Petrobras, Brazil's state-run oil company, said the country's oil reserves, including recent pre-salt discoveries off the coast of the South American country, are comparable to those found in the North Sea. Before the U.K. and Norway developed North Sea deposits, the region held an estimated 62 billion barrels of reserves, according to Bloomberg News.
Petrobras (PBR) expects to produce 2.1 million barrels of oil per day this year and is looking to eclipse 6 million barrels a day within the next decade. Brazil's oil regulator, ANP, has estimated that the country pre-salt fields such as Libra and Lula hold 50 billion barrels of reserves.
The company is in the midst of revising its five-year $224 billion budget that was unveiled last year as both investors and Brazil's government would like to see Petrobras pare its spending plans. Each pre-salt well costs about $100 million dollars to drill in Brazil, Bloomberg reported.
On top of last year's $70 billion share sale, the largest share offering on record, Petrobras has said it needs another $47 billion by 2014 to fund its exploration and production plans. The company recently said it was planning non-dollar denominated bond sales in the coming months.
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