June 28, 2019 / 5:49 PM / 4 months ago

Brazil's Petrobras sees oil exports growing more than one-third in future years

RIO DE JANEIRO, June 28 (Reuters) - Brazil’s Petrobras plans to increase the amount of oil it exports by more than a third in the coming years, the state-run company said in a statement on Friday

In the statement, which accompanied the inauguration of a crude storage facility in China, Anelise Lara, the company’s head of refining and gas, said Petrobras plans to increase oil exports from 600,000 barrels per day (bpd) on average in the first half of 2019 to more than 800,000 bpd.

“The development of new markets for pre-salt oil is essential for Petrobras, given increasing exports will likely lead to volumes above 800,000 barrels per day in the coming years,” Lara said, without giving a more precise timeline.

“It’s a big challenge, which makes it necessary for Petrobras to always be looking for new markets and clients.”

The pre-salt area is a large zone off Brazil’s southeastern coast that its considered one of the world’s most promising, emerging offshore plays.

In May, Reuters reported that Petroleo Brasileiro SA, as the company is formally known, planned to store some of its crude in China to be able to flexibly respond to demand by local refineries. As part of that effort, Petrobras leased storage facilities in the port city of Qingdao with a capacity of 2 million barrels of oil. (Reporting by Gram Slattery; Editing by Steve Orlofsky)

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