Petrobras to Start Oil Output at Tupi Field in 2009

(Bloomberg) — Petroleo Brasileiro SA, Brazil’s state-controlled oil company, plans to start crude production at the offshore Tupi field in the first quarter of next year.

The initial output will be between 20,000 and 30,000 barrels a day, Chief Executive Officer Jose Sergio Gabrielli said today in London. The company and partners will ramp up production at the pilot project to 100,000 barrels a day in 2010.


Rio de Janeiro-based Petrobras will boost investment in projects from its previous plan to spend $112 billion by 2012, Gabrielli said. It will order 28 new drilling rigs between 2013 and 2017.

“For sure the new plan has to be bigger than that,” Gabrielli said in a television interview. “We have to increase our debt, because the amount of money we need for capital expenditure will be very big.”

Bloomberg