Petrobras oil exports to rise sharply in 2019, CEO says


Petrobras’ oil exports are set to rise sharply in 2019 and the company is operating overseas, especially in Asia, to develop more market, Petrobras president Ivan Monteiro said on Monday while attending a seminar at the Getúlio Vargas Foundation (FGV).

The executive, who took office as president in June this year, after resignation of Pedro Parente, said he recently visited abroad, visiting Beijing, Singapore and Amsterdam as part of the company’s agendas with other countries.

“Petrobras has become an oil export company … and next year this volume will increase greatly,” said Monteiro , during the seminar.

Petrobras’ oil exports closed the first half of the year at 462,000 barrels a day, down 16% compared to the same period last year.

Petrobras’ oil production fell 5% in the first half, in the same comparison, amid disinvestments in the fields of Lapa and Roncador, among other factors, but is expected to record a jump in the next year, with new systems entering into production in the pre- -salt.

In an interview with Reuters in mid-September, financial and investor relations director Rafael Grisolia said the company will aim to boost oil production by 8 to 10 percent by 2019 to around 2, 3 million barrels per day (bpd).

The executive also stressed that, in addition to Petrobras, companies such as Vale and Embraer are also working in Singapore as a way to contribute “with development in Brazil, but also being very well received by the government of Singapore.”

The executive was recently in Beijing to advance in partnership with CNPC. Last week, the state-owned company announced that it has signed an agreement with the Chinese company to complete works on the Comperj refinery and investments in the Marlim cluster in the Campos Basin.

In both projects, the Chinese will have a 20% stake. Amounts involved were not disclosed.

The executive also pointed out the company’s achievements after the impacts felt by the Lava Jato operation and stressed that the company today has regained its investment capacity.

Monteiro was the chief financial officer of Parente’s management and during the period in which the company had as CEO Aldemir Bendine.

“Petrobras has regained its investment capacity, its projects are approved in compliance with all criteria that should have been taken into account, its oil production curve will increase fantastically between 2018 and 2019 and we will pay dividends again,” he said.

The company is in silence period before the release of third quarter results on November 6.

Source: Reuters

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.