Petrobras Could Double Production Before 2020

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Petrobras, Brazil's state-run oil producer which is seeking to double its oil output by 2020 by spending hundreds of billions of dollars to tap into Brazil's pre-salt oil discoveries, might be able to achieve that production target earlier than expected, according to CEO Sergio Gabrielli.

In an interview with Bloomberg News from the World Economic Forum in Davos, Switzerland, Gabrielli said Petrobras (PBR) ''remains on track'' to double its oil production by 2020 and said it is possible that Petrobras could achieve its production target sooner than that. Petrobras is looking to produce 4 million barrels per day by 2020, Gabrielli said.

In December, Petrobras achieved record average production of 2.12 million barrels per day. Accounting for fields in Brazil and abroad, Petrobras produced an average of 2.58 million barrels of oil equivalent per day in 2010. Petrobras is planning to spend $224 billion through 2014 to boost production at pre-salt fields in Brazil such as Tupi.

Early this week, the company said it found evidence of oil at the Carioca field in Brazil and production from that field could help the company meet its production target before 2020.

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