Brazil’s Petrobras to invest US$112 billion by 2012

15 August 2007

Rio de Janeiro, Brazil, 15 Aug – Brazilian oil company Petrobras plans to invest US$112 billion by 2012 under the terms of its strategic plan outlined until 2020, which was presented Tuesday in Rio de Janeiro by the state company’s chairman, José Sérgio Gabrielli.

“We want to be one of the top five power companies in the world in 2020. It is a US$112 billion plan that ensures the self sufficiency of oil production in Brazil by 2015,” said Gabrielli.

According to the chairman of Petrobras, growth opportunities for oil exploration and production in Brazil ensure self sufficiency by 2015, with a target of 4.153 million barrels per day.

According to Petrobras, its increased investment includes US$13.3 billion in new projects and US$10.9 billion for a rise in costs of equipment and services, as well as a US$4.2 billion provision for exchange rate differences.

Petrobras also presented its half year accounts in which it posted net profit of 10.93 billion reals, a fall of 20 percent as compared with the year-ago period. (macauhub)