A peak oil output of 1 million barrels a day at the ultra-deep Tupi field in Brazil's Santos Basin is "not out of reach," the chief financial officer of state-run oil firm Petroleo Brasileiro SA (PBR), or Petrobras, said Wednesday.
The field, which is in the promising pre-salt area off Brazil's coast, could reach its peak output as early as five to seven years from now, CFO Almir Barbassa said. He spoke at the annual conference of the Latibex exchange of Latin American companies traded in Madrid.
Barbassa said it's too early to tell exactly what Tupi's peak output will be and when it will be reached. Currently, the company is able to make only rough estimates and cannot give exact production targets for the field, he said.
Petrobras' shares were down 0.92% to 76.59 Brazilian reals ($42.96) at 1704 GMT in Sao Paulo. Its shares earlier Wednesday had fallen as low as BRL75.51 after the company announced a decline in its October production.
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A peak oil output of 1 million barrels a day at the ultra-deep Tupi field in Brazil's Santos Basin is "not out of reach," the chief financial officer of state-run oil firm Petroleo Brasileiro SA (PBR), or Petrobras, said Wednesday.
