## Petrobras CEO says company will grow production to 5.7 mboe/day by 2020

##### 09 May 2013

Speaking at the Offshore Technology Conference (OTC) in Houston , Petrobras CEO Maria das Graças Silva Foster said that the Brazilian oil and gas company’s reserves will double in size by 2020. Production, which was 2.2 million barrels of oil equivalent (oil and natural gas) per day in 2012, is expected to reach 5.7 mboe in 2020, due largely to the pre-salt discoveries.

We (Petrobras) have made 53 discoveries in Brazil during the last 14 months. In the pre-salt alone there were 15 discoveries. Petrobras’ reserves have the potential to double in size and reach 31.5 billion barrels of oil equivalent in the coming years.

—Maria das Graças Silva Foster

Petrobras’ investments have increased at a rate of 21.5% per year since 2000 and reached US$42.9 billion in 2012. Over the last twelve years, investments in R&D have grown 18.3% per year, and in 2012 they reached US$1.1 billion. Petrobras’ investment plan for the 2013-2017 period amounts to US\$236.7 billion.

Between 2000 and 2012, the demand for gasoline in Brazil increased by 73%, compared to 17% globally. In the same period, the demand for diesel in Brazil rose 52%, compared to 31% globally. Demand for aviation kerosene in Brazil increased 58%, while decreasing 3% globally, she said.