State-owned Petrobras said on Monday that it plans to add 480,000 oil barrels per day (bpd) to its current production by mid-2008.

The operations of four new platforms will provide the additional production, said Almir Barbassa, Petrobras' Chief Financial Officer (CFO) and Director of Investor Relations.

He added that the figure represents more than a quarter of the company's current production capacity, which stands at an average of 1.8 million bpd.

"It will achieve its peak in mid-2008," said Barbassa.

Petrobras is struggling to reduce production costs and awaiting new bids for the construction of the next platforms: P-55 and P-57, he said.