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.

The Petrobras Powerhouse

Jose Sergio Gabrielli de Azevedo,CEO of Brazil's state oil firm Petroleio Brasileiro,or Petrobras(PBRa),predicts we are going to see a very high level of volatility in the oil markets over the next five years.There will be a very high level of price with a very heavy level of volatility.Petrobras is bigger than General Electric(GE)or Microsoft(MSFT),being the fifth largest company in the world.Its Tupi oil field will have an extended production test in March of 2009,and will enter a pilot production period at the end of 2010.It is a very deep field,requiring new types of technology.