Brazilian state oil producer Petrobras says it will up its output by 1million barrels a day before the end of the year as it prepares to bring new units online.
The company is looking to double its current levels to hit a 4.2million bod target by 2020, with nine new production unites coming online this year.
“In five or six years time, the “P” for production will be more important for us than the “E” for exploration”, said Petrobras president Maria das Graças Silva Foster.
Three new production units are already on stream with two further ones in place and a sixth due to leave the ship yard at Rio Grande this week, while three further vessels will arrive at their final locations by December.
The move comes as the company – which has a 40% stake in the Libra pre-salt area auctioned off earlier this month – eyes more success from its exploration in the region.
Thirteen wells drilled in the area have already turned up oil this year, with 144 drilled in the field having yielded an 82% success rate.
“Our exploration success is impressive,” she told the OTC Brazil conference.
“If we count offshore and onshore wells, we have a 65% rate, which is far higher than the global average.