UPDATE 2-Petrobras oil reserves to hit 30-35 bln bls by 2012
* Oil law could be passed by early next year - CEO
* Company to have 7 drilling rigs in Santos by end of year
* Drilling costs now $100 mln per well, but could fall-CEO
* Company finds production rate of 50,000 bpd at one well (Refiles to add dropped word in third bullet point) (Updates to wrap in PETROBRAS/REFORM)
NEW YORK, Sept 14 (Reuters) - Brazil'S oil giant Petrobras (PETR4.SA) (PBR.N) will boast crude reserves of 30 billion to 35 billion barrels within three years, thanks to huge finds in deep water off the nation's coast, the company's CEO said on Monday.
That's enough oil to supply global demand for more than 400 days at current rates.
"It is a very big opportunity," Jose Sergio Gabrielli said at a presentation in New York. "We're talking about a portfolio of 30 to 35 billion."
He said the reserves would include 14 billion barrels of current proved reserves, plus between 10 billion and 16 billion in subsalt discoveries and another 5 billion to be handed over to Petrobras by the Brazilian government.
Gabrielli said that Petrobras expected to have seven drilling rigs in the Santos basin by the end of the year, and that he expected current drilling costs of $100 million per well to decline in the future.
He added that Petrobras had found a production rate of 50,000 barrels per day at one well in the Guara block.
"That's a lot," Gabrielli said. "We don't know if each (subsalt well) can produce that much."
Gabrielli said he expects a proposed oil law that would give the state more control over Brazil's new deepwater subsalt fields -- one of the world's most promising oil regions -- could be approved early next year.
"In an optimistic view, we can't see having these bills approved until February or March," he said.
Gabrielli said he expects no changes to any existing oil concessions in Brazil as a result of the new law and added that Petrobras' new capitalization could occur within 30 to 45 days after the law is approved. (Reporting by Joshua Schneyer, writing by Richard Valdmanis; Editing by Jim Marshall)