Brasília – Brazil’s state-run oil company Petrobras announced this Thursday (18th) that as of next year, oil output in the country will be back in volumetric self-sufficiency, i.e. the volume of oil produced will match that of products consumed, including production from Petrobras, its partners and other oil-producing companies. According to the company, oil self-sufficiency was attained in 2006, but from 2007 to 2012, demand for oil products was up 4.9%, while output was up 3.4%.
Petrobras’ production curve in Brazil will grow continuously until it reaches the goal set forth in the 2013-2017Business and Management Plan, which is 2.5 million barrels per day in 2016, 2.75 million in 2017, and 4.2 million in 2020.
By 2020, Petrobras estimates that it will have a refining capacity of 3.6 million barrels per day, while consumption should be at approximately 3.4 million barrels per day. “By then, oil output in Brazil will outstrip production of oil products, which will make the country self-sufficient in oil products as well,” according to a press release from the company.
In February, Petrobras’ total oil and gas output was 2.4 million barrels of oil equivalent (boe), including the output from partner companies. The volume is down 1.7% from January. If overseas output is included, the volume goes up to 2.5 million boe. Oil-only production in February stood at 1.97 million barrels per day, including partner companies.
*With information from the ANBA Newsroom. Translated by Gabriel Pomerancblum
