Brazil’s Petrobras to Invest US$ 1.5 Billion in the US

As part of the consolidation of its presence in petroleum exploration and production in the United States, Brazilian state-owned oil company Petrobras America reports that it plans to invest US$ 1.5 billion between now and 2010.

That is a significant amount of planned Petrobras’ total investments for the period, which total US$ 7.1 billion.

Petrobras has been in the US since 1987, where it commercializes petroleum by-products and has exploration contracts.

At the moment, Petrobras is involved, alone or in partnerships with other oil firms, in 287 exploration block areas in the Gulf of Mexico. Of that total, 114 blocks are in shallow water, and 173 in ultra deep water where Petrobras is a world leader.

Petrobras America has 170 employees who come from 18 countries. Its Gulf of Mexico production is running at 4,000 to 5,000 barrels daily, which should rise to 18,000 in the near future when a new area, the Cottonwood field, becomes operational.

The company is also presently acquiring a refinery in Pasadena, Texas, where it will process heavy crude from Brazil, increasing its aggregate value.

ABr

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