Petrobras with US$3.9 billion for new international projects

9 August 2006

Rio de Janeiro, Brazil, 09 Aug – Brazilian state oil company Petrobras has US$3.9 billion available to invest in its portfolio of new international projects, which incude Angola and Mozambique, international agencies reported Wednesday.

The company’s international director, Nelson Cervero, told a press conference that part of that sum may also be used to buy existing refineries or rights to refine petroleum in the United States, Europe and Asia.

The Petrobras investment plan for the 2007-2011 period involves US$12.1 billion, with emphasis on acquiring foreign refineries and increasing exploitation activities in the United States and Africa.

Petrobras is currently involved in exploitation activities in Angola, Mozambique, Libya, Venezuela and Turkey.

In a recent tender, the Brazilian oil company won stakes in the Angolan off-shore blocs 6 (40 percent) and 26 (80 percent), where it will be the operator, and also in the disputed bloc 15 (5 percent).

In Mozambique Petrobras recently asssociated itself with Vale do Rio Doce in the areas of natural gas exploration, production and transportation and electric power generation.

Exploration activities should begin within a year in Tanzania, Cervero said.

In Nigeria, where it has stakes in wells operated by Total and Shell, daily production should reach 70,000 barrels in 2008.

Petrobras plans to be refining 500,000 barrels of fuel outside Brazil by 2011. (macauhub)