Brazil’s Petrobras Has Big Plans and US$ 17 Billion to Spend in 2006

Petrobras – Brazilian Petroleum S.A. – plans to invest US$ 17.4 billion next year on petroleum exploration and production, expansion and modernization of its refineries, and increased oil production in Brazil and abroad.

In a note to the press, the State enterprise affirms that 2006 will be "the year when Brazil will become self-sufficient in petroleum."

Petrobras announces that four new platforms will start up operations, adding 360 thousand barrels in daily petroleum production.

As a result, the company expects to establish a daily average production figure of 1.91 million barrels of petroleum in Brazil, more than what the country consumes, thus achieving self-sufficiency.

According to Petrobras, overall oil and gas production in Brazil and abroad should reach an average of 2.5 million barrels of oil per day.

In its foreign operations, the company expects to produce 317 thousand barrels of oil and gas per day, 16% more than in 2005.

ABr

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