Petrobras Explores

Petrobras,the state oil company of Brazil,has 5-8 billion barrels of estimated reserves.It has several exploratory wells in the Jupiter,Tupi and other fields.Many fields are in the final phase of appraisal.They are finding very good results,working with the four largest drillers,with whom Petrobras has years of experience.Petrobras is now producing 2.3 million bbl a day,but will increase that to 4.5 million over the next five years.They have made a very large investment in refining,and have enough resources to finance the projects,with a strong cash flow and a very high exploratory success rate,CEO Gabrielli asserted.