Regulatory News

Concerned about the pace of oil production in Brazil, the General Director of the National Petroleum Agency (ANP), Magda Chambriard, said she has asked the companies operating in the country to upgrade their development plans for fields with greater potential by September 30. "Production in May 2012 was lower than in May 201. Our production could be better," she said.

The Marlim field in the Campos Basin, for example, had been producing 600,000 barrels of oil per day, but now produces about 200,000. According to the ANP executive, 8% of domestic oil production is already subsalt. "But our possibilities go far beyond subsalt exploration. You have to drill. Less than 5% of our area where there may be oil are explored. We need to expand,” said Magda Chambriard.

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