BRASILIA–Brazil’s state-controlled oil company Petrobras (PBR, PETR4.BR) Friday launched a program to increase efficiency at its operations in the offshore Campos basin, the company said.
According to the company, the objective of the effort is to restore its operational efficiency in the area to historically high levels of 90%, and assure production foreseen in the company’s recently-released 2012-2016 business plan.
The company’s Campos basin operational efficiency has dropped to around 70% over the past three years according to local press reports.
Speaking at the launch Friday, Petrobras President Graca Foster said the restoration of efficiency was essential for the company’s long-term success.
“We all have enormous commitments,” she said. “All the oil produced is a return for our shareholders, our investors and our controllers.”
The company’s exploration and production manager Jose Formigli said he believed that it would be able to begin raising production to previous levels before the end of this year.
Petrobras operates 35 offshore drilling platforms in the basin, which produces more than 85% of Brazil’s crude oil.
– Gerald Jeffris, (c) 2012 Dow Jones Newswires