CEO

Petrobras CEO: Pre-salt oil extraction costs $8 per barrel

Oil extraction in Brazil’s promising pre-salt offshore wells costs about $8 per barrel, Petroleo Brasileiro SA Chief Executive Officer Pedro Parente said at an event in Sao Paulo on Tuesday.

Discovered only 10 years ago, the pre-salt area has rapidly become the top priority for Petrobras and other oil majors holding exploration rights to some of its large reserves.

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