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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: ChanceIs who wrote (93459)	11/13/2007 7:55:56 AM
From: elmatador	Read Replies (1) \| Respond to of 206223

"overall production of 4.5 million barrels a day of oil and gas equivalent by 2015" This is looking too "robust" to me. Petrobras expects to begin producing about 100,000 barrels a day at a test well in Tupi as early as 2010 and may increase production to as much as 400,000 barrels a day, Gabrielli said. Petrobras May Start Producing at Tupi in 2010 or 2011 (Update2) By Fred Pals Nov. 13 (Bloomberg) -- Petroleo Brasileiro SA, Brazil's state- controlled oil company, may start production at the Tupi field in 2010 or 2011, as it aims to increase overall output to 4.5 million barrels a day of oil and gas equivalent by 2015. ``We have high confidence that we have 5 to 8 billion recoverable reserves in the Tupi field,'' Jose Sergio Gabrielli, chief executive officer of the company known as Petrobras, said today at an energy conference in Rome. Tupi is located about 250 kilometers (155 miles) off the coast of Rio de Janeiro. The field is the second-largest found in the last 20 years and may hold as much as Norway's 8.5 billion barrels of reserves, according to BP Plc. Petrobras will likely have to increase its $112.4 billion investment plan for the years 2008-2012 developing the field, which lies beneath more than 2 kilometers of water and is 5 kilometers or more below the ocean floor. Petrobras expects to begin producing about 100,000 barrels a day at a test well in Tupi as early as 2010 and may increase production to as much as 400,000 barrels a day, Gabrielli said. The Brazilian company operates the Tupi field and owns 65 percent of it. BG Group Plc owns 25 percent and Portugal's Galp Energia SGPS owns 10 percent. Separately, Gabrielli said Petrobras could find ``large volumes'' of oil and gas in fields in the southern part of Brazil. ``We need to assess it first, it is an area of 800 kilometers wide,'' he said. The company's investment plan until 2012 remains unchanged, excluding additional spending on the Tupi field, Gabrielli said. He declined to say how much spending would increase because of the Tupi discovery.