Brazil must double its oil production by 2025.

RIO DE JANEIRO (Reuters) - Brazil is expected to double its oil production by 2025, said Waldyr Barroso, director of the National Agency of Petroleum, Natural Gas and Biofuels (ANP), on Wednesday during an industry event in Rio de Janeiro, indicating a more modest scenario for extraction in the country.

If this forecast is confirmed, the country would produce around 4,4 million barrels/day within ten years, compared to 2,2 million barrels/day last year.

But projections indicate that the country may produce less oil than previously expected in the long term.

Petrobras alone projected producing 4,2 million barrels/day of oil, but in 2020, according to its latest business plan, which is currently under revision.

There are a number of companies with ambitious oil production plans in Brazil for the coming years.

When questioned about the possibility that the numbers had been revised downwards, the director of the regulatory agency explained that the estimate was made with updated information from concessionaires operating in the country, but did not comment on whether the previous numbers were more optimistic.

"This forecast is based on the production plans that the dealers send us," Barroso told reporters after an event in Rio de Janeiro. "The agency conducts an analysis annually; this information is based on the development plans submitted."

(By Marta Nogueira)