Brazilian oil company Prio PRIO3 expects to double its daily output next year when compared with 2024 levels, driven by the development of some key offshore fields, CEO Roberto Monteiro said on Monday.

Prio forecasts production to exceed 200,000 barrels per day (bpd) next year, Monteiro told an event marking the company’s 10th anniversary, up from the 100,000 bpd reported last year.

The production target reflects the development of those assets, Monteiro said, with the company currently awaiting approval from Brazil’s environmental agency Ibama to connect wells and begin output at Wahoo.

The outlook comes amid heightened geopolitical tensions in the Middle East, which have pushed global oil prices higher in recent weeks due to concerns over potential supply disruptions.

Global benchmark Brent prices BRN1! oscillated on Monday, touching a five-month high before falling more than 1% as oil and gas transit continued on tankers from the Middle East after U.S. air strikes against Iran over the weekend.

“It’s horrible to say that a war is a positive thing, but that’s a reality,” Monteiro told reporters, referring to the recent surge in oil prices. “Brazil, in general, is a geopolitically stable country and a significant oil producer.”

The CEO emphasized that while Prio monitors global geopolitical developments, its strategic decisions would remain based on operational efficiency and productivity. “Our portfolio was designed with efficiency in mind,” he said.

Sao Paulo-traded shares of Prio were up around 1% on Monday, outperforming the broader Bovespa stock index IIBOV, which slid 0.6%.
Source: Reuters