Brazil is likely to import less oil in the second half of this year as domestic production at a key offshore
Brazil is likely to import less oil in the second half of this year as domestic production at a key offshore rig is expected to increase remarkably, the state-owned oil and gas giant Petrobras said on Tuesday.
Petrobras chief financial officer Almir Barbassa said the production of light oil on the FPSO Capixaba rig, which started in May, did not add much earlier because the company was building up stocks at the rig's storage unit.
Production will increase significantly as soon as the stocks are in place at that rig and another one producing heavy oil, Barbassa said, noting the Capixaba rig is capable of producing 100,000 barrels of oil per day.
Petrobras' oil output rose 2 percent in the second quarter of this year, compared with the same period last year.
Barbassa also revealed that Petrobras' bid for a majority stake in Colombia's second largest refinery aimed to increase markets for Brazilian heavy crude.
Currently, light oil only represents 11 percent of Petrobras' total oil production. Brazil announced it would become self-sufficient in oil this year, but since its production is mostly composed of heavy oil, Brazil has to import light oil from other countries.
