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Petrobras CEO optimistic on Santos basin, output

The CEO of Brazilian state oil company Petrobras said he was optimistic about new oil discoveries in the Santos basin, although it is too early to give estimates.

“We don't know today how many barrels we have but we know that we have a lot of oil to be developed in this area, and not only in the neighborhood in the area of Tupi,” Jose Sergio Gabrielli told the World Petroleum Congress.

“We are going to increase our production to reach 2.8 million barrels per day in Brazil by 2015, without considering the new production from the Tupi area,” he added.

He repeated that Tupi field had “something between 5-8 billion barrels of recoverable oil.” (Reuters)