Brazil’s Petrobras Raises to US$ 7.1 Bi Its Investments Overseas

Brazil’s state oil company Petrobras plans to invest US$ 7.1 billion abroad over the next five years, US$ 2.1 billion more than the US$ 5 billion projected in the previous plan.

The Business Plan announced yesterday, August 23, adheres to the tendency of the world’s major petroleum producers, most of whom have announced plans to raise their investments above the levels of 2001-2004.


The thrust of the state enterprise will be directed at the consolidation of its activities in Latin America, where the company is more and more bent on becoming an integrated energy company, and in other key areas, such as West Africa and the American part of the Gulf of Mexico.


In this last region, several days ago Petrobras presented the largest number of winning bids in an auction held by the American regulatory agency. Of the 57 proposals presented, the company managed to knock down 53 blocs, for a total value of US$ 30.1 million.


According to the president of Petrobras, José Sérgio Gabrielli, in its new Business Plan Petrobras also takes into account an awareness of the global trend for a growing increase in investments and the search for new petroleum exploration frontiers.


Of the company’s total resources earmarked for international activities, Petrobras Americana forecasts that US$ 1.7 billion will be invested in the Gulf region through 2010. US$ 150 million are already being invested this year.


The goal is to achieve a daily production superior to 100 thousand barrels of oil equivalent by the beginning of the coming decade.


Gabrielli also recalls that the appetite shown by Petrobras in the American part of the Gulf of Mexico, besides meeting the priorities set out in the company’s Strategic Plan, propels the company to solidify its position among the world’s leaders in deep-sea drilling, which is the new technological challenge facing the major companies.


Agência Brasil

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