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Brazil Not Ready for Pre-Salt Bids, Petrobras CEO Tells Valor

Brazilian oil service providers are working at full capacity and unable to supply new deepwater oil projects, Jose Sergio Gabrielli, the chief executive officer of Brazil’s state-controlled oil company, told Valor Economico.

Gabrielli, head of Petroleo Brasileiro SA, said Brazil will have to boost equipment imports if the government awards new exploration licenses at an accelerated pace, the Sao Paulo-based newspaper reported. Brazil’s oil services industry is expected to invest $400 to $600 billion through 2014, the newspaper said.

Brazil requires Petrobras and other oil companies to buy a majority of goods and services from Brazilian suppliers to accelerate economic growth and create jobs.

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