentina, making it the company's second-largest destination for overseas investments in the period after the US, where it plans to spend $ 4.9 bn.
While most of the investment will go into the recovery of mature on-land fields, Petrobras also plans to start to explore for oil off the Argentine coast in two consortia, both of which include Argentine state-energy firm Enarsa.

Cervero also said Petrobras expects to produce 65,000 barrels of oil a day from its stake in the Akpo and Agbami fields off the Nigerian coast which are slated to start producing in 2008.
In the US, Petrobras has a target to boost its production to 104,600 barrels of oil equivalent, or boe, a day in 2013, up from about 12,000 boepd now, Cervero is quoted as saying.

Source: Dow Jones & Company
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