If at first you don’t succeed …

Petrobras’ long-standing investment in training and technology as well as its extensive experience and operations in Brazil gives it a competitive edge in its home market, says Guilherme Estrella, director of exploration and production at Petrobras. It is not just talk – last year, with a drilling success rate of 25%, the company found resources that it believes will add at least 3bn barrels of oil equivalent to its domestic reserves. Tom Nicholls reports

Q What have been the most significant results of your exploration programme in recent months? A Over the last year, we have transformed the profile of our exploration and production (E&P) operations. Until about a year ago, Petrobras was in a very uncomfortable situation. Our assets were concentrated in one basin - Campos. Drilling was mainly yielding heavy oil. But, last year, we started to make good discoveries, which have changed that. We found large volumes of light oil and gas outside Campos. We made a major gas discovery in the Santos basin and we found light oil and associated gas in Espírito Santo.We are now, strategically, in a very comfortable position. Not only do we have thre