Brazil: Angola to receive 5 pct of Petrobras’ foreign investment until 2013

16 February 2009

Rio de Janeiro, Brazil, 16 Feb – Brazilian oil company Petrobras Friday announced its international investment plan for 2009/2013 in the total amount of US$15.9 billion, 44 percent of which will be channelled to the United States and Argentina.

In the US, with 28 percent of total investment, Petrobras will focus its activities on concessions in the Gulf of México and the Pasadena refinery in Texas and in Argentina it will continue to be one of the main producers of oil and natural gas.

In Africa, Nigeria and Angola will receive 12 percent and 5 percent of total investment, respectively, and a further 17 percent will be distributed amongst the other African countries in which Petrobras does business.

Petrobras announced it expected annual growth of production of 8.8 percent until 2013, from 240,000 barrels of oil per day in 2008 to 341,000 barrels in 2013.

Petrobras has businesses in Argentina, Bolivia, Chile, Colombia, Equador, Paraguay, Peru, Uruguay, Venezuela, Cuba, the United States, Mexico, Portugal, the United Kingdom, Turkey, China, Singapore, India, Iran, Japan, Pakistan, Angola, Libya, Mozambique, Nigeria, Senegal and Tanzania. (macauhub)