Petrobras Gets US$ 18 Bi to Explore Offshore Oil in Southeast Brazil

Petrobras’s Master Plan for the Development of Natural Gas and Petroleum Production in the Santos Basin provides for investments on the order of US$ 18 billion over the next 10 years on exploration and production activities in the region.

The announcement was made, Wednesday, January 11, in the city of Santos, in the littoral of São Paulo state, by Petrobras president Sérgio Gabrielli.

According to the Plan, beginning in the second half of 2008, daily gas supplies to the market in Southeast Brazil will increase by 12 million cubic meters. Daily volume should grow to around 30 million cubic meters by the end of 2010.

The company’s press office in Rio de Janeiro informed that the expansion of gas supplies to the Southeast will contribute substantially to reducing Brazil’s dependence on imported gas.

Gabrielli also announced the installation of the new Santos Basin Business Unit in the city of Santos. The unit will be responsible for managing the operational side of activities in the region, which has become increasingly important to Petrobras since the recent discoveries of gas and oil, the press office said.

The Santos Basin, which extends from the state of Rio de Janeiro to Florianópolis, capital of Santa Catarina, encompasses an area of 352 thousand square kilometers. Together with its partners, Petrobras possesses 40.6 thousand square kilometers of exploratory concessions in the area, the press office revealed.

Equatorial Guinea

The government of Equatorial Guinea, country located at Western Africa, approved the purchase, by Brazilian oil company, Petrobras, of 50% of a participation in a deepwater oil exploration contract in the Muni River basin.

The consortium, on which Petrobras participates, will be operated by US national Chevron. Although in the future, depending on the findings, the Brazilian company may also operate the business.

Petrobras considers this an "excellent" opportunity to increase its international reserves. Drilling of the first exploratory well is scheduled for this year, and if they find oil, production is expected for the next decade. Petrobras already operates on other four African countries (Nigeria, Tanzania, Angola and Libya).

Agência Brasil

Tags:

  • Show Comments (1)

  • Guest

    Petrobras Gets US$ 18 Bi ?
    – gets from who ?

    – other reports said US$ 50 billions !
    could it be that the US$ 50 billions were in facts Reais and not US$ ????
    But publishing numberds in US$ makes look the amount far bigger, on purpose probably.

    Smile……

Your email address will not be published. Required fields are marked *

comment *

  • name *

  • email *

  • website *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Ads

You May Also Like

Dollar Investment in Brazil Falls by 88%

The balance of financial and commercial transactions between Brazil and foreign countries posted a ...

Lula Says There Will Be No Coverup of Corruption in Brazil

Brazilian President Luiz Inácio Lula da Silva, speaking at the IV Global Forum on ...

Romário celebrates his 1000th goal

One Thousand Times Romário: A Skeptical Brazil Celebrates Goal 1000

Scour the team sheets of any of the world’s top football clubs and you ...

Despite 3% Fall Brazil Still Makes US$ 75 Billion in Agriculture

Brazilian agricultural income from the 20 main crops in Brazil is going to total ...

Brazilian Foreign Traders Call for Less Taxes and Red Tape

The 28th National Foreign Trade Meeting (Enaex), held last month in the city of ...

Brazil Reaffirms Commitment to Africa

Brazilian President Luiz Inácio Lula da Silva repeated his pledge that Brazil will install ...

Brazilian Organic Farmer Show Their Goods at Germany’s Biofach

Brazil’s Água Boa (Good Water) project, developed by the Environmental Coordination at Itaipu Binacional, ...

Fifa Makes It Official: Brazil Will Host 2014 World Cup

Fifa's (International Federation of Football Association) president, Joseph Blatter, announced earlier today (October 30), ...

Burned by Bolivia Brazil Goes to Africa and Middle East Looking for Gas

Petrobras wants to become a global operator in the liquefied natural gas (LNG) area. ...

Brazil Offers World’s First Master’s in Agroenergy Management

The first course specialized in agroenergy in the world is the result of a ...