Petrobras CEO sees 100,000 bpd from Sergipe area by 2018

Reuters

By Jeb Blount

RIO DE JANEIRO, Sept 27 (Reuters) - Brazil's state-run oilcompany Petrobras will produce 100,000 barrels a day from itsoffshore Sergipe prospects by 2018, Chief Executive Maria dasGraças Foster said on Friday about one of the company's mostpromising new discoveries.

The executive told reporters at a news conference that theprospects from the northeastern state of Sergipe are "very good"but gave no estimate of the discovery's size.

Early drilling results show that the area controlled byPetroleo Brasileira SA and Indian partners BharatPetroleum Corp (BPCL) and Videocon Industries Ltd likely holds more than a billion barrels of oil,government and industry officials told Reuters recently.

If confirmed, the new find could make the region thecountry's biggest new oil frontier since the government unveiledthe massive subsalt discoveries off the coast of Rio de Janeiroand Sao Paulo states in 2007.

Graças Foster said the company has begun talks with Chineseofficials over possible partnerships in constructing newrefineries in the region, once oil production picks up therewith the development of the offshore wells.

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