HOUSTON (Pakistan Point News / Sputnik - 13th March, 2019) Brazil's Petrobras is now only concentrated on undertaking domestic projects, Petrobras CEO Roberto Castello Branco told Sputnik on the sidelines of the CERAWeek conference on Tuesday.
"For the time being we are focused only on Brazil," Branco said. "Petrobras in the past went internationally, but the results were not so good so we decided to retrench to strengthen our position in the domestic market of Brazil."
Branco said Petrobras will probably design plans to conduct work globally in the future, but reiterated that at present the company is only interested in domestic projects in Brazil.
In addition, Branco noted that Petrobras is set to increase production this year.
"Petrobras has a goal to increase production to 2.8 million barrels per day, much based on the development of the pre-salt this year," Branco said.
The company has a plan to increase production over the next five years at an annual rate of 5 percent, Branco added.
