Brazilian state owned oil company Petrobras announced today that it will invest during the next ten years, together with partner companies, US$ 18 billion in oil and gas exploration and production projects in the Santos Basin.
According to the company, the plan disclosed today foresees an increase in 12 million cubic meters per day in the gas supply to the southeastern region of Brazil, as of the second semester in 2008.
Up to the end of 2010, always according to the company, the additional volume should reach 30 million cubic meters daily.
The Santos Basin has a 352,000 squared kilometers area going from the south coast of the state of Rio de Janeiro, taking in the whole coast of São Paulo and Paraná, and the north coast of Santa Catarina. The investments will be made in five production hubs.