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Brazil pre-salt oil production hits 71,000 bpd

01st August 2012

Brazil’s new frontier reaches 71,000 bpd in production, according to a report released by the country’s oil and gas regulator

Brazil pre-salt oil production hits 71,000 bpd
Brazil’s pre-salt discoveries were first made in 2005. Exploration on the highly promising layer ensued in 2008, and commercial exploration kicked off two years later

Brazil’s new frontier in ultra-deepwater oil exploration, the pre-salt generated 71,000 bpd of oil throughout 2011. The data follows a new exploration and production report released by the country’s oil and gas regulator, Agência Nacional do Petróleo (ANP) on Tuesday.

The figure amounts to an equivalent 3.4 per cent of national oil production, which totalled 2.2 million bpd last year. This corresponds to a 2.6 per cent increase against 2010, almost double the world’s oil production percentage increase in 2011.

Oil reserves registered an increase of 5.6 per cent to 15 billion barrels of oil, lifting Brazil to the 31st position in the ranking of the world’s largest holders of reserves.

The increase was largely due to pre-salt discoveries, the ANP report said.

Brazil’s pre-salt discoveries were first made in 2005. Exploration on the highly promising layer ensued in 2008, and commercial exploration kicked off two years later.

A large share of ANP’s finds arguably follow the exploration and production output of Petrobras, the country’s national oil company and largest in Latin America. The firm accounts for some 95 per cent of Brazil’s oil and natural gas production. 

The firm’s pre-salt finds will put Petrobras in a new league, former company boss José Sergio Gabrielli de Azevedo said in 2009. Gabrielli estimated that pre-salt discoveries could boost the company’s production to more than 5 million barrels a day, as the new frontier accounts for increasingly more output.

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