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Brazil's Petrobras sees higher oil exports as presalt fields develop
May 24, 2017 / 6:28 PM / 5 months ago

Brazil's Petrobras sees higher oil exports as presalt fields develop

RIO DE JANEIRO (Reuters) - Brazilian government-controlled Petroleo Brasileiro SA (PETR4.SA) expects higher oil exports this year than initial projections, Guilherme França, executive manager of trade and marketing, said Wednesday.

A man walks past the Brazil's state-run Petrobras oil company headquarters in Rio de Janeiro, Brazil April 13, 2017. REUTERS/Ricardo Moraes

Petrobras expects oil exports to reach 742,000 bpd by 2021 as the company advances development of its pre-salt oil reserves, which are capable of producing lighter varieties which are demanded internationally, França said.

In March, França told Reuters in an interview that the company’s oil exports would reach 450,000 bpd this year.

That estimate has now been revised to 503,000 bpd, according to the executive.

China is the company’s main client, accounting for 56 percent of Petrobras’s exports in the first quarter.

Reporting by Marta Nogueira; Writing by Ana Mano; Editing by Chizu Nomiyama

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