Petrobras announces investment in Brazil
Date added: 27th May, 2011 at 10:42
(view all articles from May, 2011)
Categories: Natural Resources
Energy company Petrobras has announced it is planning a $27 billion (£16 billion) investment in Brazil.
Yesterday (May 26th), area manager for exploration and production Hugo Repsold revealed the firm will plough money into domestic exploration in 2015, Dow Jones reports.
Speaking at the Latin Oil Week conference, he explained this could boost crude oil output to three million barrels a day, as well as increase natural gas production to 75 million cubic meters every 24 hours.
"In the near future, we will drill 573 wells," Mr Repsold continued.
He said Petrobras will mainly focus its investment on Brazil's south-eastern provinces.
Between 2010 and 2014, the federal oil company is planning overall investments of up to $224 billion, the news provider noted.
This comes after Petrobras released its first quarter and annual results, which showed both profits and earnings were up at the end of March 2011 compared with the previous year.
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