Petrobras to expand $174.4b investment plan
Monday, 7 December 2009
MEXICO CITY, Dec 6 (Bloomberg): Petroleo Brasileiro SA, Brazil's state-controlled oil producer, plans to expand its $174.4 billion investment programme as it develops offshore fields in the so-called pre-salt region.
Petrobras, as the company is known, will announce the expanded 2009-2013 plan in the first quarter, Chief Executive Officer Jose Sergio Gabrielli said at an event in Sao Paulo Friday. He said the company may increase investments in "all areas," including oil exploration, production and refining, as well as fertiliser output and electricity projects.
Latin America's biggest company is investing to boost production by more than half and develop the Tupi field, the Americas' largest oil discovery in more than three decades. The Rio de Janeiro-based company aims to increase total output to 3.7 million barrels a day by 2013, up 52 per cent from 2.4 million at the end of last year.
By 2020, Petrobras expects to have more than doubled oil production to 5.7 million barrels a day.
Legal changes will expand the number of Petrobras projects and strain the company's ability to finish them on time, former Petrobras Exploration and Production Director Wagner Freire said in an interview.
Petrobras, as the company is known, will announce the expanded 2009-2013 plan in the first quarter, Chief Executive Officer Jose Sergio Gabrielli said at an event in Sao Paulo Friday. He said the company may increase investments in "all areas," including oil exploration, production and refining, as well as fertiliser output and electricity projects.
Latin America's biggest company is investing to boost production by more than half and develop the Tupi field, the Americas' largest oil discovery in more than three decades. The Rio de Janeiro-based company aims to increase total output to 3.7 million barrels a day by 2013, up 52 per cent from 2.4 million at the end of last year.
By 2020, Petrobras expects to have more than doubled oil production to 5.7 million barrels a day.
Legal changes will expand the number of Petrobras projects and strain the company's ability to finish them on time, former Petrobras Exploration and Production Director Wagner Freire said in an interview.