Petrobras may postpone some short-term projects

Nov 18, 2008 01:00 AM

Brazil's federal energy company Petrobras may delay some short-term projects due to falling oil prices and the financial crisis.
"The projects won't impact our production curve or our operational safety," Petrobras E&P general manager José Jorge de Moraes Junior said of the possible delays. "The idea is to postpone what we can, waiting for oil prices to stabilize in the midterm so we can have a better vision of our future investments," he said.

The executive was speaking in Rio de Janeiro on the sidelines of the 12th Brazilian Energy Congress.
"When oil prices fall to $ 60/bbl from $ 140/bbl, there's a strong impact on internal cash flow, which is responsible for our short-term projects," Moraes said. "These are the projects we'll have to adjust."

Petrobras may delay production of heavy oil in mature fields, sustaining its focus on development of the Santos basin's pre-salt layer, the executive said. Petrobras plans to drill new wells in Santos's Tupi, Iara, Jupiter and Azulao fields in 2009.
If the company delays projects, it will identify them later this year when it announces its strategic plan for 2009-13.

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