Petrobras prepares for world stage

The plans of the Brazilian state oil company Petrobras for future offshore developments in partnership with foreign oil companies are outlined. Recent changes to Brazil's constitution mean that foreign participation is now permitted in the growing oil industry. Proven and recoverable reserves of 8.1 billion barrels of oil have been opened up for foreign involvement. The regulatory change also enables Petrobras to take part in projects overseas and the company expects to bid in the forthcoming licensing round for deepwater developments offshore Angola. Of the 29 sedimentary basins in Brazil, only eight so far are in production. Around 70% of proven reserves and almost all new discoveries are expected to be in deep or ultra deep waters. Petrobras have already broken the world record for deep water wells with the Marlim South well which came onstream in August 1997 in 1709m of water. (UK)