What are Petrobras’ growth targets for offshore and onshore oil and gas production?
In the recent revision of our Strategic Plan, we forecast production growth of 8.1% per year, from 1.76 million BOEPD in 2004 to 2.81 million BOEPD in 2010 (Fig. 1). This growth will come mainly from deepwater fields in the Campos and Espírito Santos basins. Fig. 1—By percentage, Petrobras’ 2005 peak production (left) and Petrobras’ 2004 proven reserves. The onshore oil production comes from mature basins, relying on an important existing infrastructure. Onshore findings can come on stream at a fast pace, requiring low capital expenditure, which compensates for the decline of the mature fields. The corporate program named Revitalization of Fields with High Degree of Exploitation is focused on the identification of economically feasible opportunities for increasing the production of oil and gas and/or increasing the ultimate recovery. The focus is not only on onshore brownfields, but also on offshore fields beyond the production peak. As a result of these efforts, we expect that the 201
