Brazil’s Petrobras to invest US$900 million in Angola between 2008 and 2012

11 September 2007

Rio de Janeiro, Brazil, 11 Sept – Brazilian oil company Petrobras plans to invest US$900 million in its Angolan activities between 2008 and 2012, the company said Monday.

Nestor Cerveró, the international director of the company, also said that Petrobras would invest US$1.4 billion in Nigeria in the same period, as part of a foreign investment plan estimated to total US$15 billion.

According to Cerveró, soon Angola and Nigeria will become the company’s highest growth regions outside Brazil.

Last February, the oil company’s financial director, Almir Barbassa, said in Sao Paulo that the company planned to increase its international activities and Angola was one of the targets of this strategy.

The Brazilian company has been in Angola since 1979, but according to Barbassa, production at its only oil bloc in the country is in decline.

Brabassa said at the time that Petrobras would acquire exploration rights to a further four blocs in Angola based on an agreement signed in November 2006.

In March of this year, Petrobras and Italy’s ENI signed a partnership agreement to build biofuel factories in Brazil and in African countries, and have already begun negotiations with Angola and Mozambique. (macauhub)