DAVOS-UPDATE 1-Brazil's Petrobras says no oil delays in 2009

(Updates throughout)

By Barbara Lewis

DAVOS, Switzerland Jan 31 (Reuters) - The head of Brazil's state-run energy company Petrobras (PETR4.SA) said there would be no project delays in 2009, bucking a wider trend, and that production was about 2.4 million barrels per day.

But he said the bulk of the oil would be used by Brazil, which aspires to be an exporter of refined products, rather than of crude and cannot join in with the OPEC effort to bolster prices by curbing output.

"Delays are not a concern for 2009," Chief Executive Jose Sergio Gabrielli told Reuters at the annual meeting of the World Economic Forum on Saturday.

Of the roughly 2.4 million bpd the country pumped, he said around two million bpd would be used in Brazil.

Asked whether the Latin American oil producer -- which has huge potential to grow and has said its output will reach 3.3 million barrels of oil equivalent per day by 2013 -- had any aspirations to join the Organization of the Petroleum Exporting Countries, he said it was not relevant.

"We have no contribution ... We are pretty much balanced between imports and exports."

If anything, he said Brazil aspired to be an exporter of products rather than crude.

"New refineries will be optimised to produce diesel ... We want to be a products exporter, not a crude oil exporter," he said.

Current oil prices are just above $40 a barrel. OPEC Secretary General Abdullah a-Badri said in Davos this week even $50 a barrel was not enough to give producers an adequate income and that supply could be reduced again.

Gabrielli said Petrobras had based its calculations on relatively low prices of around $37 a barrel for Brent crude in 2009 and around $45 for the longer term.

He said this week even Brazil's very costly sub-salt reserves -- which could hold more than 50 billion barrels of light oil and gas -- could be viable with prices at that level.

Brent has traded above U.S. crude and topped $45 on Friday.

Other companies around the world have pared budgets in response to falling prices, lower demand and the difficulty of obtaining credit in the climate of banking crisis and recession.

But earlier this month, Petrobras announced it would invest $174.4 billion between 2009 and 2013, up 55 percent from the $112.4 billion planned for investment for 2008-12. The company will invest $28.6 billion in 2009 alone.

Gabrielli dismissed analyst comment that Petrobras would be unable to fund the spending plan, saying it was "reasonable and feasible".

For full coverage, blogs and TV from Davos go to www.reuters.com/davos (Editing by Mike Peacock)