November 19, 2019 / 7:44 PM / 19 days ago

Brazil's Petrobras sees major shift to deep offshore in 2020

FILE PHOTO: A logo of Brazil's state-run Petrobras oil company is seen at their headquarters in Rio de Janeiro, Brazil October 16, 2019. REUTERS/Sergio Moraes/File Photo

RIO DE JANEIRO (Reuters) - Brazil’s state-owned oil firm Petroleo Brasileiro SA expects deep offshore areas to account for 88% of its exploration and production activities next year, up from 55% currently, an executive for the company said on Tuesday.

The major shift to deep offshore areas will correspond with onshore exploration and production falling to 10% of Petrobras’ activities from 37% currently, while shallow waters will account for 2%, down from 8% at present, said Roberto Ardenghy, executive director of institutional relations.

Reporting by Marta Nogueira; Writing by Jake Spring

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