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OTC: Petrobras still evaluating proposals in Venezuela
Petrobras/Barchfeld
Jose Sergio Gabrielli de Azevedo, president of Petrobra,
speaking at a press conference at the OTC energy conference in Houston
HOUSTON
Petroleumworld.com, May 7, 2008Jose Sergio Gabrielli de Azevedo, president of Petrobras, speaking at a press conference at the OTC energy conference in Houston, on Tuesday, reiterated the company's is still evaluating each of the business opportunities in Venezuela. " We are still interested in business opportunities in business in venezuela and we will evaluate them case by case."
About Petrobras participation in Venezuela's Orinoco belt Carabobo field, Gabrielli said that they are still evaluating the economics to see what participation will they have in the new joint venture with PDVSA.
On production, Gabrielli said, Petrobras target is raising oil production from the present 2.3 MMbbl now to 3.2 MMbbl in 2012. Petrobras will start its biggest oil production in Nigeria in about two months. The president also highlighted the Company’s refining capacity, which is forecast to surge to 3 million barrels per day in 2015.
On new on line production, Gabrielli said, the Roncador field, will be contributing 380,000 b/d of oil to this target by the end of 2008, he said, with production reaching 480,000 b/d by 2014.
Buying Valero Aruba's RefineryGabrielli express that Petrobras board will make a decision on Friday on the opportunity to buy 255,000 bpd Valero's Aruba refinery on its board of directors' meeting next friday.
"We are meeting this Friday, but I don't know what decision we will make," said Paulo Roberto Acosta, Petrobras' downstream director. " They could also, not make a decision at this time" Gabrielli added. It doesn't have any commitment to complete the purchase.
Rising new funds
The company expect to raise new funds in the capitals market. "This year, we hope to raise some $5 billion," said Gabrielli.
According to Gabrielli, Petrobras’ business plan, which currently calls for investments in the order of $112.4 billion, is being revised on account of the recent discoveries made in the pre-salt layer. It is estimated the Tupi field holds reserves of 5 to 8 billion barrels of oil equivalent. Gabrielli pointed out it is not possible to estimate the reserves in the Carioca field.
Petrobras, is the most successful growing oil company in trades this year trading at 17.2 times profits after rallying 87 percent in the past year, due to its new oil finds, Bloomberg reported.
The shares are twice as expensive as Russia's OAS Lukoil and Royal Dutch Shell Plc of the Netherlands, and 50 percent more than Exxon Mobil Corp, according to Bloomberg.
Story by Elio Ohep, editor of Petroleumworld
Petroleumworld 07 05 08
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