Petrobras plans to pursue further acquisitions in the Gulf of Mexico as it moves toward its goal of producing 300,000 barrels of oil equivalent (BOE) per day outside Brazil. Jorge M. T. Camargo, director of Petrobras' international business, mentioned the company's expansion desires during a teleconference reviewing its 2001 global performance. "There are still interesting opportunities for growth here," he said of the Gulf of Mexico. Camargo called 2001 Petrobras' best year ever for U.S. operations. In late December, the company announced a discovery in Garden Banks Block 244 in 2,100 feet of water. Total reserves for the discovery are estimated at about 40 million BOE. Its partners are Amerada Hess Corp. and Kerr-McGee Corp. Last year, Petrobras bought 13 blocks around the Garden Banks 244 discovery. -Jodi Wetuski
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